Rental management question!

From: J Parker


For all of those out there familiar with the rulings here:
What happens when a possible tenant pays the week's rent as a holding deposit to the managing agent then changes their mind three days later? This has just happened to me, and I'm not happy. The tenant agreed to rent it, paid the week's rent ($300) on Mon and withdrew today, citing some crummy excuse. My agent had taken it off the list and told everyone who rang that it was no longer available. Now I am without a tenant and have to start all over with ads etc.
The agent told the tenant that she had lost the deposit but the tenant said something about having a cooling off period and being able to get the money back. Is she right? BTW, this property is in Brisbane. Anyone with any experience or tips here would be most welcomed!
Cheers, Jacque :)
 
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Reply: 1
From: Alan Hill


It happened once to me in Sydney as a landlord.

I kept the money!


:)
 
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Reply: 1.1
From: Joanna K


Hi Jacque,

Unfortunately, you can only keep equivalent to the 3 days the property was reserved for, with the property being reserved for a maximum of 7 days.


Kind regards
THE RENTAL SPECIALISTS

JOANNA KARAVASILIS
Principal

rentals@rentalspecialists.com.au
www.rentalspecialists.com.au
 
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Reply: 1.1.1
From: Empy 555


yup.....happens a lot

u r entitled to keep pro rata monies

ie $300 for 7 days

= $42.85 a day so I guess 3-4 days worth is about it.
 
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Reply: 1.1.1.1
From: J Parker


Thanks all for the answers!

Joanna, I was told by my managing agent that they wouldn't charge a letting fee this time, because they were "nice people"! I was actually surprised by this comment and replied that, as it wasn't actually let, I wouldn't have expected there to be a letting fee charge (one week's rent)- who is right here?
Cheers, Jacque :)
 
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Reply: 1.1.1.1.1
From: Joanna K


Hi Jacque,

If ever I have had a tenant pull out after paying a deposit, I pass the full deposit to the landlord without charges.

As far as letting fees go, you are correct, they can only charge you a letting fee and lease preparation fee when a lease has been executed.

As for management fees - check your agreement with them as some agreements say x% of total income collected and some say x% gross rent collected.


Kind regards
THE RENTAL SPECIALISTS

JOANNA KARAVASILIS
Principal

rentals@rentalspecialists.com.au
www.rentalspecialists.com.au
 
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Reply: 1.1.1.1.1.1
From: J Parker


Thanks Joanna for being ever so helpful!
Cheers, Jacque :)
 
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