Free Monthly Rent Collection + How to Turn it on

Introducing: Monthly Rent Collection


Today, we’re really proud to announce the launch of our new monthly rent collection service.

We’re offering it totally free to our Rent Now landlords – with no monthly or initial charge.

We’ve built rent collection because we want Rent Now to be as useful as possible, and offer great value for landlords.

How does it work?

We provide tenants with OpenRent’s bank details, and they pay us. As soon as the rent hits our account, we instantly notify you and the payment is sent to you the same working day.

There’s no holding period: as soon as the rent is paid to us, we pay it to you, automatically.

We’ll send you a brief confirmation email with each payment we make to you, so your records are up-to-date without you needing to check your bank.

If your tenant is late on rent, we’ll notify you automatically, and chase the tenant on your behalf.

If, for whatever reason, your tenant stops paying, we have legal partners who will be happy to help.

How can I activate it in a new tenancy?

If you’re currently creating a tenancy using our Rent Now service (or going to in the future), wait until you get to the ‘Contract Drafting’ stage of the process.

You’ll see the following option when you’re setting up the contract:

How to activate rent collection in rent now on OpenRent

Just tick the boxes and Rent Collection will be enabled!

How can I activate Rent Collection in my existing Rent Now tenancy?

If you’ve got an ongoing Rent Now tenancy, you can still use our Rent Collection service. Just go to the ‘Tenancies’ tab in your OpenRent account, and choose the tenancy you want to enable it for.

Scroll down and you’ll see the following option:

Click ‘View Rent Collection Service’, then click ‘Enable Rent Collection’:

How to activate rent collection in rent now on OpenRent 2

We’ll email your tenants with the updated payment details, and let you know when they make the first payment.

You’ll get a record online, and by email, of all the payments your tenants make.

Tell us what to build next!

We want OpenRent to be the best it can be: from advertising your property, all the way through to the end of your tenancy. 

Tell us what to build next by answering our short survey, here.

Just drop us a message if you’ve got any questions or feedback about the new service!



Notable Replies

  1. What a brilliant idea - well done guys.

  2. Ian2 says:

    I notice that OpenRent won’t allow a change of rent date even if successfully negotiated between landlord and tenant without a modification to the OpenRent contract, and sends out overdue notices each day the rent is “late”. Can it please be confirmed that OpenRent will not be reporting “late” rent payments to credit reporting agencies due to their refusal to allow a realistic rent date modification solution?

  3. Simon says:

    Hi Ian,

    Thanks for posting.

    As you’ve mentioned, our contract requires that the rent payments are made on or before the tenancy start date on a rolling monthly basis. So for example if the tenancy starts on the 20th of any given month, the rent payment is due on or before 20th of each month. This is to ensure there is a clear period to the tenancy, so that the notice period is clear.

    The issue you’ve identified is that the rent collection due date is based off the contract.

    At this time we do not report late rent payments to credit agencies. We are currently looking into how we can better support the rental situation you’ve described as part of Rent Now - as part of our ongoing service improvements.

    Hope that helps!
    Simon

  4. Moti says:

    Hi Sam,

    Could you please add a feature of downloading “Rent Schedule” in PDF format from this screen with rent payment history and relevant tenancy details populated?

    This will help landlords when they have to provide Rent Schedule to external parties e.g. Rent Guard while reporting rent non-payment by tenant. The landlords can generate required document with a click of a button.

    Thanks,
    Moti

  5. Mita says:

    Hi @Sam

    I noticed I’ve been deducted £10 for Monthly rent collection on a fairly new tenancy. I’m sure I used the Ultimate Package and my understanding is that rent collection by Openrent is included in this? Just to add, I’ve not been charged rent collection previously and I don’t see any of my other “older” tenancies. Please advise?

    Thanks

Continue the discussion at community.openrent.co.uk

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