Introducing: Monthly Rent Collection

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

It’s totally free – with no monthly or initial charge – and available to anyone with a current or future tenancy created using our Rent Now service.

We’ve built it – and made it free – because we want Rent Now to be as useful as possible, and great value, too.

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 send the rent out to you.

There’s no holding period and no fees: 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. Eddy says:

    Great idea. Another good one would be a local sales rep in every area who can do property viewings and act as a caretaker fixing small jobs for a reasonable monthly fee. This would work much better than the expensive letting agents in high streets with their overheads, especially if local rep is resident of the neighbourhood. Or alternatively partner with high street letting agents but manage them so they provide a better service. Landlords who can’t attend to properties will be happy with this service.

  5. 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

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