Cash on arrival

If you are planning to buy a rental home, or you're thinking about what to do with one you have just acquired, this is the place for any questions about starting out in the rentals business.
dizza2560
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Cash on arrival

Post by dizza2560 »

I have one week left in August to let and thought I would give ebay a try. I put the listing up and then had an enquiry as to whether I would accepy a deposit (they didn`t say how much) with the balance on arrival.
I am not sure how to reply, I could ask for 50% deposit and hope they turn up, but if they don`t I have lost the rest of the weeks rental.
Alternatively just say no, there has been a fair bit of interest, and I am guessing that they are probably waiting for payday at the end of the month.
I am wondering though what type of guests they may be. Any ideas as to how to handle this?
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Tizfata
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Post by Tizfata »

Is your rental in the UK and are your guests British?
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dizza2560
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cash on arrival

Post by dizza2560 »

Hello, yes our location is the UK and the guests are British, sorry should have made that clear.
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Tizfata
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Post by Tizfata »

Even if I am not qualified to give you an appropriate advice, in 2012 I had 3 cancellations. My first ever, in 7 years!
1 Swiss and 2 German :roll:
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FelicityA
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Post by FelicityA »

When we started out I sold my initial lets on ebay as it seemed like a good way to start (our first one was for New Year). I have to say that most of the ebayers I had to stay were delightful but they all, as per my listing and ebay conditions, paid in advance.

I am assuming that the listing hasn't ended yet? You think you are going to, or have already got bids? I would just reply saying, you are very sorry but the stay must be paid for in full, in advance because it is only 6 weeks (?) away and those are your terms for a normal let anyway (You could say something like you can't risk someone not turning up and you lose out on something you could have sold). If it doesn't sell after all, perhaps they will give it another go and you might consider their request.....?

Personally, I often let people pay the balance on arrival but that is because I mostly have people from abroad and I know that they have booked flights and are very unlikely to let me down by not turning up. However, Tizfata's experience shows that that expectation may be ill founded!
Musetta
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Post by Musetta »

I'd take the chance with 50% deposit - I've done that in the past and not had a problem. I also feel that 50% would be better than nothing and, if they didn't show up, at least you aren't paying for electric, laundry, cleaning, etc. so not too terrible even if they, for some reason, didn't show. 50% though (I would think) is enough that they would show.
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