Deposit before signing a lease through an agent

Gene Parmesan

Hey,

I went to view an apartment this week, contacted the agent to confirm my interest to rent it.

There are multiple parties interested and the agent suggested the following process:

1: I supply references (employer and landlord), which is fine
2: I pay the full deposit
3: The agent passes on the details of prospective tenants who have completed steps 1 and 2
4: The landlord chooses his/her desired tenant
5a: If chosen, sign the lease and pay the first months rent OR
5b: If not chosen, the agent refunds the deposit

If this standard practice, as it seems excessive to me (expecting someone to pay a deposit and relying on the goodwill of the agent to refund)?

Thanks!

djimi

Its not standard practice. Given what I have seen from some agents you would want to be extremely confident in this agency that would return the deposit promptly.

To be honest I really dont see why its necessary to pay the full deposit to secure an interest. Id be walking away immediately if it was something that I was requested to do.

highly1111

I've no idea if it's standard practice - but I've never experienced it and I wouldn't do it. If they want something and you're very interested I'd give a post-dated cheque. But nothing more.

Gene Parmesan

Ya to be honest, it has me put off the place (almost ideal apartment but... these terms are not good for me)

Post dated cheque is a good idea, will look into this or alternatives.

Firstly, i'll give the agency a call tomoro... and issue issue an ultimatum haha

Thanks btw

highly1111

Gene Parmesan wrote: »

Ya to be honest, it has me put off the place (almost ideal apartment but... these terms are not good for me)

Post dated cheque is a good idea, will look into this or alternatives.

Firstly, i'll give the agency a call tomoro... and issue issue an ultimatum haha

Thanks btw

I'm sure they're just trying to avoid time wasters which is fair enough. But if they had an issue with anyone wanting to give a post dated cheque I'd be wary. Giving a post dated cheque is a very reasonable compromise in my opinion.

questionmark?

I've heard of people asking for holding deposits but not full amount more like 50 or 100 quid to show your serious.

D3PO

its not standard practice.

I bet any money this is Dublin Lettings they are the only shower of idiots who do this and there seems to be hassle getting deposits back with a few weeks delay going by previous posts on here.

Id steer clear and look for a different property IMO.

Gene Parmesan

Ya it's Dublin Lettings alright. Thanks

Grandpa Hassan

Gene Parmesan wrote: »

Ya it's Dublin Lettings alright. Thanks

Standard practice in the uk is a one week deposit to take the property off the market. Non refundable if the prospective tenant backs out. Seems reasonable for all sides. Don't see what is so difficult about developing a similar standard approach in Ireland

djimi

Grandpa Hassan wrote: »

Standard practice in the uk is a one week deposit to take the property off the market. Non refundable if the prospective tenant backs out. Seems reasonable for all sides. Don't see what is so difficult about developing a similar standard approach in Ireland

A holding deposit to take a property off the market is quite different to a months deposit just to register interest. These guys have their head shoved firmly up their arse if they think that this is acceptable practice.

Grandpa Hassan

djimi wrote: »

A holding deposit to take a property off the market is quite different to a months deposit just to register interest. These guys have their head shoved firmly up their arse if they think that this is acceptable practice.

What's the difference? 'registering interest' is presumably the same as 'under offer'

beeno67

Grandpa Hassan wrote: »

What's the difference? 'registering interest' is presumably the same as 'under offer'

Because in this case paying deposit does not take property off the market.

Grandpa Hassan

beeno67 wrote: »

Because in this case paying deposit does not take property off the market.

So they take a deposit off more than one person? That's just a scam. How can that be legal?

D3PO

Grandpa Hassan wrote: »

So they take a deposit off more than one person? That's just a scam. How can that be legal?

its legal because eventually they give you back your deposit if your unsuccessful in getting the property. After its been sitting in their account earning interest for a month or so.

This isn't the first thread about these muppets. Do a search on the forum and you will find another thread not so long ago about the same thing. That's how I knew the OP was talking about Dublin Lettings.

djimi

Grandpa Hassan wrote: »

So they take a deposit off more than one person? That's just a scam. How can that be legal?

They take a deposit off of everyone who registers interest; thats the difference. Its got nothing to do with securing the tenancy and taking it off the market.

There is probably nothing illegal about what they do; its just really poor business practice. Im not really sure who in their right mind would hand over their full deposit just to register interest in a property, but the hope is that nobody is that foolish and these clowns are eventually forced to rethink their business practice.

greenman09

I just rented a out a place with a agent. Viewed the property. Agent spoke to landlord and chose us. Week later deposit asked for, no lease signed. Few days later arrange move in. Copy if lease emailed. Agree move in date and asked up bring 1st months rent. Move in date sign lease. All done.

Suppose ur man was ok. Very reputable agent. This was south Dublin area.