Retainers / deposits what do you do?!

[smurfette]

Hi could you lovely ladies and gents please explain to me how retainers work? I have never asked for one before but am now in a position that I might have to ... Looks like Lo who is leaving will be gone in about three weeks and I have two people interested in the space .. One for Start of January and one for march. The march lady has said she will pay for the space whenever it becomes available in full! But I would feel awful doing that however being without my main earner Coming up to Christmas is not gonna be a picnic! So.,, wwyd??? Do u take deposit / retainer and how much?? Thanks for any advice

[smurfette]

Anyone at all?!!!

[dette]

if march lady is paying in full from when LO leaves in 3 weeks then this looks like a great option

[smurfette]

Feel bad accepting it but then again I could fill the space before and if she wants it ...

[migimoo]

Maybe half fees until LO starts with you?

[Kiddleywinks]

Paying a retainer means the place is taken by someone that hasn't started yet, so 50% of the expected fee is usual. It means you are getting SOME payment rather than no payments for that space.
Accepting a retainer means you can no longer advertise that place, and should you decide to not take the child on, you would refund the full amount paid to date. Should the parent decide they no longer want the space, they would not be refunded any retainer amount paid to date.

I don't take a deposit or a retainer beyond 3 months, purely because a lot can happen in the meantime, for them AND me, but I do ask parents to contact me again nearer the time (within 3 months of an expected start date), or if I have another enquiry that could interfere with the first enquiry, assure them they can have first refusal, at which point a retainer would be acceptable. I also would not take a deposit or a retainer for an unborn child.

If March start lady is happy to pay a retainer, and you are happy to keep the place for her, then go for it, just make sure that they know it is unrefundable if they decide to not start as agreed.

[Mummits]

If the March lady is happy to pay to hold the place, and presumably has the means to afford that, I would agree, though perhaps also suggest using at least some of the time for settling in visits - she might for instance like to start straight away with a couple of short sessions a week. If the little one is well and truly used to you by the time she starts "properly" that will make life easier for all of you. Mum might also like a bit of down time to do her own stuff over the coming weeks.

[smurfette]

Thanks ladies much appreciated .. Gonna see her and two other ladies one for jan start and one for part time hours immediate start.. If the immediate start one goes with me I think i can make up the money lost with little one leaving as some of my existing parents are looking for ad hoc hours to suit me. Then I can
Still fit the jan or march one in hopefully, and will just take a deposit or a retainer for the hours i can't fill coming up to the start date and as you say use it for settling in :thumbsup
By the way presumably a deposit means I would be paid separately for any hours mum wants to use before start date and retainer means half the hours are paid up if it's half the full fees?