Retainer advice please...

[Lear]

....I've got a Mum coming to visit me who is considering me to look after her child before and after school in September (she'll be my first mindee). Would it be ok to ask for a retainer as I'll be keeping the space open for a few months when I could be filling it with another child? How much should this be?

[glitzygal]

HI, sorry got no advice, but i want to know about this aswell, i have a lady coming to visit next week for starting in march 2012,, so would be interesting for ideas...........


thanks

[littleguy1]

I have just started out as well and I was thinking of asking for a retainer as most people are looking for September places at the moment. But if you charge a 50 % deposit, a lady put on her the other day that this works out to something like £330 which is a lot of money. So I got to thinking and as I haven't got any mindees at present, I think I'm going to charge a £50 non refundable holding fee which will hold their place and cover admin costs. I have a lady coming to see me who wants me to have her children for 3 hours a week
And I just thought, by the time I've filled out all the paperwork plus I have to collect from school which is 5 miles away, it won't be worth my while so that's why I decided on the holding fee.

[Reggie]

Hi, I only registered in MArch but have used 100 retainer, for 2 people who r now using me. They paid 100 and then when mindee started I deducted from their bill, they were happy and me.

[Libby08]

Hi, I only registered in MArch but have used 100 retainer, for 2 people who r now using me. They paid 100 and then when mindee started I deducted from their bill, they were happy and me.

This is what I have asked 2 parents to do, mine are asking to start August and September so I have only asked for £50 each.
At first I was advised to ask for 50% retainer for all the time up until they start but it put all my enquiries off as it was too much.

Its your business so can charge what you like and it will differ in different area's but also if she will be your first mindee you will have other vacancies to fill so you won't be refusing other work if you hold her space so i'd keep it low.

Although if it were for march 2012 i'd definatley ask for a higher amount as that's such a long time away and a lot can change in that time so they could let you down. Id ask for a monthly retainer to hold the space and take the risk as if they said no its so long away you may fill your space by then anyway!

Hope that makes sense!?!

[flowerpots]

Hi, I only registered in MArch but have used 100 retainer, for 2 people who r now using me. They paid 100 and then when mindee started I deducted from their bill, they were happy and me.

A retainer is usually non refundable, they pay the fee to cover your costs of holding the place open, ive never used them.

If i got a parent asking me to hold a space for september and the space was available now, i would either take a 100% deposit used for the 4 weeks notice at the end of the contract or take a 50% retainer which would be non refundable.

hth

[rickysmiths]

A Retainer is usually paid to keep a place open which is already to use but the parent doen't need now.
The advise is that a Retainer should not be charged for periods of more than 12 weeks.
It is usual to charge half the normal weekly fee for this time, the parent can use the place at any time during this period with reasonable notice and would then top up to the full day fee. The retainer is a non-returnable fee except if you are unable to offer the place when the time comes, then it should be returned in full along with any Deposit they may have paid.

A Deposit can be taken to reserve a place for the future that is nor currently available to use.
It is up to you how much you charge but it is usually non-returnable if the parent decides not to take up the place, returned if for some reason you can't offer the place when the time comes.
What you do with it when the Contract begins again is up to you. You can use it to cover the first fee or you can keep it until the end of the Contract and use it towards the 4 week notice period.

This is what I do. As soon as a Contract is signed a 4 week fee Deposit is paid this is kept until the end of the Contract and as long as all fees are up to date then it covers the 4 week notice period. This also acts as an insurance for non payment of fees as I always have 4 weeks fees and means no one leaves without paying the notice period. Ido it this way having had my fingers burnt badly in the past.
If I have a space but the parent doesn't want to start yet then they pay a 50% fees retainer fee until the contract starts in full.

The only exception to this is new school starters for September. As they don't require care in the holidays I just except that and always start the Contract in full at the beginning of the new school year.