Buyer deposit

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Darrell

• October 17, 2017 10:38

I want to suggest that, if the Buyer accepts your proposal and it's a total amount agreed for the work (not on an hourly rate) the Buyer should be made to deposit the full amount in to Escrow before work begins.
This would prove they have the total funds and it also stops them walking away with ideas after making just a small deposit.

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  Permanently deleted user

  • October 18, 2017 12:21

  Hello Darrell,

  This feedback does not make sense to me? You can set your own deposit level whether the work be fixed rate or hourly. If you can estimate how long the work will take the hourly rate can be multiplied and given as the deposit amount. If the fixed rate is required by the buyer then whatever you suggest as your rate should be given as the deposit.

  As a seller tip I always ask for 100% deposit up-front. if the work is hourly and I give an estimate I then re-estimate once I have spoken to the client and adjust the budget/proposal in the workstream.

  I never start any work, and I know many are the same, until I am completely satisfied all funds are in escrow and the proposal has been accepted.

  It cuts down on potential for disputes massively.

  Please let me know if I can help with anything else.

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  Darrell

  • October 18, 2017 12:36

  How does it not make sense, rather than PPH only recommending 75% deposit, they should recommend 100%, that simple

   

   

   

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