Good afternoon!
I have a family that wants to hold 2 spots for sept, I usually ask for 2 weeks deposit which is considered 2 weeks of care, but never had sibling.
What do some of you do in this case?
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Good afternoon!
I have a family that wants to hold 2 spots for sept, I usually ask for 2 weeks deposit which is considered 2 weeks of care, but never had sibling.
What do some of you do in this case?
They pay a deposit for each spot plus a holding fee for each spot (if the spot is available now). Just like if it was two different family's. Both kids cost just as much to care for, so no discounts.
That's what I though. I always ask two weeks deposit that will go towards their last two weeks...but what is a holding fee? what do you charge for that?
Holding fee:
When you have a spot open, for ex: in march, but the family wants it for sept. you charge them a non-refundable fee to hold the spot for them.
I charge $100/week, some people charge the whole amount for the spot, some charge $200 or $400/month. It really depends on how much if any income you are willing to lose over the few months/weeks the spot is open for.
I would probably let them pay the two week deposit a month apart or at least two weeks as in one with each paycheck since I know a lot of families live paycheck to paycheck or do a $200 a week till it is paid so it is spread out over the month. It is still early for Sept so there is time to allow this and make sure that anything paid is non-refundable if they stop making the payments.
If you holding the spots then you could also ask for a monthly payment till then but if they are a replacement for kids already in care the deposit is normally considered enough.
If your spots are open now, I wouldn't hold spots for that long unless they want to pay full fees for them. If the spots are opening up in September, then the deposit times two. As Playfelt mentioned, you could give them the option of paying it in two payments.
Agreed ~ September is a LONG way away to be forgoing income on TWO spots if they are open now in January ~ that is $350 a week x 31 weeks = $10,500 even with a holding fee that is still a lot of $$$ to forgo if say a month from now you have someone interested in full time and have to turn them away cause you've committed to these people ~ I would likely pass on committing them formally and tell them you can keep their info should a spot come open closer to when they need it you will contact them!Quote:
Originally Posted by sunnydays
However if I knew I had another two spots coming open in September due to children graduating to school full time than I would have them sign a 'pre~booking contract' with the tentative start date of September and they would have to pay two weeks non refundable security deposit on them should they change their mind if they enroll than that security deposit gets added to their last two weeks of care ... my tentative contracts also state that should the spot open earlier than projected the client has the option to START at the earlier start date or I would have to advertize to fill it and they would than forgo the pre-booked spots if someone else should show interest in the spaces at the earlier date! (in which case their security deposit would be refunded if I was able to find a new client willing to start cause it is me changing the contract not them).
I have also allowed clients with multiple children to pay for the security deposit in 'installments' because coming up with a security deposit for TWO children is like having an extra mortgage payment :(
I do have two leaving this Sept, and will have two openings by then.
Thanks for the tips!
Cool than you are not 'holding' the spot but rather 'pre~booking it' ... I would just make sure that you make sure the start date is 'tentative' because if your current clients have a job loss, transfer or something that changes plans on their end and the spot came open in April or something than you have the dilemma of do YOU suck up the lost income from April to September OR do you ask them to start paying a holding fee or whatever compromise seems fair to you!Quote:
Originally Posted by skyee