Holding Fees

[pink]

What is the proper amount for holding a space, the family would start February 18th. Your feedback is appreciated.

[Momof4]

Unless I had a child leaving in Feb. and this family was going to fill their space there is no way I would hold a space that long. I would keep advertising and trying to fill the space now.

[Sassygirl]

I agree with Momof4. I won't hold for longer than 3 months. With each month a charge a 2 week deposit and if longer than 1 month a $200 per month holding fee as well.
That said, there is nothing wrong with interviewing and keeping in touch with the family. You never know what happens tomorrow.
I had one family who Mom kept saying how much she loved ME list their home, sell it in 3 days, buy a new 1 hour away and not tell me. Then use the excuse when they told me a half hour before their daughter was due to arrive that she won't be coming any longer.
Cover all your bases always!

[pink]

I recently had a family that they paid me the holding fees of $ 140.00 per months for 3 months. They terminated with me after two weeks of care turns out that they can't afford daycare and the dcp was waiting for a night shift to come up so they could terminate their care. The family, I'm presently considering is the sister of one of my clients which would be my dck cousin. She needs a space for February.

[2cuteboys]

I'd say either get payment on a month-to-month basis (in an amount you're comfortable with- I wouldn't do less than 1/2 rate), or tell them they're taking their chances.

I recently held a spot for 5 months with only a deposit... Because I'd have an opening in that age group when they would join. Turns out the child we were waiting to 'graduate' isn't with me anymore... So now I can't fill one of the precious under 2 spots, but still not getting any money. I will not do that again!

[pink]

I was thinking charging 3 days a week x 6 months, accept their deposit of 200.00 for February.

[apples and bananas]

If you hold a space for 5 months at 200 a month you have to consider the following. The client has now paid you 1000.00. If you terminate this child in the first 30 days (maybe behavior, maybe just a bad match. ) is the client going to feel owed something? Is that frustration worth turning people away for 5 months? And on those 5 months what is your potential income from that spot?

If the are filling a space that month then I wouldn't take a fee until 3 months prior. It's too soon. Anything could change.

Don't commit yourself too far ahead.

[pink]

I was thinking of charging a part-time spot not 200.00. That is good advice, I will wait until December. If, I don't fill in the spot by then.

[gravy_train]

When I first started I held a spot for about 10 months for a 'friend' of mine. I didn't charge her a holding fee but did request a non-refundable deposit the equivalent of two weeks of care to be used towards the child's last two weeks. During this time I turned away at least ten other potential clients nor did I interview for the spot. Two weeks before she was supposed to start she told me that she found another provider and demanded the deposit back, even after I explained that her last minute decision meant that I lost several thousand dollars and the deposit does not make up for that loss. She threatened 'legal action' and it was very stressful for a while as I kept thinking about I and worrying. So not only did it affect me financially, but it affected me and my family emotionally. I will never let that happen again and I would never hold a spot for anyone for that long - so man things can happen in that amount of time that to me it just isn' worth the risk. In then end you have to do what you think is best but based on my experience there's no way I would consider it.

[apples and bananas]

Money aside...

You may not even like the kid 5 months from now. We interview with kids present so we can get a sense of whether they would be a good fit for our group and for us. Children change so much in 5 months. You may get him and he's hitting, biting, throwing, won't eat solids, crys all day, huge separation. A number of things can change from that sweet little 7 month old sleeping in his car seat.