Dealing with rent arrears – one of the many reasons landlords should use a letting agent.
Wednesday, September 23, 2015
Even good tenants can fall into arrears if their circumstances change. Dealing with this situation quickly, professionally and courteously can make a difference to the impact on a landlord. We find that maintaining a good relationship with the tenant during what can be a stressful time, is the most important factor in safeguarding your property.
Here are some of the ways we manage rental payments:
Set up a standing order at the start of a tenancy. This avoids the need to chase rental payment and indicates immediately when rent is overdue.
Daily bank account checks.
Contact the tenant within 24 hrs of rent becoming overdue. Frequently this turns out to be an administrative error; and the early notification is welcomed by the tenant.
If the tenant is experiencing a short term cashflow issue, we discuss with the landlord and tenant a suitable repayment timetable and ensure the security deposit is protected as this should never be used to cover arrears.
In the event of a long term problem, the landlord may need to seek a possession order. Even in this situation we endeavour to maintain a good relationship with the tenant, including ensuring they seek the right advice to understand their rights and responsibilities.
Rent Collection Only – 2% of Monthly Rent
We offer a ‘Rent Collection Only’ service to landlords who don’t want a full management service. This means that we take responsibility for receiving rent from tenants and pay it into the landlords account within five working days. We monitor these payments and if arrears arise we deal with them. We offer this service to let only clients for 2% of monthly rent.