The biggest concern to a Landlord is whether the tenants will pay their rent on time each month. Here are some helpful tips to help with arrears:-
1) Ask for a guarantor who is a UK home owner. This gives you the added security of having a third party to contact and chase for rent giving the tenants a detterent against paying late. Would you want your mother or friend contacted if you were in arrears?
2) Set an example. The first few months of a tenancy are vital in setting a precedant and making sure a tenant is aware that late payments are not acceptable. So be tougher and contact the guarantor straight away.
3) Chase the rent on the day it is due. Make sure that you are aware when each rent payment is due to be received and start calling the tenants on that day. This installs a sense of urgency among tenants and makes them realise that you will take action if the rent is not received.
4) Take Action. If a tenant falls into arrears dont give them a million chances. In our experience this will only allow the tenant more time to fall even further into arrears. Find out what remedies are available to you and give the tenants a set deadline to pay. If the money is not received by that date take the appropriate action straight away.
5) Make it easy for the tenants to pay. Give them a standing order form at the start of the tenancy ready completed with your bank details so all they need to do is drop it into their bank.
Harringtons Lettings deal with arrears on a daily basis and have one of the lowest arrears rates amongst Lettings Agents in the area. If you have any questions or concerns please feel free to give us a call on 01273 724000.
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