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How To Reduce Tenant Arrears

Friday 16th, December, 2011

The biggest concern to a Landlord is whether the tenants will pay their rent on time each month. Here are some helpful tips for landlords to assist in order to minimise the risk of tenant 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 deterrent 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 precedent and making sure a tenant is aware that late payments are not acceptable. So be tougher and contact the guarantor straight away.

 

3) Be Proactive.  Chase the rent on the day it is due. Ensure 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 don’t 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.

 

Go Haven can take away the pain and stress, by dealing with any arrears and serving correct notices to the tenants, saving you £££’s of legal costs and property returned if possession is required.  The company has one of the lowest arrears rates amongst Lettings Agents in the region.  

 

If you have any further questions or concerns please feel free to call Go Haven on 01484 544300 or contact us via email.

 

New Landlord? Why not visit our feedback page to see what our past and present customers have to say about the service.

 

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