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  • May

    29

    2018
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Best way to deal with Rent Arrears

Best way to deal with Rent Arrears

Rent arrears is one of the most common problems experienced by landlords and dealing with owed money can seem a complex and expensive situation. Following some simple step might be able to solve the problem before it goes too far.

  1. Recognise a late payment – The first time this happens isn’t always a reason to panic but it is good to take some form of action as outstanding monies can quickly add up.
  2. Take an informal approach – In the first instance pick up the phone and say ‘Hi, I am sure its an oversight but the rent hasn’t been paid’ and find out why. Could be a simple explanation, if the tenant is having difficulties perhaps meet in person at the property to get a look at the condition of the house also. Make sure you also carry out correspondence via email also so that you have evidence if this matter does escalate.
  1. Work towards a solution – The issues needs to be as if it was a joint problem so that you can both work out together. If the tenant is having financial problems then discuss support options to them e.g receiving 70% of the rent (which is better than none). Did they have a guarantor? If so can you contact them? Is subletting an option? Can offer the tenant to end their tenancy early but they need to agree to this.

Prevention is always better than a cure, the most effective way of avoiding rent arrears is by ensuring all of the correct checks are done up front. You can also consider taking out a rental guarantee policy and make sure that you never let a tenant move in before they have paid at least one month’s rent and deposit.

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