Rent collection services

14th June 2023 posted in Landlords

Collecting rent can be one of the most challenging parts of renting your home. When things don't go to plan, the rent collection process can be both time-consuming and stressful for all involved.

If you're struggling with tenants who consistently make late payments, our rent collection service could be just what you're looking for. Coming up, we'll take you through how our rent collection service works and offer tips on how to deal with tenants who are often late with their rent.

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What is a rent collection service?

Rent payments being made on time can be a real concern, especially if you have your own buy-to-let mortgages to pay for.

Luckily, a letting agent rent collection service can help landlords receive rent payments punctually and efficiently. It will ensure that landlords are always paid on time and foster a good relationship between landlords and tenants.

How do rent collection services work?

This service typically involves tenants making their rent payments via standing order or through their own online banking facilities. As a landlord, you can easily monitor payments and check whether any are outstanding. You can easily track each payment and send reminders to your tenants if necessary – but your agent can also do this for you.

At Hunters, we offer online rent collection services as part of our landlord packages. We have a thorough understanding of the rent protection policy, so we're well-equipped to submit claims for landlords if issues arise. We also ensure that all the relevant documents required are provided to assist with the landlord's accounts, including Statements, Annual Statements and HMRC declaration.

Why should I use a rent collection service for landlords?

Whether you're new to property letting or looking to take a step back from full-time property management, a landlord rent collection service is a great option to manage your tenants' payments all in one place.

All the arrears-chasing is taken care of, reducing the amount of paperwork you need to complete, saving you time and hassle.

The service also makes it easier for tenants to pay their rent and avoid late fees. Typically, the rent collection falls on the same date in the month as the move-in day, but this can be changed to work for both you and the tenant if necessary.

How to deal with tenants not paying rent

It can be challenging when dealing with tenants who are withholding their rent payments or struggling with affordability.

There are some simple actions you can take, such as sending them reminders and communicating with them to understand their situation. Rent collection services also offer payment plans to help tenants if they're finding it difficult to keep up with payments.

However, if circumstances don't change after several reminders and warnings, it may be necessary to take legal action to evict the tenant.

What if a tenant is late paying rent?

If a tenant is late making their rent payments following a number of reminders, you can potentially charge them a late fee.

Don't forget – it's important to communicate clearly with the tenant to understand their financial situation. Your agent can help them find a solution or come up with a plan to get caught up on overdue payments.

Can I make it easier for my tenants to pay rent?

Using an online rent collection service can certainly make it easier for your tenants to make their monthly payments. The service offers a high level of convenience and can be a great alternative to other payment methods.

Most tenants won't have any problems paying their rent on time, as they will usually set up a standing order from the first day of the tenancy. However, if your tenants decide to cancel this, you won't know until you've noticed that no payment has been made.

Tenants will often prefer to pay their rent on a day that suits them, which can lead to the cancellation of standing orders or other payment methods. They may also forget to pay, but rent collection services will ensure regular reminders are sent directly to the tenants to prevent this from happening.

Does rent collection impact tenants' credit scores?

If you decide to use a rent collection service for your tenants, it will not impact their credit scores. However, if your tenants fail to pay their rent, you can take it upon yourself to report it to a credit agency.

Why choose Hunters for your rent collection service?

Rent collection is just a small part of the services we offer for UK landlords. We strive to make your life that little bit easier, from the initial consultation on letting your property to handling disputes and collecting rent payments on your behalf.

Choosing to rely on a letting agency means we can take on this responsibility for you, giving you peace of mind that you'll receive your payments promptly.

· Here are a few more reasons to use us: We have an excellent customer satisfaction rating of over 95% – exceeding the industry average of 73%

· We have a dedicated landlord resources area to provide landlords with the latest industry updates and information

· Our easy-to-use landlord portal helps you manage all your lettings with us in one place

· We have branches located across the UK, so you'll never be too far from us in case you want to pop in for a chat

· We'll ensure you're always up to date with the latest landlord legislation to help you stay compliant

If you'd like to learn more about the landlord services we offer, please don't hesitate to get in touch today.

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