Rent arrears - Swallow the bitter pill

04-Apr-2013

Despite our zero tolerance arrears policy and direct debit of tenant rent payments, unfortunately tenants not making their rental payments on time can sometimes be a fact of life.

Should your tenant’s rent payment fall into arrears we take immediate action to recover the monies due. We will call your tenant to ascertain the cause of the rent arrears and take action to recover the overdue amount.

Our arrears action plan includes telephone calls, sms reminders, email arrears notice, formal letters of demand and ultimately, should payment not be forthcoming, a termination notice served upon the tenant.

Should it be necessary for us to serve such a notice upon your tenant we will contact you to gain your consent to serve the notice and seek recovery of the monies and or vacant possession.

If we need to contact you in such instances it is often natural for you to want to give the tenant a second or third chance to pay. Whilst this is noble and it is true that some tenants do have genuine hardship, swift action is needed to put the tenant on notice and to protect your legal rights.

We ask our investor clients to swallow a bitter pill and view the rent arrears action as a business decision that needs to be made and to instruct us to serve a notice of termination upon the tenant. This notice formally advises the tenant that if rent is not paid then we will have no alternative but to take action to end their tenancy and recover all monies due.

This is not a palatable decision to make, however prompt payment of rent is the life-blood of your investment. In these instances we ask you to work with us to protect your interests and maintain our zero tolerance policy to rent arrears.