The best way to deal with rent arrears with your rental property management

Dealing with rent arrears is – and painful. As a landlord you’ve probably experienced rent arrears. Please see our guide to manage it before it gets too far.

How to choose the best tenants?

Make sure to protect your credit rating and act fast

Take immediate action without getting into a panic, loss of rent may not allow you to pay your mortgage, carry out maintenance works and carry on living the life standards you are used to.

How to attract the best tenants?

Pick up the phone and call your tenant before sending emails

Rent arrears can put a strain on a tenant/landlord relationship, if the rent is not paid on time, call the tenants and inform them, find out why, they may not be aware that the payment was not made, they may have forgotten and got the date wrong. Speak with them before acting further.

If the tenant is having difficulties making the rent, meet them in person and discuss the issue. Everything you discussed in the meeting, put it on an email to confirm what was said. When you are on the phone to the tenant you can tell if the tenant is telling the truth and sincere though body language or the way they articulate themselves.

How to keep your tenants happy?

Accept less than 100% rent, it is better than nothing

Discuss the solutions with the tenant, do they have financial issues, can they currently pay part of the rent, come to an agreement, arrange a payment plan. Accept whatever the amount they can currently pay.

As a landlord you can offer the subletting option or the option to end the tenancy earlier. If your tenant has a guarantor, contact them ask them to pay on behalf of the tenant. A landlord cannot end a tenancy early due to rent arrears without applying for a possession order in the County Courts in England and Wales or an eviction order in the Housing and Property Chamber of the First-tier Tribunal for Scotland – but it may be an attractive option to them.

Do not agree to their using the deposit to pay outstanding rent. The deposit must never be considered until the tenancy has come to an end. Try to resolve the issue between yourselves without destroying your relationships.

How to ensure your rental property is safe?

Make sure to check their references thoroughly before you take them on

The most effective way to avoid rent arrears is to ensure all of the correct checks are carried out up front. Check tenants’ references thoroughly and ensure they provide guarantors if needed.

You may also want to consider taking out a rent-guarantee policy. Never let a tenant move in before they have paid at least one month’s rent and a deposit.

Join us for property networking…network with professionals.
Please contact Pelin Martin to book a 30 minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk

How to find good tenants for your rental house

Picking the right tenants mean all the difference between an easy going tenancy versus issues further down the line. make sure to carry out background checks, meet face to face and take all the necessary steps to secure decent tenants.

Knowing how to find good tenants for your rental house, you’ll have the benefits of an easy-going tenancy.

Carry out background checks, meet face to face and take all the necessary steps to secure decent tenants. 

Our top 10 tips will let you know how to find good tenants for your rental house:

  1. Don’t rush Take your time while choosing tenants. Choosing the right people may save a lot of money, time and stress in the long run. How can you ensure your rental property is safe?
  2. Who are you appealing to? If you have a 2 bedroom flat, it may not be suited to family of four, you may decide to rent your property to sharers, and market it room by room and go down the HMO route, decide who you choose to deal with as your tenants. How can you keep your tenants happy?
  3. Credit Check. Make sure to credit check your tenants, don’t just rely on landlord references and employment references. You have to be sure that prospective tenants are financially viable and can afford the rent. Their credit history will reveal if your dealing with reliable, responsible tenants, do they have CCJs or bankruptcies in their records. How can you know if you need a property manager?
  4. Call their employer.  A background check will confirm where the individual works and also find out what type of contract they are on and how long they have been working for their current employer. If they have only been there for a couple of months and are on a probationary period, it would be risky to rent to them. Landlord Insurance for beginners
  5. Carry out immigration checks. You are required to check their passport, check they have a right to live in the UK. Unexpected costs of being a landlord
  6. Call their references. As a landlord, you have access to all the information that tenants provide to the referencing company. If you get a reference says they might be a moderate risk, ask more questions to the company. If there is a risk you may then consider using a guarantor.
  7. Meet face to face. Even if you are using a letting agent to find tenants, you should always have a face-to-face meeting with them as soon as you can. If you are managing the tenancy, introduce yourself as you will be dealing with the tenants from that point onward. You can also find out more about that person, their long-term plans and what they are like to communicate with.
  8. Find your tenants on social media. Checking your tenant on social media will give you a clear understanding of who they are, how they come across and does it tally with the information and the impression they have given you. 
  9. Follow your gut feeling
  10. Always follow your instincts, it will always be right. If something doesn’t feel right it probably isn’t.

Read more: How can you attract the best tenants?

 Join us for property networking…network with professionals. 

Please contact Pelin Martin to book a 30 minute free property consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

 

How to find the right tenant in London

Having the best tenants mean constant cash flow for landlords, decent tenants who pay on time and no voids. So how to do you find them and make sure they want to rent your property?

First of all, you MUST make sure that it (and you, as a landlord) complies with all the legal obligations.
Present the property well
Make sure the property is clean and odour free inside and out. If it’s been vacant, arrive early and open the windows to allow some air to circulate, and pick up any post that’s collected. Make sure it has been professionally cleaned and kept tidy, including the garden.

In this article, we would like to give you some tips to learn how to find the right tenant. This will mean, for you as a landlord: constant cash flow, rent paid on time and no voids.

So how to do you find them and make sure they want to rent your property?

First of all, you MUST make sure that your property (and you, as a landlord) complies with all the legal obligations.

How to find the right tenant, presenting the property well

Make sure the property is clean and odour-free inside and out. If it’s been vacant, arrive early and open the windows to allow some air to circulate, and pick up any post that’s collected. Make sure it has been professionally cleaned and kept tidy, including the garden. Read more: The importance of check-in inventory

Rent – be competitive

Ask for a realistic level of rent and review if necessary.

Research your target market: who are you trying to appeal to? Is it families, single professionals or couples? Make the property appealing to them. Décor, fixtures and fittings, furnishings and any included extras could make the difference between yours and another property. Read more:  How to manage a long distance property rental?

Know who your tenants are is essential if you want to understand how to find the right tenant

Before you accept a tenant, get as clear as possible who is moving into your property. Interview them. Check your tenants’ past and current employment status. Take up references from previous landlords. Arrange for a 3rd party to carry out a credit check. Read more: How to ensure your rental property is safe?

Keeping them happy is the next step after you learnt how to find the right tenant

Once your tenants are on the property, carry out periodical checks. Make sure you keep the tenants informed of when you’ll be visiting. Poor maintenance and management are two of the tenants’ biggest complaints about landlords. So, respond to queries or complaints as soon as possible and keep on top of any necessary repairs and replacements. This will keep your tenants feel looked after and provide them with a comfortable home. So, they will want to extend their stay at your home.
Being a successful landlord is all down to planning. If you follow the above steps and keep your tenants happy, you’re more likely to have a stress-free time and enjoy the rewards of your property investment. Read more: How can you keep your tenants happy?

If you think that the assistance of a property manager could help you with your property in Central o West London, please contact us to book a 30-minute free property consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

Would you like to network with people interested in property like you? Check the West London Property Networking!

 

West London Property Networking…..

To bring together, monthly, West London property professionals and people who have a serious interest in Property to network with peers, share opportunities and hear from expert speakers about the latest market trends and news, legislation changes and issues affecting Property Investment and Development.

It does not matter how much experience or property you have, everyone is welcome.

The meeting is for new or sophisticated property investors or developers, industry professionals or service providers.

Investors/ Developers/ Landlords/ Sources/ Lenders/ Mortgage Brokers/ Finance Brokers/ Insurance Brokers/ Lettings Agents/ Sales Agents/ Accountants/ Conveyancing Solicitors/ Architects/ Surveyors/ Interior Designers/ Builders

Venue: Clayton Hotel Chiswick

Networking starts at 1830 at meeting room dedicated to West London Property Networking.

I am pleased to announce that Jeannie Shapiro and I will be running a networking meeting in the heart of West London for individuals who have a keen interest in property. What is West London Property Networking?

To bring together, monthly, West London property professionals and people who have a serious interest in Property to network with peers, share opportunities and hear from expert speakers about the latest market trends and news, legislation changes and issues affecting Property Investment and Development.

It does not matter how much experience or property you have, everyone is welcome.

The meeting is for new or sophisticated property investors or developers, industry professionals or service providers.

Investors/ Developers/ Landlords/ Sources/ Lenders/ Mortgage Brokers/ Finance Brokers/ Insurance Brokers/ Lettings Agents/ Sales Agents/ Accountants/ Conveyancing Solicitors/ Architects/ Surveyors/ Interior Designers/ Builders

Venue: Clayton Hotel Chiswick

Networking starts at 1830 at meeting room dedicated to West London Property Networking.

We have 2 expert speakers at every meeting covering areas of Buy to Let/ HMOs/ Flipping/ Finances/ Rent2Rent/ Developing/ Raising Funds/ Sourcing in London and throughout the UK/ Mortgage & Finance Advice/ JV Opportunities and Partnerships/ Landlord TAX/ Buying at Auction/ Landlord Insurance and Legals/ How to Grow Your Portfolio and many more topics.

Meeting ends at 9pm and anybody who would like to stay and continue networking are welcome to do so at the bar area.

Bookings are through Eventbrite. A drink is included in the booking cost.

Please contact Pelin Martin if you have any queries or questions regarding West London Property Networking on

+0208 994 7327

pm@bluecrystallondon.co.uk