Receiving rent is fundamental to maintaining your rental income and keeping your investment successful. Follow these tips to help prevent issues with rent.
Before signing the tenancy agreement, we always inform tenants of our expectations, and make sure they have a clear understanding of the agreement being entered – we recommend you do the same.
If rent arrears do occur, early intervention is necessary. We conduct checks on rents received every weekday morning before 8:30am, allowing us to identify arrears within hours of expected payment. To achieve efficient rent management ensure you do the following:
Contact the tenants as soon as you notice rent is overdue. Most tenants will want to organise a way to pay back the rent owed. Remember the tenant may have been unaware of the arrears, or recently had some personal changes and are already working hard to get that rent paid to you. Issue a 14 Day Letter demanding rent to be paid as per the Residential Tenancies Act.
Give the tenant advanced notice on the following:
Proactively preventing problems with rent requires you to be actively involved in the rent process, keeping constant track of all rents received, and be prepared to act immediately if rent arrears occur. Due to our close management, we get very few rent arear issues. If you’re interested in learning about our team’s process for preventing rent arrears, and our other management processes feel free to contact your closest Quinovic branch.
To find out more about rental valuation, or for more general information, get in touch with us now.
Quinovic, the experts in property care and return
Sign up to our newsletters to stay in the loop with new content and news.