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Secrets to ensuring your tenants are paying rent on time
Posted by Ed on 9 February 2018
As a landlord it’s important to ensure your rent is being collected on time each month/term. Unfortunately for landlords it is also something you have no control over: waiting for the rental date to arise to see if and when their tenants decide to pay the rent.

Many landlords feel the best option is to evict the tenants as soon as possible and whilst that is an option it’s also an expensive and time consuming option – so my advice would be to leave that as a last resort.

So now you’re left asking the question, ‘what can we do to ensure are rent is paid on time?’ see below our top 5 tips:

1. Clear communication

Communication is very important when being a landlord - particularly when it comes to rent payments. Make sure you're clear about when the rent is due. You should also outline any fees or other consequences for paying the rent late, polite reminders 2 weeks before are always a good idea. This will help to avoid tenants paying late simply because they weren't sure when their rent was due. You'll also help your tenants to budget for their rent: they should know exactly how much to pay and when they need to pay it.

Tip: When creating a new tenancy agreement, have every person initial and date every page of the lease. This will provide evidence that they've read and understood everything on the lease. You should also be sure to provide everyone with a copy of the signed tenancy agreement.

2. Talk to your tenant about why they're not paying on time

Building relationships with your tenants is always a good thing to do, talk to your tenants and find out the reason that they are struggling to pay rent on time? Is it that they don't have enough money to pay the rent or that they've simply forgotten when the rent is due? This will give you a good indication as to why and help you to understand if there is anything you can do as the landlord to help both yourself and the tenant.

Tip: Try to schedule the payments for a date and frequency that suits the tenant. For example, if they are student tenants, ensure that the rent payments are set up for when their student loan comes in.

3. Charge a late fee

Charging tenants a fee for late payments may help to motivate them to pay their rent on time.

4. Report the status of rent payments to a credit check bureau

Credit checking bureaus now provide a service for landlords to report the status of rental payments. It's another strong incentive for tenants to pay their rent on time: they'll want to keep their credit score as clean and as high as possible. You can also reward tenants who always pay their rent on time: they're rewarded with a better score which helps them to access credit.

Tip: If a tenant is late with their payments, let them know that you intend to report their payment as late. This may persuade them to pay their rent sooner rather than later to keep their credit score as clean as possible.

5. Offer a discount for prompt payment

Consider offering your tenants a small discount for paying their rent on time. A small discount can provide motivation for your tenants to pay on time. It also benefits you by greatly reducing the amount of time you spend chasing payments.

All the above should help you to gathering your rent on time, please call us today for any extra help on managing your property: 0151 559 1111
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