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There are many companies offering rent collection services that can assist you with what can sometimes be a tricky process.
Managing a portfolio of properties is time consuming and sometimes a complicated occupation.
In addition to ensuring that properties are let and dealing with the demands of tenants and housing legislation, it can be all too easy to loose focus on the fundamental importance of an efficient rent collection system for smooth cash flows.
There are firms offering rent collection, payment reporting and problem tenant management services.
They have dedicated teams or personal account managers who will liaise with you and your tenants. This will save you valuable time and energy.
This method of rent arrears collection is ideal for busy landlords who may not have the time to chase up unpaid rent. Furthermore, many companies in this sector offer tenant credit checks and money laundering checks as part of the account set up process for each tenant.
The market for rent collection services in the UK is quite competitive, which is good news for you as a landlord as it drives prices down.
Another benefit of rent collection services is that they, more often than not, offer some kind of legal protection program for problem tenants, which can take care of issues relating to the inventory, any damages and rent arrears.
Many landlords housing students have benefitted from rent collection companies since history shows that students tend to 'bend' the rules more so than other types of tenants.
A typical rent collection service offers the following:
- Regular statements (for both landlords and tenants)
- Online account access
- Any housing legislation requirements
- Tenant name changes
- Management of gas and electricity supplies
A good idea before jumping into a company offering a rent collection service is to do your research.
Many firms offer different packages that may or may not suit your needs.
For instance, if court eviction action is necessary, some companies have a 'no win no fee basis' so you will not be expected to pay any fees until they have successfully dealt with any tenant evictions.
Consider your tenant type and the number of tenants you are housing before committing to such services.
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