When the tenant missed a full or part payment, the rent arrears can quickly build up. Then landlord is put in a situation where it is most of the time very difficult to get back on track.
Recovering rent arrears from tenants may prove difficult if landlord has little or no experience with rent debt collection, therefore some help with rent arrears may prove handy.
Then how a landlord would know where to go to get help with rent arrears recovery?
Below are listed 5 essential factors in deciding the best help in recovering rent arrears.
Experience in rent arrears recovery
Check the experience of the rent debt collector. Experience in the field is essential for the success of the rent recovery process.
Collecting rent arrears is a lot more difficult than just commercial debt collection. Dealing with tenants involves a certain degree of empathy to ensure the success of the rent debt collection.
Most businesses and agencies conducting rent arrears recovery provide an impersonal service, conducted mostly by people with very little experience in recovering rent arrears from tenants.
Balanced approach on rent arrears recovery
When in rent arrears, one of the first thing landlords tend to think is to evict their tenant, by serving either Section 8 or Section 21 notice.
Rent arrears eviction should be seen as a last resort, mainly due to the fact that when taking the path of tenant eviction, landlord’s costs are going to increase dramatically. This is due to not only the high risk of not being able to collect the rent but also due to the void period between tenancies and the costs incurred to get the property into a condition to be re-let.
Therefore a balanced approach to the rent arrears recovery process is vital to save money for landlord.
Most of the time, working with the tenant to get a payment plan in place or sending a rent arrears letter from the solicitor can help solve the issue. Moreover, these 2 steps are among the most inexpensive steps possible, so not try these steps before anything else more expensive. There is a good chance you will save money while resolving your problem.
Know the legalities but have a sound rent arrears recovery procedure
When dealing with rent arrears is important to know the legalities in force so not to be in any breach of the law. Do not forget that tenants have rights and if things get to court, landlord will lose not only the money but also any right to recover the deposit.
Therefore, during the entire process to recovering rent arrears, respecting the spirit and the letter of the law is paramount.
When using an external party to help with collection of the rent debt, do make sure they know the legalities and they will protect your interests at all times.
Transparent, simple process
If you decide to use a third party for rent arrears recovery, look for someone with a simple process, transparent and easy to understand. It is very easy to fall into the trap of an agency that uses complicated terminology simply to enable them to charge higher than necessary prices.
A simple process is always easy to understand and it gives you, the landlord or the letting agent, the peace of mind that the third party knows what it does.
Speedy and effective
Getting things going in a rent arrears recovery situation should not take long. Ask how much it takes to get the rent recovery letter out or to start the legal proceeding, or simply to get in touch with the tenant.
Ask if you will be kept informed all throughout the process with the status of the recovery process. Find out how you will be kept informed. Identify the costs and ensure that there are no hidden costs.
TDR – the perfect solution for rent arrears recovery
At TDR – Tenant Debt Recovery Agents we know very well the frustration you have when dealing with rent arrears.
Therefore we have designed a simple, easy and transparent process to deal with everything we need to do to recover your rent arrears.
Our process is designed in 5 steps, where you can choose the right step for you.
Unsure which step is the right step for you? Give us a call and we can help making the right choice for you.
Our system is also designed to obtain all the required information during the ordering process, so once you ordered your required level of service, we also receive electronically the information we need to get it started.
Our 5 step rent arrears recovery process and procedure consists of:
- Getting a payment plan in place agreed with the tenant, to recover rent arrears
- Send two rent arrears letters from our solicitor team to enforce the rent arrears recovery process
- Rent arrears eviction, by serving Section 8 and Section 21 notices
- Property repossession, if everything else fails
- Using enforcement officers for rent arrears recovery.
Do you have any tenant rent arrears? Do you need help recovering rent arrears?
It may not be as expensive as you think and, put in balance, you have an excellent chance to recover your rent arrears.
Why not giving us a call to discuss your options or email firstname.lastname@example.org.