Welcome to Home Relief Bulletin Board

Post No. 198

by Your Freelance e-Property Letting Agency

How to deal with COVID-19 rental arrears

During this coronavirus period, there has been an increase in rental arrears or accumulated delay in rental payments.  Rental arrears are a painful situation for both landlords/ladies and tenants.  They are painful for landlords/ladies because tenants falling behind with their rent payments to private landlords/ladies or their letting agents can jeopardise landlords’/ladies’ plans.  They are also distressful situation for tenants as they could be taken as evidence that tenants are failing to keep their rental commitment.

Some landlords/ladies who have experience in the private residential home rental matter know how to manage the rental arrears situation.  Likewise, some tenants are skilful enough to deal with the situation.  However, there is still a substantial bunch of landlords/ladies and tenants who may not exactly know how to handle the situation; despite the wealth of resources (both in print and online) which are available and can be freely and easily accessed.  We will be working with these unaware and undecided landlords/ladies and tenants on this matter of COVID-19 rental arrears.

What Home Relief’s work with them will be about

Together with them we will cover various areas of COVID-19 rental arrears.

Our work with landlords/ladies will be on the following:

Δ General principles of good rent management

Δ Rental planning or conducting activities to deal with COVID-19 rental arrears

Δ Rental control which will involves monitoring of the evolution or progress of rent payments and arrears while comparing them against standards

Δ Rental coordination which will be about putting together all the tasks needed in order to deal with tenants’ rent arrears

Δ Rental payment motivation which will consist of engaging and encouraging tenants to effectively work to resolve the matter and pay rent

Δ Measures to help tenants with rent arrears

Δ Handling of notices about rent arrears

Δ Communication which will be intending to keep talking with the tenants and get them engaged in order to resolve the matter

Etc.

 

Our work with tenants will cover these areas:

Δ Checking evidence relating to rent payments (such as rent records, statements, bank statements, receipts, rent book or card, etc.)

Δ Making agreement on arrears repayments

Δ Rent budgeting tools

Δ Carrying out activities to resolve rent arrears

Δ Working with tenants to regain control of rent payments

Δ Tackling factors that cause and exacerbate rent arrears

Δ Finding out the statutory provision regarding COVID-19 rental arrears in the private rental sector

Δ Motivating tenants to improve their sources of income or earning capacities

Δ Communicating with tenants to resolve the matter 

Etc.

From what we have planned as work with both sides of the rental agreement, communication between them will supersede any activities to manage COVID-19 rental arrears.  This is because without communication, there will not be solutions to the problem of COVID-19 rental arrears.  

What is expected from this week’s work 

Without anticipating any immediate changes, one can hope that landlords/ladies will become

better planners of the activities surrounding rent arrears

√ better monitors of rent progress and performance

√ better coordinators of various tasks determining rent payments

√ better ‘influencers’ and motivators of their tenants in resolving rent arrears

√ better communicators from the point of view of rental arrears 

√ better protectors of their investment and rental interest

etc.

 

One can also expect tenants who will participate to this work will become

√ Problem-solvers rather than problem-makers of rent arrears

√ More responsible for rent payments than before

√ Respectful of the terms and conditions of their tenancy agreement and people who honour rent payments 

√ Self-confident in improving their earning potentials 

√ Better executors of their rental agreement

√ Better managers of rent payments

 

Extra help and support

There will be both online and print resources to complement what will be discussed through this week’s work.  For those who want, some guidance and signposting will be given regarding professionals involving in handling COVID-19 rental arrears.  Landlords/ladies and tenants can present or discuss their personal cases about rent arrears.  However, this week’s work is not designed to replace legal expertise on the matter.  

Need to resolve COVID-19 rental arrears, why not work with Home Relief.

 

If you are looking for an affordable location and home, Home Relief is the people dealing with affordable homes you could consider in your property searches and enquiries.

For more information about our property service to home buyers and tenants, please go to https://homerelief.co/tenants/

For more information about our property service to home sellers and landlords/ladies, please go to https://homerelief.co/landlord

For properties to rent and let, go to https://homerelief.co/property-search/

For weekly property news and updates, please read our weekly posts.

Thank you for reading this post.

We look forward to receiving your regular visits to Home Relief website and to doing business with you throughout the year.

Many thanks!

Home Relief – freelance e-property people dealing with affordable homes

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