Managing Rental Arrears

Welcome to Home Relief Bulletin Board!

Post No. 249

by Your Freelance e-Property Letting Agency

How to deal with rental arrears

There has been an increase in rental arrears or accumulated delay in rental payments as some renters are still struggling with side effects of the coronavirus and the consequences of the current cost-of-living crisis. 

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.

~ Managing rental arrears at this time of the cost-of-living crisis

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 rental arrears.

~ What Home Relief’s work with them will be about

Together with them, we will cover various areas of 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 any rental arrears

Δ Rental control which will involve monitoring of the evolution or progress of rent payments and arrears while comparing them against standards as laid down and recommended in the property industry

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 with you as a landlord/lady or your managing agents 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, online and digital payments, etc.)

Δ  Acknowledging rental arrears 

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 any rental arrears in the private rental sector

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

Δ Searching and finding out available services that help and deal with rental arrears or difficulties to pay rent

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 any rental arrears.  This is because without communication, there will not be solutions to the problem of 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 own 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

Committed persons who honour rent payments 

√ Self-confident in improving their earning potentials 

√ Better executors of their rental agreement

√ Better managers of rent payments

Etc.

~ 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 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 rental arrears

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

~ Looking for an affordable location and home

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, please 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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