Unfortunately not all tenants are reliable when it comes to paying their rent, and the longer the outstanding debt remains unpaid, the less likely you are to collect the money you’re owed. Here we outline some useful tips for successful rent recovery:
ACT STRAIGHT AWAY AND IN THE RIGHT WAY
When a rental payment is overdue, it’s important you don’t delay and act upon it promptly. If you invest in rent recovery software you will no longer have to spend valuable time chasing the debtors for their rent, and you can focus on running your business instead. LATERAL’S omni-channel rent recovery software removes the need for frequent and uncomfortable phone conversations. Instead, automated correspondence via text, email and live chat, works on your behalf, to much higher levels of success.
Payment plans are often a great way to pursue rent recovery. Approach the tenant and enquire if they can pay their arrears in installments, as this can be a useful way of getting things back on track. If you don’t propose a payment plan, then it is unlikely that the tenant will make the effort to clear the arrears.
STAY ON TOP OF YOUR DATA
If you want case load reductions, efficiency savings and a reduction in arrears, then you have to stay on top of your data management, and the best way to do this is by investing in advanced rent recovery software. LATERAL’S rent recovery software provides its users with intelligence-led rent management in real-time. It delivers up-to-date data to your staff in real-time to help maximise their productivity. LATERAL lets you identify priority cases, and increase your collection rates.
TAKE PREVENTATIVE MEASURES
Of course prevention is better than cure, and nowhere is this adage more true than with rent recovery. It’s important to ensure that a tenant knows the terms of the rental agreement up front, that a guarantor has been included in the tenancy agreement, and that, where possible, you collect rents by standing order or direct debit.