RENTAL ARREARS

RENTAL ARREARS

Rental arrears are often a challenging aspect of managing a property, however, there are a number of ways to minimize this issue. Prior to approval, it’s important to carry out extensive reference and credit checks to ensure the tenant has adequate income to cover the amount listed in the rental agreement. As the tenancy agreement is signed, the property manager needs to highlight the importance of rent being paid on time and in advance.

Communication regarding rental arrears works best when communicated clearly and consistently. Although there are a number of communication methods available, verbal communication tends to work more effectively than written means like email and text. One-off contact is appropriate if the rent is brought up to speed, otherwise, a property manager should make regular contact until matters are resolved.