Manage rent arrears and find appropriate solutions
When tenants struggle to make rent payments, it can lead to landlords finding themselves in situations where their tenants may fall into rent arrears. It is vital that landlords have preventative measures in place to be able to effectively handle tenant rent arrears, either to be able to swiftly deal with the issue and find a solution that allows the tenancy to continue to run, or to find a way in which the debt can be paid in a manner that suits both parties.
The arrears management solutions experts at AST Assistance offer bespoke guidance to give landlords best practices to follow. With our at-hand advice, you can learn ways to manage rent arrears and find appropriate solutions that fall within the parameters of a landlord’s rights.
To be guided through tailored arrears management solutions that work for your circumstances, get in touch with the specialist arrears team at AST Assistance today. Call us on 01706 619 954, email email@example.com, or fill in our online form to request a callback.
How we can help
Arrears management solutions mostly concern the way in which arrears are prevented or dealt with. The management aspect involves instilling best practices for your portfolio, overseeing circumstances in which you predict arrears to happen, or proactive ways to deal with such instances.
AST Assistance has helped numerous landlords understand ways in which they can introduce arrears management solutions to their portfolio, providing them with expert advice for them to carry out their landlord duties to the best of their ability.
What is more, we will ensure that your best practices allow you to fulfil your legal obligations as landlord, to protect you from any issues or disputes that may arise. Our service is delivered in a streamlined, jargon-free process, so that you fully understand your legal responsibilities and ways you can improve your arrears management.
Thanks to our extensive experience in arrears management, and having been at hand for many landlords struggling with tenant arrears, we are best placed to help you find the best arrears management solution for you.
What are preventative measures for arrears management solutions?
It is just as important for a landlord to have measures in place to reduce the risk of arrears, as it is to have preventative measures that reduce the likelihood of this developing into further, more complicated issues.
There must be a process in place to effectively deal with rent arrears once they arise, but creating and adhering to planned measures will mean that as a landlord, you will be better prepared.
Encouraging tenants to inform landlords of any change in personal circumstances and the likelihood of missing a payment will make it more likely for them to inform you ahead of time if payment will not be made, giving you more time to understand the situation and assess how to proceed.
Should I engage with my tenant if they are in arrears?
The most common way to resolve a dispute between two individuals is to start a line of communication. The rent arrears in question is likely to be the tenant’s first issue in dealing with unpaid bills, so they may be uneasy in contacting you about the circumstances.
For both tenant and landlord, the worst course of action is ignoring the issue and not dealing with it directly. In the case of rent arrears, if left unresolved these will continue to accrue, leading to more unpaid debt, and an escalation of the action that may need to be taken against the tenant.
Having a frank discussion will allow for arrears management solutions to arise that suit both parties, without the need for taking legal action.
How do I choose an arrears solution?
While it is vital that landlords instil transparent, structured payments of rent that allow for a clear understanding of the rent status, you may need to be flexible to accommodate for uncommon circumstances.
Use your discretion when the tenant enters rent arrears; is this likely to be a one-off? Are they making a genuine effort to resolve the issue and climb out of the arrears? Use your best judgement rather than a blanked reactionary approach.
Finding the right arrears management solution will not be the same in every case; seek the advantages and disadvantages of all before proceeding with one.
Should I keep track of arrears?
Keeping records of all payments, and giving a receipt of each, will allow both tenant and landlord to understand the current status of rent payments and what remains to be paid.
In maintaining up-to-date records, you will be better prepared for incoming payments and any which fall behind. This will also negate the risk of missing payments that are due to confusion over whether these had already been paid.
Moreover, if you are a landlord with multiple tenants, keeping track of rent payments will make it much easier for you to manage several income streams.
Receive tailored guidance on arrears management
As specialists in arrears management solutions, the team at AST Assistance are here to provide you with tailored landlord advice for your tenant circumstance. Get in touch with our experienced team by calling us on 01706 619 954, emailing firstname.lastname@example.org, or filling in our online form to request a callback.