5 Ways to Avoid Arrears if you are a Property Manager
- Avoid Arrears- SCREEN TENANTS: The first step to avoid arrears is to attract a better tenant at the start to save you heartache in the end. Check all the references. More often than not sadly applicants don’t always tell the truth. But you won’t know if you don’t speak to all the references. Especially Rental History. Ask for the Rental Ledger. Because this never lies.
2. BUILD GOOD RELATIONSHIPS: Be Clear and Transparent when dealing with a tenant who is possibly having a hard time. Understanding that it happens and being helpful, will take the fear out of communicating with you. We aren’t monsters so don’t behave like one.
By giving Tenant varied payment options you may just avoid arrears. Explain to Landlords that having varied payment options is good for them as well.
3. MONITOR ARREARS: By checking Arrears Daily you may avoid a nasty call from a landlord asking where their money is. Know where it is. If a tenant explains it will be late, communicate that to your Landlord.
4. SUGGEST WAYS TO AVOID: Never leave a tenant helpless. Know different strategies to help them avoid arrears. Know what resources are available in your area to help them. At Surreal Property Group, we have found this particularly helpful.
5. LANDLORD INSURANCE: Always recommend your landlords have RENT LOSS in their policy. Insurance is more than just Damage. Know what companies are out there and recommend them to your landlords. Insurance for large amounts of money like this is a no-brainer for some, but for those who are savvy with their money they may not realise its importance.