One of the biggest concerns for landlords today is arrears, and the potential income lost due to missed or late rent payments. The business of letting your property relies upon a working relationship between both landlord and tenant, particularly when income is so dependent on others.
Arrears on the rise
Cases of rental arrears are on the rise in the UK’s private rented sector (PRS). According to our research, 37% of landlords experienced rental arrears in 2015, and with a 4% increase in the incidence of arrears towards the end of the year.
In addition, as a recent article published by Property Wire points out, there are now 84,200 tenants who are more than two months behind on their rent. This means that, in 2015, the number of households facing financial difficulties rose by 10,200.
Naturally, the failure of tenants to keep up with rent payments can cause huge problems for them and for your ability as a landlord to operate a successful, profitable business, not to mention the wellbeing and future development of the PRS as a whole.
Secure your rental income with the UKs leading landlord association
To help landlords secure their rental income in the event of arrears, the National Landlords Association has launched a new service, Rent on Time.
When landlords register with Rent on Time, the NLA will manage the rent collection process, collecting rent directly from your tenants and paying it into your account on agreed-upon dates, even if the tenant fails to pay. In the event of arrears the NLA will work with your tenants to resolve any issues and, if necessary, will seek property repossession at no additional fee. Given the possible costs incurred from arrears and legal fees, Rent on Time could save you a potential £3664 a year.
With discounted rates for NLA members, Rent on Time offers a fully automated online ordering system, a dedicated telephone support line, and is available for both new and existing tenants.
Find out more here or just call 0203 819 8900 to discover how Rent on Time can protect your rental income and help your business thrive.