What to do if your tenants don't pay their rent? #R2Rshortandsweet #16

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Does tenants not paying their rent scare you?
Here are some useful tips on how to avoid that happening!

Hello and welcome to Rent to Rent success short and sweet series.

I recently asked a question in the Rent 2 Rent Success Secrets Facebook group…

What scares you about managing an HMO?

And this is the answer we received from Sade…

“What scares me is nightmare tenants who don't pay or could disturb the peace”.

In previous videos and blogs, I have covered the subject on bad tenants which you can revisit below:

So, let’s dive into the other part of Sade’s comment…

How do you ensure that your tenants pay?

Firstly, we're going to assume that you've done proper referencing for affordability when you onboarded your tenants which should mean you've got good tenants in place. But the thing to remember is people treat other people differently.

For example, the same person could pay their rent on time to one landlord and then go elsewhere and not pay their rent on time to another landlord.

Pay on same day

Ask all your tenants to pay you on the same day, we use the first of the month. And this is great for so many reasons, but the main one is that you only have to check one day per month which makes it much easier to do logistically.

So, use whichever day you want and ensure your tenants all pay you on that day.
Check payments

I'm surprised how many people just don't do this, but make sure that you check diligently on the day the rent is due, then the second day, and if you still haven’t received the rent on the third day, then you follow up immediately.

We use a template text or email to follow up. If we don't get payment within a day, then we get on the phone. We used to start with the phone, but now we do text, email and then if needed phone. And this methods has been working amazingly.

We hardly have to think about it now because we've got a template for texts and emails which work brilliantly.

Get in touch and let me know what you do, I'd love to hear how you keep things running smoothly.

We find that by using this system we have very few tenants who don't pay and it tends to be more of an oversight.

Bye for now and take care,

Stephanie & Nicky

xx

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