For landlords, missed rent payments are more than just frustrating; over time, they can begin to affect you financially. The monthly rental fees you receive from your tenants may make up a significant proportion of your income, so finding ways to ensure tenants pay rent will save time and money.
How can you make sure your tenants pay rent on time? Below we list our top tips for landlords.
Screen all potential tenants
Screening all interested tenants before accepting an application is the most reliable way to find great tenants who will pay their rent on time. If your future tenants have a track record of paying their rent late, you are likely to face the same issues as their previous landlord.
Avoid this by establishing a comprehensive screening procedure for all future tenant checks. This should include verifying County Court judgements (CCJs), checking references from previous landlords and inspecting tenants’ guarantor credit history, processes you can action and streamline for no additional cost with our digital lettings platform.
Draw up a clear tenancy agreement
Drawing up a clear tenancy agreement is one of the most effective ways to prevent rent-related issues, including missed payments. If there are any loopholes or inconsistencies in the tenancy contract, your expectations regarding rent payments won’t be clear.
Avoid this by ensuring your tenancy agreement sets out the amount of rent due, the date it’s expected, and the consequences of failing to pay rent on time.
If your tenants trust and respect you as their landlord, they are much more likely to pay their rent on time. A positive tenant-landlord relationship is much easier to establish if you treat your tenants fairly and uphold your side of the tenancy agreement readily.
This includes responding to any queries they have, repairing broken appliances quickly and letting them know in advance if you’re conducting a landlord inspection. By establishing a positive rapport with your tenants, you can minimise the risk of late rent payments.
Incentivise on-time rent payments
Ultimately, offering incentives to encourage timely rent payments is one of the most effective ways to avoid missed or late tenancy fees. With Bunk, you can reward your tenants for paying rent on time through our partnership with Experian, implemented to ensure that your tenants’ rent payments affect their credit history.
We’ll even send your tenants a digital reminder to make sure they never forget a payment. With our digital letting agency dashboard, it’s never been easier to request and incentivise on-time rent payments.
Landlords, make listing properties and establishing positive tenancy relationships simpler than ever with Bunk, the digital letting agency designed with landlords and tenants in mind. With all the resources and information needed to list and manage a rental agreement in one handy place, we can help you screen tenants, sign contracts, collect rent and much more, all while staying compliant.
Ready to start letting your property with Bunk? Get in contact with our team of experts for more information or book a 30-minute demo to see how our platform could work for you.