Letting Agent Property Services Landlords - Rent Arrears Help in Tooting Mitcham SW London
Being a landlord is not for the faint hearted and it certainly carries its fair share of risks. One of those risks is rent arrears. Most landlords are able to absorb the financial impact for a short period of time but most will face financial difficulties themselves at some point especially if they have a mortgage to service or rely on the rent as a source of income.
When a tenant falls into arrears it could be for a number of reasons such as, loss of job, ill health, marriage breakdown to name a few.
Removing the risk is not possible but managing and significantly reducing the risk is possible by taking a systematic approach to finding a tenant.
Property Services Mitcheam, Tooting, Sutton, South West London Landlords
Firstly, you need to ensure that you appoint an agent who takes their time to find the right tenant for the property and just doesn’t go with the first offer. With areas like Brixton, Clapham, Balham, Tooting and parts of Surrey being very fast paced, its common to receive offers on the first day of launching a property. However, the first offer is not always the best offer nor is the highest.
You need to ask yourself:
“Why is someone needing to move the very next day and willing to pay over the asking rent?”
Landlord Property Services SW London – Tenant Rent Arrears
We follow a tried and tested formula when launching a property, allowing us time to review all offers and select who we believe is the most suitable applicant for the property.
At Next Step Estates our referencing procedure is second to none, having partnered with a leading referencing agency to ensure that all of our applicants are independently vetted prior to being offered a tenancy, this will include a credit check, search for defaults and or CCJs, obtaining a landlord reference and verifying income.
Rent protection insurance can also be taken to transfer the risk of rent arrears.
It’s imperative that your managing agent has the correct systems in place to identify any late payments and a rent arrears policy to quickly act and minimise any arrears. As part of Next Step Estates property management service, we will seek to contact the tenant which will include a home visit within the first seven days if needed and establish the reason of the late payment and how this can be resolved. In most cases, the account is brought up to date however it’s when tenants become totally unresponsive and close all lines of communication is when you need an agent the most.
Tooting Landlord Property Services in Mitcham and Sutton
The options available to a landlord at this stage is limited and the most likely course of action will be to serve a notice (generally a section 8 notice) however before proceedings are issued, we always follow a set plan to try and make contact with the tenants to understand the reason for the late payment and how this can be resolved without having to take any legal action.
In the event that legal proceedings is the only way forward, we will arrange a call with our expert eviction advisor who will guide you through the procedure. (You can read more about notices in our next blog)
To discuss rental arrears solutions, speak to our experienced staff on 020 8767 6181
Or you can use our Contact Form and we’ll reply as soon as we are able.
SW London Letting Agents - Landlord Property Inspection Interim Services
Some landlords see Letting Agents as an “expense” and believe all we do is advertise the property online and immediately approach us once things go south however a good agent is totally worth their fee.
Whilst I am unable to guarantee that a tenant will never go into arrears we will certainly follow our tried and tested formula to mitigate any risk associated with letting a property.
Property Services Letting Agents Tooting South West London
If you have a property to let in the South West London / Surrey are then do give us a call on 0208 767 6181.
Letting Agency Tooting – Expect More from Next Step Estates SW London
As a landlord, you want to make sure that your rental property has tenants as frequently and regularly as possible. After all, you have invested in a property that you want to see a return on so naturally, you want to make sure that the yields from your property are as high as possible.
When it comes to advertising your property, you might want to think about using a letting agency Tooting. They can handle marketing the property, finding tenants and managing the property but what should you look for in a letting agency?
London Locations – Tooting Mitcham Surrey
It makes perfect sense to choose a letting agent that is located in close proximity to the location of your rental property. This will ensure that they have tenants seeking properties in the area and if there are any problems that they need to handle, they can do so quickly.
Landlord Services Tenant Advice
The majority of letting agents will offer the same services. This will include a tenant-find service, Tenant-find and rent service and a full management service. This makes it possible for you to find a service that meets your specific needs. So, if you want them to handle everything then they can and if you want to stay involved then this is possible to.
Proactive, Professional Property Services
If your property is sitting there without a tenant, it is going to cost you money. Therefore, you want to make sure you choose a letting agency Tooting that takes a proactive approach. This means that they have tenants ready to go or they actively market to your target tenant. You should also make sure that they use all the standard marketing platforms, so your property can be found easily.
Letting Agent Money Protection scheme
As your letting agency will be handling deposits, rents and maintenance money, it is important that your money is safe. A reputable letting agency will be able to demonstrate that they are part of a scheme that ensures money is protected.
In addition to this, if the letting agency handles the process of finding a tenant and managing rent or the full management service, you need to make sure that the deposit that the tenant pays is protected. They usually have to pay anything from 4 to 8 weeks worth of rent as a deposit and so, by law, these deposits have to be registered with a government-approved tenancy deposit scheme.
Rental Property Inspections Tooting SW London, Surrey and Mitcham
Your property will need to be cared for and so, depending on the level of service you choose, you need to make sure they carry out regular inspections. This will enable them to keep on top of maintenance issues and deal with people who can rectify problems quickly. Furthermore, they will also be able to carry out annual tasks such as clearing gutters and maintaining gardens.
So, if you are thinking about using a letting agency Tooting, you should do your research. This will ensure you choose a letting agent that works for you and markets your property to the right tenants while also managing it if that’s the service you choose.