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A Guide for Landlords: 6 Ways to Make Sure Your Tenants Pay on Time

As a landlord, it’s essential to collect rent on time to keep your operations running. Unfortunately, there will be some tenants who will fail to pay rent on time, and others may not pay at all.

When tenants fail to pay their rent promptly, many landlords feel that eviction is the only course of action. Although it’s an option, it should not be your first plan because it’s costly and time-consuming. A recent report by the National Landlord Association states that it usually takes four months and £900 to end a tenancy.

So, what can you do if your tenants aren’t paying on time? MS Webb has gathered some tips for you:

Screen Your Tenants

Take the necessary steps to assess a potential tenant’s credit, rental history and employment. This will give you a better chance of finding reliable and responsible tenants for your property.

Communicate Your Agreement Clearly

Make sure that every detail is clear on the rental agreement, from the due date of the rent to fees and consequences for late payment. This will help tenants take note of when their rent is due and how much they have to pay each month.

For every tenancy agreement, have the tenant sign and date every page of the lease as proof they’ve read and understood all the terms and conditions.

Discuss Late Payments with Your Tenant

Ask why they’re not paying on time and agree on changing the payment method or date if necessary. They probably forgot when the rent is due or don’t have enough money for the month. Ask them to set up a direct debit account so that they reduce their chances of forgetting to pay the rent.

Report the Status of Late Payments to a Credit Check Bureau

Credit checking bureaus now allow landlords to report the status of their tenants’ rental payment. This is a strong motivation for tenants to pay on time, so they can keep their credit score as clean as possible.

Reward Prompt Payments

Consider offering a small discount for tenants who pay their rent on time. This may also help your renewal rate, as tenants who receive discounts are more likely to continue their lease with you.

Make the Payment Process Easier for Your Tenants

Require tenants to pay using an auto-deduct system. From automatic clearing house to online bills, these systems eliminate the human error of forgetting to pay rent.

Commercial Rent Recovery by MS Webb

Motivating your tenants to pay their rent on time is not an easy task, but doing so ensures you have a consistent cash flow at the end of each month. But sometimes, despite your best efforts, a tenant will pay their rent beyond the deadline. Or worse, they might not pay at all. If you need help with collecting payment, choose MS Webb’s rent recovery service.

As certified bailiffs, we do our best to resolve each case in a cost-effective and efficient way. Contact us at any time, and you can expect us there right away, ready to serve a notice of enforcement to your tenant within 24 hours.

We take pride in providing a stress-free experience with minimum drama. Request for our rent recovery service by filling out our form or calling 0844 544 4804.

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