The core of the business.
WHAT TO ESTABLISH
When rent is due How it is paid What happens if it is late
WHAT PAYMENT PATTERN IS COMMON HERE
Annual or multi-year payment in advance, in many markets.
WHY THAT MATTERS
It concentrates cash and it changes the tenant relationship.
WHAT MONTHLY COLLECTION PROVIDES
Accessibility for tenants.
WHAT IT COSTS
Collection effort and arrears risk.
WHAT TO REQUIRE
Payment into an account, with a reference.
WHY NOT CASH
It is untraceable, disputed and unsafe.
WHAT TO ISSUE
A receipt for every payment.
WHAT TO TRACK
Every tenancy, what is due, what was paid, what is outstanding.
WHAT TO DO ABOUT ARREARS
Address them immediately.
WHY IMMEDIATELY
Small arrears become unrecoverable.
WHAT TO DO FIRST
Contact the tenant and establish the situation.
WHY
It is frequently temporary and resolvable.
WHAT TO AGREE
An arrangement, in writing, if appropriate.
WHAT TO AVOID
Informal tolerance with no record Self-help remedies
WHAT SELF-HELP MEANS
Changing locks, removing property, disconnecting utilities.
WHY IT IS DANGEROUS
It is generally unlawful and it exposes you to claims.
WHAT TO DO INSTEAD
Follow the proper process, with legal advice.
WHAT TO ACCOUNT TO OWNERS
Rent collected, deductions and the balance, with statements.
HOW OFTEN
On a defined schedule.
WHAT TO KEEP SEPARATE
Client money from your own.
WHY
It is fundamental, and mixing it is indefensible.
