Paying Rent and deposits
- It is much more efficient to have your rent payments made directly into a bank account.
- Most Agents will arrange for the tenants to pay by standing order or direct debit.
- Advise your Tenants that when paying in to an account, they should always put the address or name in the reference box on the payment slip. This is very important in tracking payments and finding them in the event of any problems
- Make sure you know who has the deposit - you or the Agent. It is usual that the Agent will take their commissions from the initial payments made by the Tenants, before passing the balance on to you. Check your statement and be clear. There is some new legislation coming in later this year - check out property news for more info
- It is sometimes good practice to provide a receipt for initial monies (deposit & advanced rent), on the reverse of the Agreement, so that it is clear the position at Commencement
Repairs
- Any obvious repairs should be done prior to Commencement. This is sometimes easier said than done and very often agreement can be reached with the incoming tenant for certain minor items to be completed at a later date - but do not make promises you cannot keep.
- Any rodent or pest problems, water leaks, electrical or boiler problems should be repaired before showing the property - trust me, it is a long road to Stressville to let people in to your property if there are pests or any problems with the main services.