A PAID & CO Briefing on Rent Collect Services
A rent collection service offers letting agents and landlords an easier and less time-consuming method to help ensure that rents are paid on time.
Despite rent collection services being well established at some letting agencies for over 50 years, many still don’t offer this service. The ones that do, usually offer rent collection alongside another service, such as full management, tenant find and let or let and collect. PAID & CO offers the perfect opportunity for letting agents to add rent collection to their portfolios, therefore increasing their chance to retain landlords and defend revenue as the year rolls on.
Why should your letting agency offer a rent collection service?
Saves time and money
On average, one in every 50 properties will have problems with late payments, meaning a letting agency with 250 properties will have to dedicate time and staffing to chasing up to five tenants every month. With PAID & CO, we do the chasing, allowing you more time to focus on other important aspects.
Offers a premium service
Most landlords are usually looking for the best deals for their properties, which is why the added benefits of peace of mind and security can go a long way. With PAID & CO, letting agents can offer their clients a premium service to really stand out from the crowd.
Often, helping a client to find new tenants is the end of the relationship. By using PAID & CO’s rent collection service, agents are able to keep a relationship with the landlord and be the first to know when the tenant decides to move on and the property becomes available for rent again.
Great customer service
It can be difficult for landlords and tenants to build relationships when money is involved. With PAID & CO, tenants will receive SMS reminders for when payments are due and thank you messages to confirm their payment has been made. Landlords will also receive SMS messages when they have been paid. Keeping both parties informed will make them feel valued and improve your customer service.
The tenant fee ban and the future of the lettings industry
The proposed upcoming ban on upfront fees to tenants makes 2018 an interesting year to start integrating rent collection into a rental agreement.
The ban is expected to impact landlords by passing the fees previously charged to tenants on to them, leaving landlords little choice but to increase the rental costs on their properties to retain their margins.
The PAID & CO Direct Debit Rent collection service also poses attractive benefits for landlords too!
Peace of mind
With PAID & CO, landlords are free in the knowledge that the rent from their properties is being monitored and followed up by us, giving them the freedom to relax.
We know that it can be tedious to check if everyone has paid their rent. We’ll check all payments and chase up any late payments to ensure landlords are paid in a quick and timely manner.
It can be time consuming and difficult to have tough conversations with tenants that are having trouble with their rental payments. Which is why we’ll take on that responsibility and ensure that rent arrears are conducted and recorded in a formal manner. This can be key to securing an eviction if a tenancy agreement completely fails.
With PAID & CO, you can easily:
Handle rent collection
Chase late rents automatically
Instant paperless collection set‐up
Rent collection by Direct Debit
Improve credit ratings for most tenants Send SMS reminders to tenants when payments are due
Send SMS “Thank you” messages when tenants pay on time
Get in touch today by calling 0330 3337 186 or filling in our contact form to find out how we can incorporate rent collection into your business.