What should landlords be doing now?
The best thing you can do now as a landlord is to communicate clearly with your tenants what your expectations are. Be understanding about the predicament they face, but also be firm; make it clear that missed payments will be noted down, and that you will expect them to pay this money back as soon as possible once the pandemic is over.
Stay in touch with your debtors to ensure that they are aware that their debts are not simply going to go away. Don’t forget that long-term, responsible tenants can sometimes be hard to come by; it’s important to maintain a balance between being firm and being sensitive to ensure that you don’t lose good tenants, without risking losing out on what you’re owed financially.
How can I ensure unpaid rents get paid?
Once the crisis is over, no doubt many landlords will struggle to recoup their debts. If you try to communicate with your tenants about the debts they owe and only get back excuses, then it may be time to call in professional help.
Nightfox are specialist debt collectors with expertise in tracing debtors. We use both face to face debt collection and tracing assets to get money back.
If the total of the debts you’re owed is under £5000, the process for having it collected can be quite straightforward and we can be instructed online (link). Collecting debts of over £5000 can be more complicated – but this is no reason not to follow up on such a large sum of money and our experience can help ensure you get your money back.
Whatever your problems, Nightfox can help you to recoup debts whenever you need us.
Just get in touch for more information about our services and methods.