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College and County's rent arrears lower than the rest

Tuesday, October 1, 2013 Posted in: Other

Property Reporter has recently blogged on how there has been a “shocking rise in rent arrears.”

Here at College and County we are pleased to share that our arrears for total incoming rent are extremely low at 0.01%. In this article we explain why this may be.

Quotes are taken from the Property Reporter article that can be seen here.

“Background checking is becoming increasingly important with the rise of renters not honouring their rental fees. In the first quarter of 2013 severe rent arrears rose by 4,000 to 94,000.” 

Bryn Cole, Managing Director of tenant referencing specialists, FCC Paragon says:

“Typically a good reference will include a credit history check which will highlight any CCJ’s and bankruptcies, identity checks, affordability calculations and residency checks. However, we find it is just as important to obtain references from the current or previous employer and the current or previous landlord as this can potentially reveal more about the tenant’s suitability.”

We believe in preventing arrears getting out of hand right from the start. Before new tenants move into your property we have already completed in depth checks to ensure that tenants have the best possible history with previous tenancies. We offer comprehensive references from current employers, landlords and a full credit check.

“Background checking is becoming increasingly important with the rise of renters not honouring their rental fees. In the first quarter of 2013 severe rent arrears rose by 4,000 to 94,000.”

Not only do College and County complete in depth credit checks, we get to know potential tenants personally. We encourage all potential tenants to view the desired property before submitting an application. This way, tenants can be sure that the property is right for them, and we also get a feel for the kind of person they are. Ensuring you and your tenant are a great match. 

Obviously it is impossible to predict every tenant’s behaviour when it comes to paying rent. However, we are confident in our follow up procedure when chasing arrears and this is why our arrears are as low as possible.

Our proactive strategy to chasing arrears is seen below:

- Rent is due on the 3rd of the month

- If not received, we send out a text

- If not received, we contact the tenant via email or Facebook

- If not received, we call the tenant

- If not received, we contact the guarantor or send out a formal letter

It has been proven through years of using this strategy that this method does work in collecting unpaid rent. However if the tenant persistently doesn’t pay rent then we work with our landlords in coming up with a strategy on how to proceed.

Our landlords are notified of any arrears and actively engaged in negotiating any repayment schedule.

“Despite having no previous experience, many amateur landlords have tried to cut corners by not instructing a reputable letting agent and attempting to self-manage their property. These landlords will be venerable to bad tenants who are often wise to the court procedures on eviction and will know how to play the system to delay proceedings.” 

College and County have the knowledge and experience to deal with a multitude of possible scenarios that could happen whilst letting your property. Whether you are an experienced landlord who would like an agent to chase rent, or a new landlord who would like their property managed, College and County are there for you. We are able to work with you to tailor our services to your requirements and therefore ensuring your tenancies run as smoothly as possible.

Richard Lambert, CEO of the National Landlords Association has the following advice when taking on a lodger:

• It is important to be satisfied that appropriate tenant checks have been carried out before granting a tenancy. Landlords or letting agents should meet the potential tenant to check they are who they say they are before entering into a contract. 

College and County offer in depth referencing checks to ensure that your tenant is who they say they are.

• Landlords should carry out background checks on potential tenants to include referencing, credit reports and identity checks. This will help the landlord to build a picture of the potential tenant before offering a tenancy.

College and County carry out thorough background checks for all tenants including an employer reference, current landlord reference and a full credit check.

• Landlords should take a deposit from their tenants and protect it in a government-endorsed tenancy deposit protection scheme such as my deposits.

College and County use TDS to hold all deposits legally.

• Landlords should also carry out a full inventory and schedule of condition in case the tenant defaults on rental payments or causes damage to the property during the tenancy

Our in depth check ins and check outs ensure that at the start of a tenancy we record exactly what condition a house is let in. Everything is recorded on an inventory, and this can then be used as evidence if any disagreements occur once a tenancy has ended.

This could provide vital evidence if there is a dispute over the return of the deposit when the tenancy ends. 

Here at College and County we are extremely pleased that the way in which we deal with rent arrears means we are breaking a trend which is emerging throughout the whole of England. With our proactive and ethical approach to lettings we feel we offer (probably!) the best letting services in Oxford.

If you would like to learn more about what we can do for you as a landlord please do get in touch:

Call us today: 01865 722722

Email us: info@collegeandcounty.co.uk

Or drop in for a chat!

College and County

9-10 St Clements

Oxford

OX4 1AB

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