026 | What do I do if my housemates don't pay their rent and run up MASSIVE arrears??

RESOURCE LINK

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2. Download the 11 Steps to Running your successful HMO Property Business and other FREE RESOURCES (http://www.thehmoexperience.co.uk/resources-page)
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4. NRLA Membership (https://www.rla.org.uk/join/join-form.shtml?membertype=landlord)

IN THIS EPISODE

Your podcast host Matt Harris of MiRentCo London & Steve Mitchell of The HMO Company talk about all things related to non-payment of rent and rent arrears.

Are you struggling with tenants not paying their rent? This episode of The HMO Experience Property Podcast has some really useful nuggets for you to implement straight away.

EPISODE HIGHLIGHTS

• Introduction [00:00 – 02:00]
• Is Non-payment of rent a common thing? [02:00 – 04:30]
• When & how should we escalate non-payment of rent? [04:30 – 10:04]
• Rent Reminders & Documentation [10:04 – 14:00]
• Harassment – Avoid this at all costs [14:00 – 22:49]
• Join a professional trade body [22:49 – 25:09]

KEY TAKEAWAYS

1. Keep your rent paid records and administration up to date so that you know where you are with your customer payments. Look to automate the ret collection process as much as possible through apps like GoCardless
2. Ensure that you have a detailed process of customer communication that escalates as the rent late days increase. Ensure that the timings between the communications are sufficient so that it is not confused with harassment
3. Should your customers continue to be unresponsive then use the Citizens Advice Guide to County Country Judgement so that your customers are fully aware of the consequences of non-payment of rent.
4. Should you need to have sensitive conversations with customers consider using a neutral venue. Ensure that your communications are direct and not on group channels. Ensure that you keep all records of communication between you and the customer.
5. Join a professional trade body like the RNLA so that you have access to their legal advice line. Check in regularly when you have potential legal actions to ensure that you are complying with current legislation.

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