In order to make a healthy profit from your buy to let property, it is essential that you are able to collect rent from your tenants in a timely manner and that your cash flow is being managed properly. A tenant who is unwilling or unable to pay their rent at the right time can be a nightmare for landlords, leading to a loss of income, not to mention the inconvenience. Here are some ways you can handle your rent payments to ensure you are always given the money you are owed.

• Make sure you choose your tenants carefully. This will minimise your chances of getting stuck with tenants who are likely to be unable to pay their rent on time. It is important to check prospective tenants’ credit history and clearly establish the minimum income that tenants must have before they will be allowed to rent your property.
• Lay out rent payment requirements clearly before the tenant moves in. The lease should state the exact amount of rent required every month, the acceptable payment methods, and the consequences of unpaid rent, so that the tenant knows exactly what is expected of them and there is no risk of unpaid rent due to confusion.
• Keep a detailed record of payments. This is particularly important if you have more than one rental property, or more than one tenant living in the same property on a joint agreement. These records may be needed if it becomes necessary to take legal action due to consistently unpaid rent. It is not generally advisable to allow cash payments, as this is harder to keep track of and leaves you more open to potential problems.
• Get involved in a guaranteed rent scheme from a reputable supplier. This is the most effective way to alleviate your worries about unpaid rent. We are well known as the foremost providers of guaranteed rent in Redbridge and throughout the rest of the capital, so you can rely on us to provide you with a guaranteed monthly sum no matter what the situation is with your property.