Matt Robinson Posted June 23, 2011 Report Share Posted June 23, 2011 Hi, I was wondering if anyone could give me a quick overview of the various different ways of collecting rent from tenants and the cost and time implications of each? What would you recommend? I'm new at this and would really appreciate it if a few of you could share your expertise. Thanks, Matt Link to comment Share on other sites More sharing options...
Melboy Posted June 23, 2011 Report Share Posted June 23, 2011 Monthly Bank SO Payment from Tenant. Cost....Zero Time implications....Zero Mel. Link to comment Share on other sites More sharing options...
Grampa Posted June 23, 2011 Report Share Posted June 23, 2011 Threaten with a Debt collector if in arrears or a well written letter before action. That sometimes works for me. Link to comment Share on other sites More sharing options...
Matt Robinson Posted June 23, 2011 Author Report Share Posted June 23, 2011 Monthly Bank SO Payment from Tenant. Cost....Zero Time implications....Zero Mel. Thanks Mel, couple more quick questions: Presumably they take time to set-up? Can people do them online? Also I'm guessing you still need to check that the money has actually gone into your account at the end of the month? I can see that being a bit of a pain when you've got a number of properties and potentially a number of tenants in each. If you set one up directly with the tenant is there some way of doing a credit check or do you just rely on the deposit? If anyone else does it any other way or has any other thoughts I'd love to hear. Link to comment Share on other sites More sharing options...
Richlist Posted June 23, 2011 Report Share Posted June 23, 2011 Presumably they take time to set-up? Can people do them online? Obtain someone elses standing order format or search for one online. Copy the essential elements and create your own standing order form and give every new tenant a copy for them to complete. You can even help them fill it in with their bank details whilst you are with them. Get them to give back to you completed and YOU either send or take the form to THEIR bank......then you know its set up. Also I'm guessing you still need to check that the money has actually gone into your account at the end of the month? I can see that being a bit of a pain when you've got a number of properties and potentially a number of tenants in each. The banks usually send you bank statement every month. I find its best to have a dedicated bank account just for handling my residential property. Most banks offer online or telephone banking and banks such as First Direct have a facility where you can visit a branch and get an immediate balance or statement from in branch card machines. This works for me. Link to comment Share on other sites More sharing options...
Matt Robinson Posted June 23, 2011 Author Report Share Posted June 23, 2011 Thanks Richlist, that's really helpful. Do you have any idea how much a letting agent charges to manage this process for you? Link to comment Share on other sites More sharing options...
Richlist Posted June 23, 2011 Report Share Posted June 23, 2011 Do you have any idea how much a letting agent charges to manage this process for you? No Link to comment Share on other sites More sharing options...
Carryon Regardless Posted June 23, 2011 Report Share Posted June 23, 2011 Just ask them their % for full management.. They collects the money and they gives it to you, if your lucky. Link to comment Share on other sites More sharing options...
Grampa Posted June 24, 2011 Report Share Posted June 24, 2011 If you set up the standing order for the tenant always keep a copy of the completed form for your records.If you ever have to chase the the tenant for arrears or damages after the tenancy has ended you could apply for a third party charging order against their bank account after getting a ccj. Link to comment Share on other sites More sharing options...
Matt Robinson Posted June 24, 2011 Author Report Share Posted June 24, 2011 Thanks guys, that's really helpful. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.