Is your Tenant Struggling to Pay their Rent?

The latest news is suggesting that private renters are being hardest hit by the financial impact of the coronavirus. While landlords are likely to be able to take advantage of the mortgage holidays being offered by lenders, tenants are reliant on government furlough schemes - if they qualify.

Difficult and unexpected circumstances are when having a trusted, professional person dealing with your tenants is most valuable. As a landlord, you want to be assured that your managing agent is always in regular communication with your tenants. In the present circumstances, having an established relationship and positive rapport means that a tenant is far more likely to come forward with an issue as soon as there is one. 

Understand that every situation is different. Your tenant may be self-employed, furloughed, have less work or no work at all. Now more than ever, communication with all tenants is vital, taking everything on a case-by-case basis and agreeing a workable payment plan. Have regular check-ins and look for confirmation of new registrations for Universal Credit. Follow up to check on progress updates and any other changes. Consistency and small actionable steps can mean the difference between a tenant burying their head in the sand and working toward a solution together.     

Avoiding a problem only ever makes it worse - if you’re a tenant and if you’re a landlord. 

If you have any concerns about how your tenants may be affected during the current crisis, please reach out and we’ll be happy to help.