Accounts - probably the most important part of a lettings business but often the most neglected. It's easy to take your eye off the finance ball, especially if you're busy implementing the ASA's guidelines on transparent fee advertisement (we know it's been time consuming but crucial to execute flawlessly).
The next time you have a department meeting it would be worth taking a closer look at unpaid rent - you might be shocked to find out how large the deficit is. The wider picture, according to a leading industry source, shows that there's £276 million owed in late or unpaid rent. What do your figures reveal?
Dave Hunt, Business Development Director at ARPM Property Management, says the role of chasing rent arrears is highly undervalued: "Many agents turn to us because they are struggling with overdue rents. Sometimes it's because there's no real procedure or system in place for chasing, on other occasions staff are wasting time chasing tenants who have actually paid - a common mistake if an inefficient system hasn't reconciled the payment. A landlord will judge an agent harshly if his rent isn't in his bank account, so prompt payment is crucial for a happy agent/landlord relationship."
ARPM Property Management's rent collection service is a tried and tested solution many agents choose when rent arrears are spiralling out of control. Dave adds: "Less than 1% of the properties we collect rent on are in arrears - which is an unbelievably attractive level. We attribute this to our highly trained staff, who are dedicated solely to the role of rent collection. They're focused on ensuring deadlines are met, and they act swiftly should payments slip. ARPM's rent collection service is a great choice for agents who haven't got a dedicated lettings account person or for those who are growing their lettings portfolio. We find agents undergoing rapid expansion often need outsourcing help the most."
ARPM's rent collection service can be used as a stand-alone product or used in tandem with its pre-tenancy administration and property management packages.
To find out how ARPM's rent collection service can improve your bottom-line figures; contact us for a no-obligation quote.
Tel: 01923 775 705 Email: tellmemore@arpm.co.uk www.arpm.co.uk
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