As a landlord, one of the biggest worries you have is a tenant defaulting on their rent payments (the other being that the tenant trashes the property)!
To make sure that there is less likelihood of a tenant missing paying their rent, make sure that you do the following two things:
The second point is crucial and you should always seriously consider changing the tenant's payment date of their rent to the same day that they get their salary paid.
This means that if the tenancy agreement runs from the 14th of the month and they get paid on the 29th of every month, make sure that they are paying rent on the 29th of every month. You can request that they pay rent for the 14th to the 29th upfront and then start the standing order for the 29th of every month.
By doing this, you know that your rent is being paid on the day when they are likely to have the greatest amount of funds in their account.
This, of course, means that as a landlord you have a greater chance of getting your rent, even if the tenant starts to experience some financial difficulties.
Published on: July 1, 2008