Setting diary dates and monitoring rent repayments
Efficiently manage your rental property by scheduling important dates and staying on top of rent payments through effective monitoring
There are a number of tasks that have to be carried out regularly when you’re managing a rental property, then there will also be other important things that come up as the tenancy progresses, so put all these dates (and times) in your diary to make sure they don’t get missed.
Things you should diarise include:
The annual gas safety check
An annual boiler service
Electrical safety inspections – including PAT testing
Periodic inspections (ideally every 6 months)
General maintenance – e.g. clearing the gutters and redecorating
Repairs – including reminders to chase up progress and update the tenant
Rent due dates – so that you can check it’s been received (see next section)
Tenancy renewal – with a note two months ahead to confirm whether the tenant intends to stay on
Check-out – and a visit around three weeks ahead of this date, to advise the tenant of anything they might need to do to help ensure the return of their deposit
Importantly, if you require access to the property, make sure you diarise giving your tenant at least 24 hours’ notice in writing. And, don’t forget, it’s down to you, not the tenant, to be around to let trades people in.
Bank transfer
Cheque
Cash
Online payment platform
Rental income is the lifeblood of your property investment, so you’ve got to check your tenants are paying on time and in full, every month.
If they don’t, you need to take action quickly to make sure they don’t fall into serious arrears.
As above, you should make a diary note to check each time the rent is due and if it’s not in your bank by the end of the day, contact the tenant to find out why.
It may be a simple mistake that can be rectified immediately, such as a bank error, or the tenant forgot – in which case, advise them to set up a standing order.
If they’re having some short-term financial problems, you may be able to come to an agreement that allows them to make up what they owe.
Sometimes it’s better to help a tenant, particularly if they’ve been in the property for a while and intend to stay there long term, rather than evict them and risk having a void period - not to mention the extra expense, work and risk involved in arranging a new tenancy.
However, if it’s a longer-term affordability problem or deliberate non-payment, you need to act quickly to mediate a speedy exit or evict them so you can begin a new tenancy with a tenant that can and will pay.
For more detailed information and advice, read our article on what to do if your tenant can’t pay the rent and falls into arrears, which also has tips on how to avoid it happening in the first place.
