The management and tracking of arrears is an important part of property management. If left uncontrolled it can result in a financial disaster for all parties, particularly the landlord.
Our fully computerised systems combined with the daily updating of rents received allows us to accurately process monies received and therefore quickly identify any potential problems and act before they become an issue.
We carefully check all tenants prior to placement so as to minimise arrears issues. However, problems do occur and for this reason arrears management is an area we carefully administer.
Daily our system generates a report advising of any tenants that are in arrears. From here we follow these strict procedures:
1-3 days in arrears – Text message, email or phone call to advise of the arrears
4-7 days in arrears – Phone call and issue a 10 day letter to remedy
8-14 days in arrears – Follow up and commencement of eviction procedures
21 days in arrears – Tenancy Tribunal hearing for a possession and monetary order
Debt recovery procedures will be initiated where the Bond is insufficient to cover the amount owing.