For some reason, paying rent during the Christmas holiday season can be a problem for some tenants. It’s an unfortunate fact of life, but historically with many agencies, rent arrears can sometimes increase dramatically during this period. It seems that some tenants believe that because it’s this time of the year they have different priorities, e.g. Christmas presents, Christmas parties and holidays. Paying the rent just doesn’t seem to be at the top of their Christmas list!
With this in mind, we have started putting things in place already to prevent rent arrears happening with some of our tenants this year. We are very proud of that fact that our arrears rate is always low, which is a good thing because it’s one of the most important considerations when owning and managing investment property. Normally, our arrears rate is under 1% which is considerably less than the industry average. But our 1% of late payers can sometimes be even later during the Christmas season! So they are the people we are currently working with to reduce the possibility of rent not being paid.
For instance, we have asked a number of tenants to try and pay an extra week’s rent early in December so that they aren’t caught out as Christmas draws closer. People can be carried away with the season and the festivities but if they have already paid that extra week’s rent, it can take the pressure off and that’s really important. We’ve spoken to a few of our tenants last month and suggested they pay rent weekly but pay a little extra each week, so that they will also be either up to date at this time, or even a little ahead. We’ve suggested to them that the Christmas season will a lot more ‘jolly’ if the rent is paid and they know they have a roof over their heads!
This isn’t being mean or unreasonable – it’s working with our few problem tenants to try and help them manage their finances, pay the rent and reduce the pressure, so that they can actually enjoy the holiday season. And that means our landlords will and we will also!
In a perfect world, no one would ever be in arrears and every tenant would pay the required amount absolutely on time, every month. But sadly, it’s not a perfect world, especially at Christmas time, so we are doing what we can now, to reduce the potential for late payments during what should be a joyous time of year!
The Investors Direct Property Management team thank you for choosing us to manage your properties and we look forward to doing so again next year. Except for public holidays, we will be open right throughout the Christmas/New Year period. We will be receipting rent each day, any arrears or maintenance will be attended to daily and we will still be showing prospective tenants through vacant properties.
We wish you a very happy holiday season and a very prosperous New Year!