Arrears, an unfortunate fact of life
Arrears are an unfortunate fact of life in the world of lettings. We all know that there is a lot that an agent and landlord can do to mitigate the cost of rent arrears, the most obvious solution being Rent and Legal Protection. But what do KW Move do when we are first aware of rent arrears and how successful are we in minimising the downside for everyone?
Our first task is to engage with the tenant as soon as possible. It is a much easier subsequent call to our landlord if we’ve already taken action and the solution is in place. Clearly, tenants that are in arrears are not always keen to speak to us, so we always start by reassuring them that we want to help. We use email, text and phone calls in a structured way so that if the case reaches a court room, we can provide an audit trail of contact. It’s really important to keep our landlord informed regularly so that they know we are doing all that we can to fix the problem.
How successful are KW Move? Well, over the past 18 months, corporate agents have been reporting arrears rates of well over 10% (10 cases in every 100 Fully Managed and Rent Collection units). Jacqueline, our Property Manager is currently reporting 3% for KW Move. As a Property manager you can’t be pleased with any arrears, but that’s a statistic that shows KW Agents and KW Move working together to get ahead of the game for our customers.
Operations Director, KWUK