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How to Motivate Tenants to Always Pay Their Rent on Time!
How do you incentivise your tenants to continue paying their rents
on-time? No doubt most of you are responding to this question by saying
‘I incentivise them by saying I won’t evict them.’
However, I
want you to think outside the box a little here and look at alternative
and more 'friendly’ ways of motivating your tenants to not fall into any
rent arrears.
Cast your mind back to the property boom...
...remember how property developers used to offer all kinds of cashback incentives for buying property?
Well, why not offer a cashback incentive to your tenants for always paying the rent on time and in full?
Here is an example of incentives you could throw their way in return for making sure the rents are paid:
25%
cashback if they pay their full rent on time for the first six months!
The 25% cashback would be for the rent paid on the sixth month. So, for
example, if the tenant was paying you £1000 per month then on the sixth
month they would get £250 cash back as this is 25% of their sixth
month’s rent.
This means that not only would the tenant have paid
you £6,000 during this time but that they have also benefited and
actually received £250 cash back.
You could even take it a step
further and offer a 50%, or 55%, cashback if they pay in full and
on-time for the first 12 months.
Another option is that you
could say that as per your AST agreement, there is a rent review every
six months. You won’t increase rents as long as the rents is always paid
on time and in full.
Of course, there are lots of variations on
the above, but in the current climate we must come up with creative
ways to ensure our tenants continue to stay motivated to pay their full
rent on time.
I've even turned tenants into new 'tenant finders' and reduced their rents for finding me great new tenants. It works for me!
There are so many 'friendly' ways of incentivising tenants to pay their rents on time. If you have any creative ways you use, do let me know :-).
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Landlord Property
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Property Tax Insider - 3 FREE ISSUES...
Want to slash your property taxes?
Get three FREE issues of our property tax saving magazine!
In this month's Property Tax Insider:
- The BIG Misconception About Property Repairs
- Keep it in the Family! Lower Taxes with Assignments of Property
- Furnished Holiday Lettings and the 10% Tax Rate
- Common Pitfalls for Private of Main Residence Relief
** Property Tax Book **
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 Visit my Blog for more landlord related news.
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New Advertising Rules for Landlords
Being a landlord can often be challenging, but winter brings a whole new set of problems.
Unless you stay on the ball and take steps to prevent minor problems from snowballing, you could find yourself significantly out of pocket or getting out of bed in the middle of the night to deal with disgruntled tenants.
Here are some problems to watch out for in particular...
Click here to learn more.
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Arthur Weller Answers Your Tax Questions
 Question - Can I avoid CGT if I do this?
We have a property that has been let for 16 years. If we took it back, how many years would we have to live in our property to avoid CGT?
Arthur Says: This is one of the most frequently asked questions, but without a definitive answer. Some tax advisers would say it takes six months to a year to establish a home as your principal private residence. But even then only the period of your occupation, or the last three years of ownership (whichever is the longer) qualify for exemption from CGT. But the first 16 years that you let out the house will be eligible for the letting exemption.
Arthur has carried out over 500 tax consultations through our sister website Property Tax Portal. If you need Arthur to help you slash your landlord taxes, visit the website.
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Tessa's Legal Tip...
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Advance payment of rent...
Did you know that by default rent is paid in arrears? There is a very old ‘common law’ rule to this effect. So make sure that in your tenancy agreement it says that rent should be paid in advance. Otherwise your tenant will be within his rights paying in arrears!
Tessa Shepperson, solicitor and editor of www.landlordlaw.co.uk.
Note that rent increases are to be the subject of Tessa’s forthcoming free ‘School for Landlords’ videos due to be launched next week. Find out more at www.schoolforlandlords.co.uk.
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Landlords Insider Secrets Newsletter - February 2013
...How to triple cash flow using short-term lets!.jpg)
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