As landlords, one of the biggest worries we have is a tenant defaulting on payments (the other being that the tenant trashes the property)!

To make sure there is less likelihood of a tenant missing their rental payment, make sure you do the following two things:

a. Set-up a standing order so the rent is paid directly into your bank account
b. Make sure the standing order is on the same day, or the day after the tenant gets paid from their place of work

Point b. is crucial and you should always seriously consider changing the tenant’s payment date to the same day they get their salary paid.

This means that if the tenancy agreement runs from the 14th of the month and they get paid on the 29th of every month, make sure they are paying on the 29th of every month. You can request that they pay for the 14th to the 29th upfront and then start the standing order for the 29th of every month.

By doing this you know that your rental income is being paid on the day when they are likely to have the greatest amount of funds in their account.

This, of course, means that as a landlord you have a greater chance of getting your rental income, even if the tenant starts to experience some financial difficulties.