Rent Arrears & Landlord Insurance
Despite the rigorous steps we follow to ensure the quality
of the tenants we select for you, there are a very small
percentage of tenants, who, for various reasons “fall
through the cracks” and go into arrears with their rental
payments.
In such cases we take all the steps possible to legally
recover the debt and get payments up to date.
We have an established policy that comes into play
immediately the tenant goes into arrears. This includes
contacting the tenant through SMS, phone calls, and
letters. Depending on the response we may follow it up
with a drive by the property or chasing up the tenants
place of employment or personal references.
Legally, we cannot issue a Termination Notice until the
tenant is 15 days in arrears. Upon issuing this notice
a hearing before a tenancy tribunal of the Office of
Consumer and Business Affairs will be held whereby the
matter is resolved through the payment of all outstanding
monies or we as agents take back possession of the
property and any outstanding money owing is recovered
from the security bond. We will advise you should tenants
fall into arrears and also when we begin proceedings to
terminate a lease.
Because the process is quite lengthy, by the time we may
actually get vacant possession granted it is recommended
that you acquire landlord insurance.