May 04 2020 30 mins 4
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IN THIS EPISODE
Your host Matt Harris of MiRentCo London & Steve Mitchell of The HMO Company talk about all things related to rent collection strategies & systems that will help with regular monthly cashflow for your HMO property.
Are you looking to standardise and automate the rent collection for your HMO property? This episode of The HMO Experience Property Podcast is definitely one you need to listen to!
EPISODE HIGHLIGHTS
- Introduction [00:00 – 00:58]
- Rent Collection Systems [00:58 – 09:11]
- Rent Collection Dates [07:40 – 11:45]
- Customer Communications [11:45 – 21:34]
- Taking Advanced Rent Payments [21:34: 30:19]
KEY TAKEAWAYS
- Good rent collection strategy starts with good customer selection. Most inability to pay comes from your customers spending habits or insecure employment circumstances.
- Systems are now available to be able to automate your rent collection process. Our favoured rent collection system is GoCardless which can be integrated with other CRM & accounts systems.
- For adhoc payments you can use applications like iZettle & PayPal to take payment through your phone.
- Consider taking rent payments from the 1st of the month rather than across the month. For part months; such as the first payment, charge a day rate up until the 1st of the month and then go onto the monthly rent plan.
- Create standard communications to remind customers who have not paid rent within a defined period of time.
BEST MOMENTS
“The one that I favour is an app called GoCardless. So this is a direct debit system. Once we’ve accepted a customer, we put them onto the GoCardless app, it sends them a link, they just click a little button, put in their payment details and then its set up.”
“The great thing is that if they cancel their direct debit, I get a little notification on my phone”.
“Because we set the expectation that everyone pays after the first of the month, we expect by the fifth of the month everyone to be in”.
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