According to ‘The Tenant Arrears Tracker’ a reported 9.3% of all rent was paid late or unpaid in November 2011 and furthermore, when the last quarter of 2011 was compared with the same period in 2010, nationally there had been an 18% increase in tenancy arrears.
After successfully operating in the outsourced property management industry for some years, ARPM have seen the impact of rental arrears first hand and how devastating they can be to both landlords and agents own businesses. Whilst ARPM realise that tenants personal situations can change over the course of a tenancy, causing them to default on their rent, they further believe that failure to reference applicants comprehensively is a major reason why rental arrears appear to be increasing year on year.
Dave Hunt, Business Development Director of APRM ‘Our rental arrears currently stands less than 0.9% of our total portfolio – which when compared to the national average, is a tremendous achievement. We put our rent arrears success down to two factors; one being that we operate extremely tight tenants referencing procedures and the second is that since our Clients benefit from outsourcing their pre-tenancy and management work to us, they can spend more time qualifying suitable tenants, rather than rushing applicants through. Agents often worry about losing control when outsourcing and we hope that our arrears statistics go some way in proving that increased control can actually be gained rather than decreased levels’.
If you would like to find out how your business can benefit from partnering with ARPM, contact them today for a without obligation consultation. Tel: 01923 775705 or email info@arpm.co.uk
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