In the hope of improving the efficiency of making rent payments, property marketplace TheHouseShop.com has partnered up with Experian. Together they will launch a new smart rent collection service, which will give landlords a way to incentivise punctual payments from their tenants.
This service will be the first of its kind within the UK, allowing landlords the ability to control such situations without the need for larger financial institutions.
Over £900 million of rent arrears a year have been drastically impacting landlords financially, creating a large amount of unnecessary stress. It could be said that the occurrence of these arrears is down to a lack of prioritising on the tenants’ part. Some take care of other outgoings, such as utility bills and credit card payments, leaving little thought to making prompt payments on their rent.
With rental payments not affecting an individual’s credit rating, it is understandable why their priorities lie as such.
Read more on Just Landlords here…