Strict Procedures for Late Payment of Rent
Rental arrears and how they are dealt with are always one of the biggest concerns for landlords.
First National Yamba have a ‘Zero Tolerance’ regarding rent arrears.
Under the Residential Tenancies Act, a tenant is not in arrears until the rent is unpaid for 7 days, at which time it is possible to issue a Notice to Remedy Breach.
Most Agents will not address arrears until this time, when they are legally obliged to do so. At First National Yamba, we operate more pro-actively to ensure rental arrears are kept to a minimum. A daily search is conducted to find tenants who are 2 or more days behind in their rent, at which point we commence a sequence of daily correspondence reminding them to pay their rent. This contact is continued each day if required until the 7th day when the formal Notice to Breach Remedy can be issued.
Our Agency is proud of our consistently low rent arrears figures. Our daily audit of rent arrears, combined with our quick action and the education we provide our tenants at the commencement of their tenancy, enables us to continue to produce rent arrears figures well below the industry norm.
Less rent arrears means more money in our Landlord’s pockets!