Are you worried about not collecting rent every month? It is one of the biggest concerns for property owners, as unfortunately, it is something that happens frequently. However, there are actions you can take to ensure you always collect. Let’s see them!
The key to ensuring rent collection is not only having a well-drafted contract but also choosing the right tenant and backing the rent with legal and financial guarantees. The better the operation is prepared from the start, the less likely you are to suffer from defaults or conflicts.
6 tips to ensure the collection of your rental property
If it’s your first time renting out a property, the following 5 tips can help ensure you receive rent payments every month. Take a look:
0- Conduct a tenant solvency study
Before signing anything, the most important thing to ensure rent collection is to verify that the tenant has real payment capacity. It is common to request pay slips, employment contracts, work history, and if self-employed, quarterly or annual tax returns. You can also request a solvency report or check default files (always respecting regulations).
As a general rule, it is advisable that the rent does not exceed 30%-35% of the tenant’s net monthly income. If the rent consumes half of their salary, the risk of default increases significantly even if they have good intentions.
1- Take out a rent default insurance
This type of rent default insurance is very much in demand. It is usually paid by the tenant, but the owner can pass the cost onto the rent, so it’s better to increase it by 30 or 50 euros and ensure you receive the rent. It should not be seen as an expense, but as long-term peace of mind, because you ensure that you will always collect, so the rent payments will be guaranteed in your account. That’s no small thing!
2- Bank guarantee
Not everyone accepts it, but it is very much in demand. There are self-employed individuals who have no choice but to sign a guarantee if they want to rent a property, as they cannot prove fixed income. Normally, it is a product that tenants like less, because it has certain implications, risks, and also incurs a cost that not everyone wants to bear. In the case of default insurance, it is passed on in such a way that they do not notice it.
3- Require a higher deposit
There are owners who prefer to charge more months of deposit to feel more secure and ensure the collection of rent. This is something that tenants usually do not like much because it requires more liquidity, but it is undoubtedly common nowadays. The standard is one month, but some may ask for up to 3 months.
In addition to the deposit, many owners agree on an additional guarantee (extra deposit) to cover possible damages or unpaid monthly payments. This formula is very common in medium and long-term rentals, and it can be combined with other measures such as rent insurance. It is one of the most used strategies when looking for how to guarantee rent collection without solely relying on the good faith of the tenant.
4- Preferably accept tenants with a payroll or permanent contracts
Not everyone is lucky enough to have a payroll or be permanent, as there may be profiles such as students, people starting to work, freelancers, etc. These profiles have a harder time being accepted by owners, so one way to ensure rent collection is to preferably accept permanent tenants, civil servants, or those with a payroll. Let’s say it gives you more peace of mind.
5- Put a family member as a guarantor
This is very common, especially in the case of students. Since they are young and unemployed, parents often act as guarantors. They are put in as a guarantee in the form of a joint personal guarantor. This has its risks for the tenant, but the owner can feel more secure because they have a double guarantee.
6- Draft a complete and reviewed rental contract
An essential point to avoid problems is to sign a well-drafted rental contract, where the amount, term, rent updates, penalties for delays, and the distribution of expenses (IBI, community, supplies, etc.) are clearly stated. Many issues arise from generic contracts downloaded from the internet that do not contemplate real situations.
It is also advisable to put in writing the condition of the property with an inventory and a photographic report, to avoid disputes at the end of the contract. If you want to guarantee rent collection, a solid contract is as important as the deposit or insurance.
6- The ultimate advice: Mutua Alquiler Confort, maximum security when renting your home
In our real estate agency, we have a product that will surely interest you; Mutua Alquiler Confort.
This is a product that protects you against non-payment of rent, payment of utility benefits, loss of rent due to fire, vandalism, legal defense, and lock replacement. By contracting it, you will no longer have to worry about anything, because it covers you in a wide range of aspects.
In summary, if you are wondering how to ensure rent collection, the best strategy is to combine several measures: tenant selection, guarantees (deposit, guarantee, or insurance), and a well-reviewed contract. The more secure the operation is from the beginning, the lower the risk of non-payment and the more peace of mind you will have as a property owner.
Do you have any questions left? We hope these tips help you rent your home with more peace of mind and ensure you receive rent every month. Everything will surely go well!
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