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Upad has recently launched a new Rent Manager product for its landlords, designed to make it easier to collect rental payments and manage rental income.

What is Upad Rent Manager?

Upad Rent Manager is Upad’s direct debit rent collection service.

How Does Upad Rent Manager Work?

Upad Rent Manager utilises a simple process to ensure rental payments are made on time, via direct debit:

  1. At the start of the tenancy, Upad will collect personal information from the landlord and the tenant.
  2. The tenant completes and accepts the direct debit agreement.
  3. Both the landlord and the tenant receive a notification that the direct debit has been successfully set up.
  4. Tenants are notified three days before the rent will be collected.
  5. Funds are transferred into the landlord’s account.

How Does It Help Landlords?

Tenants not paying the rent on time, whether they’re unreliable but eventually pay or end up falling into rent arrears, is one of the biggest challenges that landlords face.

Using Upad Rent Manager to set up and collect your rent payments from your tenants via direct debit ensures that you are paid on time. One of the benefits of direct debit versus using a standing order mandate, which may be how you are currently collecting rent payments, is that if your tenant does not have the funds in the bank a direct debit will make further attempts to take the payment. A standing order mandate stops if payment fails once, meaning you’re reliant on your tenants setting up a new standing order or making manual payments on time.

Once the direct debit is set up, it also remains a rolling contract for the duration of the tenancy, so even if you’re late renewing the tenancy or you choose to allow your tenancy to become periodic, the existing direct debit agreement remains valid until cancelled.

We know from speaking to thousands of landlords the difficulties that can arise from late paying tenants, particularly if you’re relying on the rent to pay your buy-to-let mortgage, so give yourself the peace of mind of knowing when you’re going to be paid, and that you should always be getting paid on time.

Upad Rent Manager will:

  • Reduce the number of late payments landlords receive.
  • Minimise the risk of any tenants falling into rent arrears.
  • Place a hold on the funds in the tenant’s bank account three days in advance.
  • Reduce administration.
  • Help landlords to make their buy-to-let mortgage payments.

Does Upad Rent Manager Mean Any Extra Paperwork for Landlords?

No. Upad takes care of the setting up the direct debit agreement and getting the paperwork signed by the tenant.

Landlords do receive a notification when the payment has been successfully debited or otherwise, or if the tenant cancels the direct debit instruction.

How do I Access Upad Rent Manager?

Upad Rent Manager is available to members of Upad’s Landlord Club.

Upad Landlord Club costs £149 per year to join, and in addition to Upad Rent Manager, Landlord Club members can enjoy a range of benefits including access to tax and legal helplines, as well as mortgage advice.

Find out more about the Upad Landlord Club

 

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By Sandra Mpouma
10 Dec 2018

Categories: Property Management, Upad, News

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