What do you do if a tenant stops paying rent?

A. Depending on the Management Agreement you choose, being options 1,2 or 3. Options 1 and 2 you are always guaranteed rent even if your tenant falls behind or stops paying rent. Option 3 is our General Agreement. Our agency has Zero tolerance to rent arrears and we clearly out line this when a tenant is approved for any of our properties. However, if they do fall behind we follow our Agencies policy which stipulates our steps clearly. We are proud to say that we have very few issues in this area.
We highly recommend Landlords insurance, as a means of protecting your property if things do go pear-shaped throughout the tenancy. If this does occur our insurance team member discusses the options with you and proceeds accordingly and swiftly. We are happy to discuss your options of who we recommend for your Landlords Insurance and help you to obtain a policy that best suites you and your investment.