It is becoming increasingly common for agents to pay their landlords on a monthly basis. There are landlords out there who have never known anything different than receiving payments as and when the rent is paid to their agent. Here are just a few of the reasons why our landlords prefer the benefits of monthly payments:

 

With sporadic payments as rents come in, portfolio landlords can often be burdened by multiple statements within a month for each of their properties. Ultralets monthly statements collate all of your properties, including the rents, works invoices and management fees to give you a complete view of your finances for that month. You can check out how our statements work here.

 

Our landlords are paid on or before the last working day of the month. That's a guarantee, and you can take that to the bank - literally. When we onboard new landlords, we often ask them some of their bugbears that lead them to switch to a new managing agent, one of the things we keep hearing is that they had no guarantee when, within the month, they would be paid. Of course, you may have regular payers that stick to certain dates each month but there was no guarantee to receive the money on that date. With our monthly payments, we tell you when you will be paid and we stick to it (providing the rent comes in and there are no debits on the account from works/invoices).

 

Forgot to check something on your statement? Need to make sure the numbers balance at 10 pm? Don't worry, we may not be in the office but our portal is there for you, all day every day. Our clients love being able to access the full history of their statements simply by logging into the client portal on our website.

 

Some agents only employ a part-time finance team or have their usual lettings staff manage the finances. Without a fully committed Finance Team in the office monitoring rents and payments things can get left to the last minute or forgotten entirely. Another undervalued trait of our Finance Team is their accessibility, you can call the office to speak to someone at all times throughout the working day.

 

If that isn't enough to convince you of the benefits of monthly payments, we reached out to one of our clients, John Reynolds. After being on as-and-when payments for many years, John was apprehensive when joining us as part of an acquisition of another agent's lettings portfolio.

 

 

Initially, when joining us, one of John's main concerns was trust. He didn't know us, and he wasn't familiar with our business and how we run things. It was our duty to build that trust to ensure that he felt welcome and valued as a new client of ours.

 

With a portfolio of multiple properties, John could have received multiple rental payments throughout the month at various times. At first, this meant he had multiple statements all within the same payment period. We don't know about you but that sounds like a nightmare to manage. Our monthly payment cycle means that your rent(s) are all collected and paid out on or before the last working day of the month.

 

When asked about his experience with our Team and Client Portal, John said "The big thing about Ultralets is that they are very calm, reasonable and run a smooth operation, I can dip in and out of my portal when I need, to quickly see and download my statements from the current or previous months."

 

With regard to the monthly payment dates, John said: "I always know exactly when I am getting paid, and finances can be budgeted around the payment date. With landlord payments as and when the rent comes in, you could be on edge waiting for the payment to come in and not being a fixed date."

 

Acknowledging our complete portfolio statements, John said: "All properties come on one statement which is great, with payments as and when they come in you could have multiple separate statements coming through at all different times in the month which was a nightmare to track."

 

Here's a little something extra for you, our Digital Team recently developed financial year statements that allow us to create a full statement, capturing a full financial year, to make our clients' lives easier. We've had reports in the past from clients who were telling us that they were paying accountants to total up their statements from the past year. We didn't like the thought of that, so we got to work and created our own system that allows us to print a full financial year at the click of a button. You can read more about that here.

 

Still not sold on monthly payments? Give us a call and speak to our expert Finance Team, at 01482 562 562 📞