60 second interview: Andy Halstead, Rent on Time

Q. What are the biggest challenges landlords face with such a strong rental market?

Tenant demand has never been stronger. This is a good thing, however at the same time more and more tenants are facing financial difficulty. A combination of the difficult economic environment, lack of available credit and the government’s squeeze on benefits is placing serious financial stress on tenants. It is estimated by ‘Which’ that some 20% of pay day loans are used to pay rent. So while tenant demand is very strong, professional tenant selection is crucial if landlords want to optimise rental yields and eliminate arrears. The most professional tenant references in the market place cannot predict the future, so managing the risk through Rent on Time guarantees cash-flow and any exposure to arrears and legal expenses associated with obtaining vacant possession due to tenant rent arrears.  

Q. How does Rent on Time support landlords who self-manage their properties?

Many landlords are exceptionally good property managers, after all, they do own their investment properties. Having said that, when it comes to legal documentation such as tenancy agreements and the collection of rent, support is often welcome. Many landlords find it difficult to deal with the conflicts that arise when tenants fall into arrears. Managing cash-flow is also difficult; mortgage companies will not wait for mortgage payments if tenants pay the rent late. Rent on Time is the perfect partner for landlords who self-manage, we deal with all of the difficult things.

Q. Do you have any plans to grow or improve the service?

Yes. We plan to protect some 10,000 properties in all regions of the United Kingdom. We will only achieve this goal if we deliver exactly what landlords want and need. We will also need to evolve and develop our proposition. We are good listeners and we will respond to our customers and the market in order to deliver the best proposition possible.

Q. What advice would you give to first-time landlords?

Manage risk. Residential property investment is long term and there are clearly defined risks associated with being a property investor. Whilst risk can never be 100% removed, it can be greatly reduced by selecting the right partners, products and services. Being certain of cash-flow is a huge benefit to first time landlords and many more will enter the market if they can be sure that the rent will be credited to their bank account every month on the due date.

Q. You recently announced your partnership with Urban Sales and Lettings. What does this partnership involve?

Back to the first question really - professional tenant selection and assessment is crucial to optimising rental yields. Our new partnership with Urban Sales & Lettings gives our landlords a market leading tenant finder service, which markets properties on all of the UK portals. Through Rent on Time and Urban Sales & Lettings, landlords can self-manage properties whilst reducing the major risks that they face. A great combination.