The work of a letting agent can be very challenging, and this is because of the sheer amount of work required when it comes to property management. The workload for agents can be tremendous, particularly for those who manage a lot of properties. Agents have to deal with all processes from end to end, which includes getting tenants signed up, dealing with repair requests, doing checks before the tenancy commences, and dealing with rent accounts.
When tenants fall into arrears with their rent, they usually make arrangements with the agent or landlord to sort out the money they owe. However, there are also those who just decide to skip town and try to escape their debt. This can leave agents and landlords facing huge financial losses, and naturally they want to try and trace the tenants and get the money that they owe. This is where skip tracing solutions can prove invaluable.
What Is Skip Tracing and How Does It Help?
So, what is skip tracing and how can letting agents benefit from this solution? Well, there are lots of ways in which the average letting agent can benefit from using these solutions, and some of these include:
Gaining Access to Contact Details
One of the benefits that these solutions provide for letting agents is providing them with access to updated contact details for the person they want to trace. When contact details are outdated or inaccurate, it becomes all the more difficult to track tenants who owe money. Many do not leave any details and simply skip town without any notification. This then means that some agents may have to wave goodbye to the money owed. With the right tracing solution, agents can gain access to current contact details.
Finding Out Status of Debtor
Another benefit for letting agents is that these solutions can provide them with details of the financial status and personal situation of the debtor. For instance, it can provide details with regard to their employment status. In addition, it can provide information with regard to bankruptcy proceedings, which means that agents can see whether they are likely to be able to recover the money owed. You can also find out whether the person is deceased by using these solutions.
Being Able to Save Time
Agents can also look forward to saving themselves a lot of time and stress when it comes to tracking down tenants who have left while owing money. This is because skip tracing solutions can help to speed up the time it takes to get the information needed to make contact. In addition, it uses fewer resources and makes the whole process far easier.
Financial Benefits
Of course, agents also have to consider the financial benefits which come from saving the business time and resources as well as increasing the chances of recovering the debt. This is something that is far more likely when using specialist tools to help track down the person.
These are some of the ways in which letting agents can benefit from these tools.
