1 June 2024
Securing a steady rental income in the dynamic social housing landscape is more critical than ever. Traditionally, housing providers have focused on chasing rent arrears reactively, but there’s a compelling argument for a strategic shift towards preventing arrears and, in turn, building long-term tenancies. Here are six reasons why fostering stable, lasting tenancies benefits tenants and housing providers — and how automation can help.
Chasing overdue payments takes up valuable time and resources, perpetuating financial instability for tenants and housing providers alike. Rising arrears lead to the risk of more evictions. And it’s why automated income management tools like Rent-IQ are worth their weight in gold – helping to prevent tenants from getting to that point through proactive and preventative intervention.
Securing tenancies for the long term allows housing providers to forecast cash flows accurately. With predictive modelling features in rent income collection software like Rent-IQ, you can plan better and allocate resources accordingly. Explore the rent income collection challenge.
“Rising arrears lead to the risk of more evictions. And it’s why automated income management tools like Rent-IQ are worth their weight in gold – helping to prevent tenants from getting to that point through proactive and preventative intervention.”
High tenancy turnover rates have a significant cost. Minimising vacancies by sustaining long-term tenancies reduces costs associated with advertising, tenant screening and property preparation. And of course, when properties are vacant, providers aren’t receiving any rental income.
Tenants committed to long-term tenancies tend to care for properties better. Fewer repairs and refurbishments save time and money for housing providers. Learn about repairs from top housing sector experts.
By providing secure, affordable housing over extended periods, we create a sense of belonging and community. Rooted residents invest in their neighbourhoods, participate in local initiatives and build meaningful relationships. Community cohesion enhances overall quality of life and attracts prospective tenants.
Beyond financial gains, promoting long-term tenancies positively impacts employee wellbeing. Here’s how:
“Beyond financial gains, promoting long-term tenancies positively impacts employee wellbeing.”
Investing in preventative measures to avoid rent arrears not only secures a steady income but also builds stronger, more resilient communities. With the help of powerful technology and a proactive approach, tenants and housing providers can thrive in a stable, supportive environment.
See how Rent-IQ can help you prevent tenant arrears and drive proactive communication through automation.
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Keep up with regular news from Netcall – you’ll hear about cut-through process automation and communications solutions to help you achieve your business goals faster.
See how our smart, intuitive income management solution can help you
prevent tenant arrears and drive proactive communication through automation.