As your portfolio grows, the more rents you receive. Tracking them can become more and more of an issue, especially if you are charging similar rents across different properties.
Here are two ways that any landlord can overcome the problem of receiving identical rents for different properties:
First, try and make sure that all your rents are paid by standing order, on or around the month when the tenant gets paid. When they pay by standing order they can enter a reference number. Ask the tenant to enter the name of the property so you can easily identify it.
For example, if your tenant lives in a property with the address of 63 Westminster Road, ask them to enter ‘63 Westminster‘ in the reference field.
Second, try to get away from having rents that always end in a ‘0‘ (zero) or a ‘5‘ (five). Rather than having a rent that is £650 or £700 you may want to charge £699, £698, or £697 for different properties. That way, by having a different rent amount for each property, you will know when the rent for a property has been paid.
By using a combination of both methods above, you’ll make sure that going through the hassle of trying to match up rents to properties is a thing of the past.
