As you know I am always trying to find ways to streamline the business and one of the ways that I think would help this and minimize the time we spend explaining to contractors that we pay them on the next incoming rent, is by retaining a small amount from ONE of your rental payments, at the moment a couple of landlords have come back and said that £200 is more than acceptable.
This process would involve:
1- I would withhold £200 out of ONE of your properties rental accounts, but this will show on all of them.
2- This retention would show on EVERY statement that you get from YPC.
3- If we are required to use some of that retention then this would show on your statement and in the next rent run we would then top the retention back up – it might mean that occasionally you get 2 statements for each property, depending on if there were any maintenance expenses that month.
4- This would mean that we would be able to get a contractor paid within a week or so (depending on when they got their invoice in) of the job being completed, this would cut back on the amount of time that a contractor has to wait and will mean that we can continue building relationships with them, this will certainly help the smaller businesses that we use!!!