Without doubt the nicest bit about being a landlord is collecting the rent. But there are right and wrong ways to collect it....

So, how should you collect it?

Let's go back to the start of your relationship with your new tenant. You have found a tenant you like and they have passed your reference tests with flying colours - so you want to offer them a tenancy.

In order to secure the property you should ask the tenant for a holding deposit - and this should be for an amount equivalent to at least 2 weeks rent to cover you in case they change their minds and you end up having to start looking for a tenant all over again.

You'll need to make it clear to your new tenants that should they change their mind and decide not to take the property (or be unable to pay the balance of the deposit and the first months' rent on the agreed move in day), then they will lose this holding deposit. Get them to sign to agree that they understand this.