In relation to the same file referred to in the previous news item, the tenants left owing a debt of in excess of $6,000.00 for both arrears of rent and compensation.

The landlord did have a landlord insurance policy, however even after taking into account the bond, the insurance payout left the landlord out of pocket in the vicinity of $3,000.00.

The fact of the matter is that most landlord insurance policies do not pay for everything that the landlord may be entitled to from the tenant. There are often mutiple excesses and often a number of exclusions. Landlords need to understand this fact. They need to understand that while they may have an insurance policy, more often than not they will not be compensated for everything they are entitled to from the tenant.

That's where the Barclay MiS Protect and Collect Plan comes in. Under the Plan we will pursue the tenant for  whatever else is owing to the landlord - at no further cost to the landlord - no commissions, no legal fees - nothing else just the annual subscription to the Plan of a mere $44.00 per annum.

In the case referred to, we located the defaulting tenants within 7 days of having received the file, and have entered into a payment plan for repayment of the debt. However, unfortunately for this landlord he did not have the subscription to the Protect & Collect Plan. In those circumstances we charge a listing fee and a percentage of our recovery.

If this landlord had taken out a subscription, he would receive everything that he was entitled to from the tenants. Without the subscription he will roughly receive about two-thirds of his entitlement. That means nearly $1,000.00 that he will be missing out on. Ouch!