Tips to stop rental void periods
No landlord wants the stress and worry of a rental void period. Unfortunately, they are quite common and can easily happen. If you are a landlord with a smaller portfolio, this can be damaging to your income. We’ve put together a few simple tips that should help you avoid them altogether.
Maintain your rental
There could be a valid reason why your property is empty. You should ensure everything is clean, tidy and the property is in a liveable condition. Kitchens and bathrooms are always main selling points – are they practical? Think about if a quick renovation would boost your chances of attracting tenants. If your property is offered as furnished, you should consider making a few additional purchases. A small upgrade to worn furniture should give your property and new lease of life and entice people to sign a tenancy.
Think about what to charge
You need to do research and know what the average rent for the area is. Look at how your property compares to the local average. If you charge a fair rent, you should have no issues avoiding empty periods. We wouldn’t advise undercutting the area’s average so your property is seen to be more appealing, as this could change the type of tenant you attract. A deal including amenities will make your listing more appealing.
Advertise, advertise and advertise!
It might come as a surprise, but some landlords do require marketing skills. If you’re renting privately, you will need to be able to market your property properly. If you can advertise your property somewhere, do it! If you want to keep away from void periods, you should advertise your property as early as you can – don’t wait until it has been vacated.
Pick good tenants and have an open mind
It can be difficult to know who will make a good tenant. If you are able to let to good tenants, it should reduce the risk of a change of circumstance. However, sometimes even great tenants can have something unpredictable happen and there’s no way around this. Also, it’s hard to tell which tenants are actually ‘good’. Even screening will only tell you so much. Try to find tenants who look to be secure and steady in their jobs and lives.
Also, try to have an open mind. If a tenant wants to put their own stamp on your rental or have a pet, it may not be ideal but it’s worth considering. If a tenant with a pet wants to move in, they are likely to be more stable. A tenant who wants to redecorate will more than likely want to be in the property for a longer period of time.
Professional an approachable
A landlord can be the reason between someone taking a property or not. If you are late to a house viewing and don’t look professional, it could put a potential tenant off. Make sure you are prompt, dressed well and are approachable. Ensure you come across as professional and put the viewer at ease, hopefully they will sign on the dotted line!
We hope our tips help you avoid empty periods in your rental property. If you are looking for rental advice, you can get in touch with us here.