They’re the stuff of nightmares, sleepless nights, endless worrying and a bucket load of stress. No landlord wants to be caught up in a rental void period. Unfortunately, they’re pretty common and easy to fall into. This can be really damaging to landlords with a smaller portfolio. Thankfully, there are a few simple tips you can implement to avoid them altogether. Here are our 8 tips for preventing void periods. If you know of any more that could help other landlords, get in touch on Twitter.
1. Properly Maintain Your Property
So, let’s get this one out the way early. There could be an underlying reason why no one wants to rent your property. Ensure everything’s tidy, clean and in a liveable condition. Bathrooms and kitchens are key selling points of your property – do they need any work? Would a quick renovation boost your chances of attracting new tenants? The appearance of your property matters.
2. Advertise Everywhere (and Early)
It’s surprising to some but landlords do require marketing skills. Especially if you’re privately renting, you need to be able to market your property. Advertise your property everywhere you can, from local newspapers to online sites. If you want to stay away from void periods as much as possible, it’s important to advertise your property as early as you can. Don’t wait till the house/flat has been vacated.
3. Charge Reasonable Rent
Don’t inflate the rent you’re charging for the sake of it. Do your research and find out the average rent for the area. Then question how your property compares to the area’s average. Above all, charge a fair rent. You may be tempted to undercut the area’s average rent to ensure your property is seen as more attractive. Be warned, this could change the type of tenant you let to. Consider a deal including amenities if you want to make your listing more appealing.
4. Pick Good Tenants
This is a tricky one but will save you a lot of hassle in the long run. If you can let to good tenants you’ll reduce the risk of sudden changes in circumstance. Unfortunately even the best tenants can have unpredictable lives and there’s no simple way to get around this. Also, it’s very tricky to tell which tenants are genuinely ‘good’. Screening checks don’t tell the full story. The best tenants are steady and secure in their careers and lives.
5. Be Open Minded
It’s always important to have an open mind with potential tenants. Whether they’re looking to redecorate parts of the property or live with a pet, you may not like it but it’s worth considering. A tenant with a pet is likely to be more stable. Whereas a tenant who wants to redecorate will likely see themselves in the property for an extended period of time.
6. Why Not Try a HMO?
If you rent in an area popular with students or young professionals, it may be worth considering turning your let into a house in multiple occupation. You’ll need to adhere to specific licence rules about health and safety but it’s nothing a reasonable landlord couldn’t keep up with. This way, when one tenant moves out, you’re still making money from the other occupants.
7. Upgrade Your Furniture
Back to what we said earlier about how appearance is everything. If you’re offering a furnished property, it may be worth making a few extra purchases. Upgrading furniture will give your property a new lease of life. It could be the difference between attracting new tenants or not.
8. Be Approachable and Professional
Whether you like it or not, as a landlord you could be the reason between a tenant taking your property or not. If you turn up to a house viewing late, wearing sandals and shorts you’ll look unprofessional. Dress well, be prompt, appear approachable and ensure the tenant knows you’re professional.
When you start renting, don’t neglect the importance of a full and accurate inventory. Remove the possibility of disputes with No Letting Go’s inventory services.
You might also like
How Will The Proposed EPC Regulations For 2025 Impact Landlords?
Upload on February 24, 2022 by Lydia HorsleyThe drive to improve the energy efficiency of properties in the UK looks likely to impact landlords in 2025, with the proposed EPC regulation that could require landlords to make potentially significant and expensive changes to their properties. What are the current energy regulations? All domestic and commercial properties for rent need to have [...]
READ MOREESTAS Customer Service Awards 2021
Upload on June 3, 2021 by Lydia HorsleyNo Letting Go are proud to announce that we have been SHORTLISTED for a prestigious ESTAS customer service award! To be announced in October 2021. ESTAS honour the best agents, conveyancers, mortgage advisors and suppliers in the UK. The annual ESTAS awards occur in Spring and Autumn, attracting the top players in the UK’s property and lettings [...]
READ MOREWhat Agents Need To Know About Renting With Pets
Upload on May 5, 2021 by Lydia HorsleyWe’ve learned over the past year how much of a comfort pets have been for many people during lockdown. The government is keen to make it easier for dwellers in private rented accommodation to enjoy the benefits of living with a furry friend and is taking steps to encourage more landlords to allow pets. What’s [...]
READ MOREThe Importance Of End Of Tenancy Cleaning
Upload on May 5, 2021 by Lydia HorsleyWhen your new tenants move into a cared-for, clean property, you’re setting their expectations for how your property should be looked after. To create the best impression, an end of tenancy clean will show your new tenants the property in the best condition possible. What’s involved in an end of tenancy clean? The purpose of [...]
READ MOREGet in touch today
Supporting you and protecting your property are our top priorities.
Get in touch and let us know how we can help.