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
Exploring the Success of No Letting Go’s Most Popular Property Reporting ServicesUpload on November 16, 2023 by Lydia Horsley
In the realm of property inventory management, No Letting Go has emerged as a beacon of excellence and reliability. With a plethora of services tailored to meet the diverse needs of the property sector, No Letting Go has carved a niche for itself, ensuring that properties across the UK are safe, compliant, and well-managed. Among [...]READ MORE
Unveiling the 29 Hazards under HHSRS: A Comprehensive Approach to Property SafetyUpload on November 6, 2023 by Lydia Horsley
The Housing Health and Safety Rating System (HHSRS) stands as a testament to the UK’s commitment to ensuring safe and healthy living conditions for its residents. Central to the HHSRS’s efficacy is its identification of 29 distinct hazards that can potentially compromise the well-being of occupants. This article aims to unveil these hazards, offering a [...]READ MORE
Simplifying Dispute Management: The Unique Audit Trail Feature of No Letting Go’s Inventory SystemUpload on October 20, 2023 by Lydia Horsley
In the intricate world of property management, disputes between landlords and tenants can be a common occurrence. These disagreements often centred around property conditions, can be time-consuming, stressful, and costly for all parties involved. Enter No Letting Go, a leading name in the UK’s property inventory management sector, which has introduced an innovative solution to [...]READ MORE
Delving into HHSRS: The Importance of Recognising Category 1 and 2 HazardsUpload on September 22, 2023 by Nicole
Delving into HHSRS: The Importance of Recognising Category 1 and 2 Hazards The Housing Health and Safety Rating System (HHSRS) stands as a pivotal assessment tool in the UK’s housing sector. Designed to evaluate potential risks and hazards in residential properties, the HHSRS plays a crucial role in ensuring the safety and well-being of occupants. [...]READ MORE