5 Ways to Minimise Void Periods
1. Competitive Rent Rates
Ensuring that you charge a fair rent that suits both you and your tenants will give you a great chance of keeping your property occupied. This especially helps to keep long term tenants as they will be less tempted to look around for a better deal. High rent levels will mean more short term tenancies, with potential void periods between occupancy. A week or two soon adds up to become a missed opportunity of a month’s rental income.
2. Act Quickly
Even the fairest fees and the nicest property will see tenants move on. To minimise the time that your rental property is empty, advertise for tenants as soon as your current occupant gives notice to leave. Make sure that you have necessary documents in place (e.g. energy performance certificates), and professional photos of the property that can be used for marketing. Talk to your letting agent too. They may already know the perfect tenant for your property and could facilitate an almost seamless changeover.
3. Be Proactive
Regular property inspections and maintenance work ensures that issues are dealt with as soon as possible and tenants feel comfortable living in your property. This shows a proactive, positive approach to your tenants which is valuable as your property is their home. Even better, small problems are rectified before they become larger issues which may involve vacating the property whilst they are being fixed.
4. Property Inspections – Before Viewings
“It is very important to make an impression during viewings,” explains Property Reporter. “Check the condition of your property after your previous tenants have moved out. Arrange a property inspection before they leave so you can make sure the property is in an acceptable state before giving back their deposit, and if there is damage, make any necessary repairs. You can do these yourself, but it highly recommended to hire a professional company to do an inventory check.”
If your property is in an extremely competitive rental area, consider offering incentives to secure a tenant quickly. This approach can also be used to keep existing tenants, avoiding any void period at the end of their current tenancy agreement. Examples of incentives include discounting the first month’s rent, lowering security deposits or paying the first month’s council tax.
“Most landlords face void periods,” says Jason Dyer of north London Estate Agency JTM Homes. “In our experience, treating your tenants fairly and proactively maintaining your property encourages long term tenancies. Should your tenants decide to move on, acting quickly and decisively to find new occupants is crucial. That’s where we can help. We have a list of people who are looking to rent in north London. We are skilled in matching the right people with your property to encourage longer term tenancies and minimise void periods.”
Are you letting a property in north London? Would you like a proactive team with expert local knowledge on your side? Talk to the lettings team at JTM Homes. With fast action and proactive communication, we’ll find the right tenants for you, fast.