The key to successful, and profitable, property letting is to avoid void periods wherever possible, and there are a few strategies you can adopt to achieve this; let’s take a look at four.
Keep pricing competitive
your rents are competitive is key to retaining existing tenants as well as
attracting new ones. Most towns and cities have ceiling prices based on
property type and specific location and it’s really worth adhering to these.
Encourage tenants to stay longer
One of the most effective ways to reduce void rental periods is to find good tenants who stay in one property for long periods of time. But it can be hard work finding them. A rigorous vetting and checking process will help as will working to build a good relationship once they’ve moved in.I
Build your reputation
reputation as a landlord will, in some part, be created by the quality of
properties in your portfolio. Ensuring that they are well maintained and have
up to date inventory lists will go a long way to improve that reputation. Using
property inventory software can prove a really useful tool for landlords, but what are the main benefits of using property inventory
you will be able to keep detailed and accurate records of the inventory in each
of your properties. You will also have the ability to quickly schedule visits
to your properties and, if you prefer, you can allow your tenants access to the
software so that they can book in visits at a time which suits them. Once
you’ve made visits and updated inventory lists you will also be able to quickly
prepare professional reports for new tenants.
These tools will also allow you to amicably settle any disputes over returning deposits at the end of tenancy agreements. Shelter provides some guidance on what is reasonable to withhold deposits for.
As soon as
you hear that a client is leaving a property, get straight onto letting agents
or start advertising your properties. If you have built up a waiting list of
interested tenants, get in touch with each of them to let them know a property
has become available.
Some void rental periods are inevitable in the property game but following these simple tips will help you to keep them to a minimum.