As a landlord, void periods can be a bit of a financial nightmare. A void is a period of time when your property is unoccupied, and you are not earning any rental income. Not only does this mean a loss of income, but it can also incur additional costs such as council tax and utilities that you may have to pay while the property is empty. However, there are some steps you can take to avoid void periods and keep your property earning for you all year round. In this article, we will explore some tips on how to avoid voids!
Keep your property well-maintained.
One of the primary reasons tenants leave a property is due to a lack of maintenance. If your property is not well-maintained, it will be challenging to find new tenants when the current ones leave. It is important to ensure that your property is in good condition and that any issues are fixed promptly. Regular property inspections can also help you identify any maintenance issues before they become major, often more expensive problems.
Set a competitive rent.
The rental market has a serious shortage of stock, but if you have been overzealous with your pricing, you may struggle to find tenants that can afford the rent. It is essential to set a competitive rent that reflects the current market conditions. Research other properties in your area and set your rent accordingly.
Advertise your property effectively.
To attract the right tenant, you need to advertise your property effectively. Make sure that your property is listed on popular property portals such as Rightmove and Zoopla. Use high-quality photographs and write a detailed description of your property to attract potential tenants. You may also want to consider using social media and local media outlets to advertise your property.
Hire a reputable letting agent.
If you are struggling to find tenants, it might be worth considering hiring a letting agent. A reputable letting agent will have an extensive network of potential tenants and can advertise your property effectively. They can also provide valuable advice on how to make your property more attractive to tenants and help you set a competitive rent. However, it is essential to choose a reputable letting agent who has experience in your local market.
Respond quickly to tenant enquiries.
When a potential tenant makes an enquiry, it is important to respond quickly. Responding promptly shows that you are a responsible and reliable landlord and can help to build trust with potential tenants. If you are slow to respond, potential tenants may lose interest and look elsewhere.
Use our Guaranteed Rent Service
With Northwood you get a guaranteed monthly income on time every month even if the property is empty; we take on the risk. This isn’t an insurance policy. Guaranteed Rent with Northwood means you have a rental income paid to you every month, even if the property is empty or if the tenant doesn’t pay. With no set up fees, monthly commissions, or hidden extras. Find out more about Guaranteed Rent here.
Avoiding void periods requires proactive measures such as keeping your property well-maintained, setting a competitive rent, advertising effectively, hiring a reputable letting agent, and responding quickly to tenant enquiries. Alternatively, you can give the risk to us and we will guarantee your rent is paid to you on time each and every month!
