Minimising Void Periods in Rented Properties

Don't let your investment cost you!

During a void period, not only are you not collecting rent, you’re also paying extra in council tax and bills. A very expensive situation indeed!

Take a look at some of our top tips to help you minimise void periods.

• Find and Retain Long Term Tenants:

The number one key to minimising void periods is finding and retaining long term tenants. We’ve already written a blog post on how to find long term tenants, which you can read here. But once you’ve got them how do you keep them? Well it’s pretty simple really- you just need to be a good landlord! We’re seeing more and more tenants who have completely lost faith in their letting agents and landlords because of bad experiences in the past. You have a real chance to stand out from the crowd simply by doing your job well. By providing tenants with a house they love, acting quickly on any questions or requests and keeping an open line of communication there’s no way your tenants will want to leave!

• Keep on Top of Maintenance:

Not only is it important to keep on top of maintenance issues to keep your tenants happy, it’s also helpful to ensure you don’t have lots of things to attend to at the end of the tenancy which could set back potential move in dates. Carry out inspections at least every 6 months and act on any issues that occur there and then. Make sure your tenants know how to report maintenance issues and encourage them to do so as soon as they occur.

• Know Your Tenants:

If your tenants do decide to move out, you’ll want to be on the market as soon as possible to. Keep an open line of communication between you and your tenants to ensure you know as early as possible when they are planning to move out. If it’s a fixed term contract contact your tenants at least 2 months prior to the end date to find out whether they are planning on staying.

• Marketing

When your property does go back on the market, all the usual rules of marketing a apply. Every property advert should include an engaging description, EPC, floor plan and professional high-quality images. This is not yet the norm in the lettings industry, so you’re sure to stand out from the crowd if you do!