A landlords guide to avoiding the void periods.
We have been working with landlords for over 20 years and we speak to many landlords and tenants each day. We have sent over 1,000,000 (1 million) tenant enquiries to landlords over those years. Through this exercise we have learned many lessons about how to find and keep tenants in rental properties for longer and how to effectively ‘avoid the voids’.
Void periods in any tenancy are any landlords pain and so to avoid these pesky periods of non rental, we have compiled some hints, tips and guidance to assist you. We know that many landlords with property in the U.K don’t do enough to find and keep great tenants for their rental portfolio! DO YOU?
You see tenants have lots of choice these days, the majority of tenants these days use websites like Rightmove, Zoopla, Primelocation and find a property etc… (Over 90%). Tenants use these sites as they offer a range of ways to choose property, they can search by price, how many bedrooms etc… and they can even draw a search area to get all available listings in an area, so it can be hard to attract the best tenants to your property when there is so much choice.
Tenants also like to see the property before they view. Its almost a given now that tenants should be able to find their property online before going to view, in fact Rightmove say that 93% of tenants find their property on Rightmove, even if they have seen a sign or the property in a shop window. If your property is not online or online without pictures, you are missing out on the highest quality tenants and most likely this will extend the void period.
Quality tenants also have good choice, some have the time to look and some are looking for a particular property or at least the best they can get within their budget. With so much choice some tenants do not view all that’s available to them, instead they choose the properties that have the most curb appeal. This is where landlords can capitalise, having great pictures, a sensible rental and reasonable fees will ensure that your property is at least viewed by the most tenants but it doesn’t stop there, landlords must make their property stand out from the crowd for the prospective tenant to enquire. Tenants must have the confidence in the landlord before they apply too, so landlords should do their best to get it right first time.
Finding and keeping great tenants
As a landlord do you…
- Contact tenants outside usually working hours? – The tenants we want are working so do you make it easy to arrange the initial viewings?
- Have good quality pictures / property description to ensure the property is ‘as described’ – Tenants have usually already made their choice before they view so if your property is as described you will get better results – shorter void periods.
- Arrive at the property early to turn on lights and heating? – its sounds like common sense but some landlords do not do this simple task to show off the property in its best light.
- Have the property ‘ready to let’? – So many landlords do not have properties completely ready for a tenant to move in I.e. unpainted walls, flooring etc… and this does not give the right first impression and often leads to longer void periods
Once you have found the tenant it’s also essential to ensure your tenant is happy and confident moving forward. It is essential for landlords to be approachable, some recent research shows that Overall some 27% would keep quiet if they were responsible for major damage to the property that they rent, the survey from YouGov for property marketplace TheHouseShop found.
The poll also found that 15% would hire a professional to repair the damage and 11% would repair it themselves, and 1% would attempt to hide the damage, all hoping to leave their landlord unaware of repairs done to problems such as broken windows, damage to fixtures and fittings or to showers and bathrooms. Of the 58% who would report the damage, the poll found that 24% would offer to pay the full repair bill, 7% would offer a contribution to the repair bill, and 27% would wait and see if they needed to pay anything.
Landlords should ensure that the expectations of tenants are set and then met to get the best return on their property investments.
For more information on how https://letlord.co.uk can help you get your property noticed click https://letlord.co.uk/landlord or request a free call back here; https://letlord.co.uk or call 0333 0118887 – Local rate.