Void periods are a landlord’s worst nightmare but are bound to occur, however amazing a landlord you are.
This can be particularly troublesome at winter, when damp and mould can take hold and pipes can freeze over – certainly not the kind of Christmas present you want this year.
However, here at estate and letting agent Kings Group, we do everything in our power to reduce void periods for our landlords.
We’ve found in our years of experience that the key to minimising void periods is to simply keep your tenants happy. Having fewer, longer-term tenants is the way to go to be a successful and profitable landlord, and this can be done via several means.
One way to retain tenants and minimise void periods is to always keep the lines of communication open. From the get-go, it’s great to lay the foundations for a successful tenant-landlord relationship, which can be kick-started by offering them a token of kindness; a moving in gift of some sort, and checking in on them via phone or in person.
If you’re on good terms with a tenant then it can further benefit you as they’re more likely to inform you in advance of their moving plans should they want to end the tenancy. This gives you and your letting agent more time to find the ideal replacement tenant.
Another key way to keep hold of your tenants for longer is to ensure that you take care of property maintenance issues promptly. If your tenant contacts you with an emergency, the way in which you deal with it may determine their future living arrangements.
If dealt with promptly and professionally, they will be a satisfied tenant and will want to continue paying you rent. Deal with it poorly and you’ll have an angry, stressed tenant; something no landlord wants.
Here at Kings Group we believe that landlords are most successful when they understand the importance of being flexible to a tenant's needs. If a reliable and trustworthy tenant asks whether they can have a pet in a property which would usually not be allowed, it's best not to immediately dismiss the request.
If you’re happy for a pet to move in, you can ensure your property remains secure by increasing the security deposit to cover any potential damage.
Luckily for landlords, the average length of void periods do seem to be decreasing. Paragon Mortgages recorded that in the second quarter of 2015, annual void periods decreased to an average of just 2.6 weeks.
This is not just due to landlords knowing how to keep their tenants happy, but in the last few months, demand has crept up for rental property, particularly in the London areas where we operate.
This of course means that a rental property in the capital is rarely left unoccupied, something landlords always want to hear.
If your tenant does opt to end their tenancy, choosing to market your home with a reputable letting agent will ensure you find a suitable replacement tenant in no time.
We advertise your rental property on all of the top property portals including Rightmove and Zoopla, ensuring that top-dollar photographs are taken to show off your home in the best light.
If you would like to find out how we can market your rental property and ensure void periods are kept to a minimum, then get in touch with London-based letting agents today on: 01707 872000.
Alternatively, we also offer a free rental valuation of your property to help give landlords an idea of how much rent they could be charging.
