While it’s normal for landlords to experience periods where their properties lie vacant, it’s never ideal to have no tenants. That’s why it pays to know the best ways to minimise vacancies, maximise your renting potential and enjoy a stress-free letting experience.
Let s1homes guide you through our top tips for avoiding voids.
Be realistic
If your property is vacant, ask yourself why. Who is your target audience? Is the rent competitive for the local area and the condition of the property? Is the property clean and presentable? If you have doubts about any of these questions, it’s time to take action.
Perfect your property
Make sure your apartment or house is in top-notch condition. Whether it’s fixing poor plumbing, perfecting a bad paint job or replacing faulty appliances, it pays to keep your pad in excellent order.
Fixing problems professionally and as soon as they arise will show renters you’re a reliable landlord who cares about the property.
If you do find your property vacant for a while, use that time wisely to fix any issues before you’re ready to rent again.
Honest to goodness
Be transparent with tenants at all times. This means disclosing any potential issues from the outset. Also be clear to outline who is responsible for what and be available to answer any queries or issues tenants may have.
You don’t want to delay or dither and gain a poor reputation that can deter renters.
Invest in the best
When it comes to furnishing and repairs it’s worthwhile investing in quality items and professional services. Follow the old adage: you have to speculate to accumulate!
Shoddy workmanship and cheap furnishings will cause you more hassle in the long term.
Hold on to good tenants
If you’ve good tenants renting your place, it’s worth bending over backwards to keep them there – especially if they’re reliable long-term prospects. Tactics such as rent-freezes can help. Nurturing a friendly, personal relationship with your tenants is mutually beneficial. Happy renters make happy landlords!
Be flexible
You may find flexibility in who rents your property can help minimise vacant periods. This might mean allowing tenants with pets or being open to tenants making changes to the property, such as redecorating, upgrading the bathroom or even landscaping the garden. These changes will also benefit you as the owner.
Be ready
Being organised and proactive is essential. This means having contracts ready, making sure the council tax is paid up to date and ensuring previous tenants haven’t left any outstanding bills or arrears that could cause problems for you or future renters.
Get professional help
Not every landlord has the time or expertise to rent out their property. That’s why it pays to employ the services of a letting agent, who can do all the legwork for you.
From marketing to sourcing potential tenants to dealing with queries, contracts, and negotiations, good letting agents will keep your property happily occupied.
With the right help and tactics, vacant periods need not be inevitable. If you’re thinking of renting out your property, s1homes is the place to seek assistance and all the advice you need.