8 Top Tips To Minimise Void Periods
Updated: Nov 11, 2018
As a Landlord you will want to minimise any void period, all the time a property is sat empty it’s costing you money! Here are 8 top tips on how you can minimise a void period.
1. Renew the tenancy when it comes to the end of the initial term rather than leaving it to roll on periodically. By renewing the tenancy for a further fixed term of 6/12 months the tenants will feel secure.
2. Don’t get greedy with the rent – If you have a tenant that looks after the property and pays on time each month don’t increase the rent year on year.
3. Respond to maintenance issues promptly when your tenant reports them. Little things can quickly escalate to bigger problems when people feel ignored. A good managing agent can help take the day to day management stress away.
4. Keep your property fresh and in good order by decorating every few years or allowing your tenants to do it on your behalf. Maybe you can reimburse the tenants for the cost of the paint and they can provide the labour.
5. Is your tenant thinking of moving, if so why? Don’t be afraid to ask the question. Do they need to upsize and downside? Do you have another property within your portfolio you can offer them? Are they financially struggling? If they have looked after the property and always paid on time perhaps a short time rent reduction or payment plan can be put into place – this could be cheaper than having the property empty for a few weeks.
6. If your property does need to be advertised to find new tenants make sure you are happy with the pictures the agent has taken and the description. This is the time when your property needs to shine.
7. Have you ever thought about rewarding loyal tenants? Some landlords will send their tenants a Christmas card and hamper just as a thank you – that small gesture can make your tenant feel valued instead of ignored.
8. Go the extra mile to show you care and are human. As a landlord it’s your duty to know your legal obligations – but going the extra mile helps a good tenant feel valued. Install a Carbon Monoxide alarm even if you think it’s not needed, install those sliding bolts on the old wooden rear back door that’s a bit iffy. Making your tenants feel safe goes a long way.
I hope this post has been helpful. If you need any help, please feel free to contact me using the details provided below.
0333 772 0718