A Guide for Landlords: Managing Void Periods in Tenancies

With average rents in the UK rising, each week that a property is standing empty will be costing landlords a hefty price. And if the property does not have a new tenant for a couple of months, this could mean that there could be a huge loss of income.

That is why it is crucial to carefully manage void periods to ensure they are as short as possible. Void periods can be minimised by both ensuring a new tenancy is in place immediately, and that the tenants stay in the property for a longer period.

As soon as you are aware that the property is going to become vacant, you must ensure that you start marketing it right away. By choosing a trusted letting agent who has a waiting list full of tenants ready to move into your property, it means there is no time for the property to be vacant for long periods of time.

At Boxall Brown & Jones, we offer a full property management service meaning that the stress of finding new tenants will be taken out of your hands. Find out more here.

Use quality photographs when readvertising the property

Whilst a tenant may use property portals such as Rightmove or Zoopla to search for their next home, the portals can be crowded with lots of other choices available. However, data has shown that the images used to advertise a property plays a huge role in the number of people interested in the property.

So, if you are marketing your own property, make sure the photos are good quality or choose an agent who can efficiently market the property for you.

Ask for a reasonable rent

Even if your property is positioned within an area that is in high demand, you should charge a fair rent. If you try and push a higher price for the rent, more than what a tenant is willing to pay, then it will take longer to rent it out. In addition, an increased rent may also mean that the tenant will struggle to pay rent or may decide to move our earlier than they would have intended.

Offer a deposit replacement scheme

Whilst a deposit replacement scheme is useful for tenants, it is also a great way to protect landlords. Should a tenant damage the property, the deposit replacement scheme can speed up the payment to the landlord, meaning that repairs can be arranged more swiftly.

When a property is advertised as a Premium Listing on websites such as Rightmove, it is twice as visible as a standard listing, meaning that the crucial few days after the property is listed for rent, it will be prominent on the listing service.

At Boxall Brown & Jones we ensure all our client’s properties are marketed professionally, ensuring each property is reaching the widest possible audience. We advertise through Rightmove, On the Market and on social media.

Select a reliable tenant

As a landlord, you should never underestimate the importance of a thorough reference check. Ensuring that a tenant Ensuring that a tenant can afford the rent will ensure that the tenancy will be positive going forward.

Have all your paperwork in order

It is important that a landlord has all the correct and up to date paperwork that is needed, such as an Energy Performance Certificate (EPC), Gas Safety Certificate and Electrical Installation Condition Report
(EICR). By having expired or in correct paperwork, it can result in a delayed start date to the tenancy.

Ensure the property is well maintained

Landlords or letting agents must make sure that the property is frequently inspected to spot any early issues or damages to the property. This will ensure that there are no nasty surprises once the tenant has moved out.

Landlords should quickly respond to faults reported by the tenant, as the issue could get worse if it is left. In addition, the tenant is more likely to appreciate a speedy response.

Also, it is worth getting to know the tenant as it could mean that they will give advance notice if they are thinking of leaving.  Although the tenant only needs to give you one month’s notice of their intention to leave, it is always good to know if they are considering a new job or looking to buy a home of their own.

If you are concerned about void periods impacting the profitability of your portfolio, please speak to our friendly property team at Boxall Brown & Jones.

Telephone – 01332 384438

Email[email protected]

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