Our 5 Top Suggestions For Preventing Rental Voids

Void periods occur when your property is vacant and no rent is received, impacting your rental income. As a property investor, you have to minimize voids to an absolute minimum because they are a twofold financial hit: loss of rental income and costs associated with maintenance and inspections.

1. During that time, you lose out on profit
2. You must handle the outgoings and expenses related to the property personally, which include mortgage payments and maintenance bills.

Even though the long-term average annual void is roughly three weeks, it has recently decreased due to a lack of stock and increased demand, making it vital for landlords to act quickly. However, there are significant differences between the regions and this is something landlords should consider; for example, the average void period in the South-West of England is 5 days, compared to 17 in the West Midlands, whereas in Scotland it is 15 days.

So, what can you do to make sure your property beats the average and has as few days as possible in the year when it’s not let?

Below are the top 5 tips we recommend for ensuring that your property can be rented fast and at the best possible market rent:

#1. Exceeding the expectations of your tenant

Nowadays tenants want high-quality, modern fixtures in the kitchen and bathroom, as well as a fresh, neutral décor. A fast Internet connection is required, and we encourage that you accept pets as long as they are well-behaved and appropriate for the type of property.

Consult with us about what you could add to your rental offering to help it rent faster. Remember that the majority of tenants are seeking a long-term home, not just a temporary someplace to stay, so if you can offer exactly what they’re looking for, they’re more likely to stay and you’ll have less to worry about.

#2. Get expert marketing for your rental property

Setting the bar high with your marketing, from the advertisement to in-person viewings, is essential if you want to attract interest in the top tenants.

#3. Keep your rent realistic

Of course, we are always trying to get the highest possible rent, but if your listing’s price is overly optimistic, many best tenants will simply pass it over. Rental prices are more stable than sales pricing, yet they are greatly impacted by market forces. Taking the advice of a skilled realtor will help your house sell quickly and avoid a long period of vacancy, ensuring you maintain your income.

If the real estate agent’s recommended monthly rent is lower than you expected, consider the money you’d lose if the house stayed empty. For example, letting quickly at £850 is preferable to having a void for a month while negotiating for £875, and a ‘loss’ of £25 each month for the next year or two is still preferable to losing the entire £875!

#4. Stay up to date with maintenance and quickly solve concerns

Not only is it your legal responsibility to keep your property in good shape and respond immediately when concerns arise, but your tenants will appreciate you looking out for their comfort and well-being. A pleased tenant is far less likely to leave, and a low tenant turnover results in significantly lower average annual vacancies, which is essential for maintaining a steady income.

The problem is that calls and messages for maintenance and repairs can arrive at any time of day or night. If you currently manage your property yourself, you’ll understand that it’s not always convenient or even possible to stop what you’re doing to deal with issues, especially if you’re on vacation or working away. A property manager can be really helpful in this situation, providing top tips for maintaining occupancy. Western Lettings Glasgow – your trusted partner for landlords. Schedules routine property inspections and hires dependable contractors to make any essential repairs, ensuring tenant satisfaction. Our renting agents are quite used to dealing with tenant enquiries and can typically address them without bothering you, ensuring smooth tenancy management. Visit our website for an overview of our Fully Managed service.

#5. Go above and beyond for your renters

Make sure your tenant is okay and ask them if they need anything by regularly checking in with them. If possible, this should be done in person when you perform your regular checks. For example, in a furnished property, having a desk or some shelves may make their life much easier – especially with so many people now having to work from home – and as long as their request is acceptable, it often proves worthwhile to provide what they need.

Also, when the holiday season arrives, don’t forget to send your tenants a note and a small gift. It’s a considerate gesture that won’t cost you much but will make your tenant feel close to home.

Get in touch with us today!

Visit our website to learn more about our Professional Marketing service, and if you’d like to discuss reletting your property, simply contact Western Lettings Glasgow and we’ll happily provide you with a free rental value that can maximise your income.