Our tips for reducing void periods with your rental property
A suburban street of houses on a curving street in Bearsden, to the North West of Glasgow, Scotland.
Although most homes are being let quickly in the current market, with demand exceeding supply in most locations, simple mistakes can still result in an extended void period.
Having a property remaining unoccupied between tenancies is one of the biggest concerns for landlords because it results in a twofold financial loss:
- You are losing rental income. Even a few weeks without rent can wipe away your monthly profit.
- You still have bills to pay that would normally be paid by your rental revenue, emphasising the importance of strategies to minimise void periods in your rental. That means you’ll need to dig into property reserves or perhaps even your own money to ensure that bills like the mortgage are paid.
A speedy turnaround between tenancies will ensure you don’t lose any more rental income than necessary. So, here are five ways to minimise void periods:
#1. Keep the property well maintained
Effective property management is key to minimising void periods as much as possible. The better condition you can keep your property in throughout the tenancy, the less work will be required at the end. So:
- Perform regular inspections every 6-12 months to look for any maintenance and repair issues that your renter may not have reported, or we can do this for you with our landlord services.
- Use an expert contractor who understands the standards that must be met to keep your rental property in a condition to stay legally let.
- Ensure that problems are solved properly rather than just ‘patched’ to prevent the same issue from occurring again.
#2. Check the property as soon as the tenant gives notice
Inspect the property as soon as the tenant gives you notice that they are going to vacate. This will enable you or your agency to see what repairs and redecoration are required before the next tenancy begins, allowing you or your letting agent to schedule contractors to begin work as soon as the tenant leaves. At the same time, let the tenant know whether there would be any deductions from their deposit, so they can get things in order themselves.
#3. Advertise the property for a reasonable market rent
Rents tend to change and fluctuate less than sales prices, allowing tenants to quickly determine when a rental property is overvalued. If you want to charge more than the average for the area the property is located in, you must provide something unique to your competition, such as extra amenities or the ability to accommodate pets.
Tenants may be driven off by a rental property that is even slightly more expensive than other similar properties, so it is preferable to charge a fair rent that is in line with the local average, or even lower if you want to maximise interest. If a tenant can afford the rent of a short let for £10-20 per month less than you’d prefer it usually makes far more financial sense than leaving your house empty for weeks.
#4. Conduct effective marketing as soon as possible
Your property listing should stand out and attract as many potential tenants as possible. That entails having numerous professional images and a virtual tour, techniques that can attract a new tenant faster and reduce rental void periods.
Western Lettings Glasgow handles listings in the same way as our sales colleagues do, and we provide all of the advantages listed here to our landlords, including how to minimise void periods. Every showing is accompanied, and all prospective tenants are thoroughly verified to ensure they are a good fit for your house, an essential step to efficiently manage void periods and secure a new tenant quickly.
If you’d like to discuss our marketing package, please contact your local branch, and one of our team members will be happy to assist.
#5. Be as versatile as possible to minimise void periods
The more versatile you are in terms of the type of tenant(s) you are willing to accept, the faster you will be able to secure a new tenancy and effectively manage void periods. For example, you may prefer not to accept dogs, but the truth is that once pet owners have found a suitable home for themselves and their companion, they frequently make good tenants and wonderful long-term renters – and the longer a tenancy, the smaller your average yearly vacancy time!
One crucial aspect to remember is that even if you’re doing everything correctly, there will and should always be a brief amount of time between one tenant moving out and the next coming in, typically two to three days. That’s because the check-out inventory must be completed, the property may need a ‘deep clean’ and possibly redecoration and a fresh check-in inventory must be created for the tenants to sign. If more work is required to bring the property up to standard, there may be longer void periods between rentals. This is why landlords should always take into consideration voids when creating their property budget.
If you are interested in speaking to us about letting your home or have any marketing inquiries, please contact Western Lettings Glasgow and one of our Lettings professionals will be pleased to help manage void periods in your property effectively.
