How to avoid tenancy void periods with your London property management?

If you asked any landlord to name their biggest problem, they would say void periods. Some void periods are inevitable. There are periods where you need to update the property and it has to be unoccupied. When your property is unoccupied with no rental income is what we call the void period.

Make sure you are proactively keeping an eye on your letting agent or stay proactive yourself in marketing your property. Letting agents tend to have many properties to rent and make sure they have not put your property at the bottom of their list. 

Stay in regular contact with your letting agent and ask for updates. Ask how many viewings have been carried out, anybody may be interested in making an offer, get the feedback. Are people put of by the rent or the condition of the property? If you keep getting the same feedback then you need to take action and make some changes. 

If you asked any landlord to name their biggest problem, they would say void periods. Some void periods are inevitable. There are periods where you need to update the property and it has to be unoccupied. When your property is unoccupied with no rental income is what we call the void period.

Make sure you are proactively keeping an eye on your letting agent or stay proactive yourself in marketing your property. Letting agents tend to have many properties to rent and make sure they have not put your property at the bottom of their list.

Stay in regular contact with your letting agent and ask for updates. Ask how many viewings have been carried out, anybody may be interested in making an offer, get the feedback. Are people put off by the rent or the condition of the property? If you keep getting the same feedback then you need to take action and make some changes.

If the letting agency is not quick enough for you consider appointing another agent along the side of the other.

What can you do to avoid them?

How to avoid tenancy void periods #: Check your tenancy agreement, make sure it allows you to show your property to prospective tenants before your current tenant leaves

You have to give 24-hour notice to show the property to a prospective tenant and your tenant still has the right to refuse access. It all depends on you having a good relationship with your tenant if you have a good relationship with them, it is highly likely they will allow access. You can also offer to pay them a reduced rent. Some tenants prefer to stay if it costs more to move to another property, they simply weigh their options.

A competitive rate will give you access to more potential tenants and the tenant of your choice is more likely to stay longer.

Landlord Insurance Guide

How to avoid tenancy void periods # 2- Respond quickly and professionally to all repair and maintenance issues

If tenants feel they are looked after they will stay longer. If your tenant leaves, plan ahead quickly to set it all up for a quick turn around and reduce void periods.

What are the signs of a good tenant?

How to avoid tenancy void periods # 3- Keep an eye on the tenancy ending periods

December and January are the worst times to find a new tenant if your current tenant is due to move out in any of these months and willing to extend their moving out date by 1 or 2 months, bear in mind that this works in your favour.

Unexpected costs of being a landlord

How to avoid tenancy void periods # 4- An up to date property sells itself

Kitchens and bathrooms sell the property. If you are the one carrying out the viewings, make sure you appear smart, confident and competent. If not, make sure to choose an agent that tics all of those boxes.

How to evict a tenant in the UK?

How to avoid tenancy void periods # 5- Be careful with rent increases

Keep an eye on the market and when you are due to increase the rent, double-check that you are not staying below the market rate. Be aware that you run the potential of your tenant leaving because of the rent increase. On a periodic tenancy, if a tenant gives a retaliatory notice to quit and leaves, it can take a month or two to rent the property.

How to handle bad tenants?

West London Property Networking

Please contact Pelin Martin to book a 30-minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk

Landlord Insurance Explained – Residential Property Management London

Landlord insurance is a definite consideration for anyone renting out their investment property.

Even with the best intentioned tenants, everything may not go all that well through out the tenancy.

You may have accidental flooding and failed rent payments, the right cover would provide a peace of mind.

There are many types of landlord insurance, there are a combination of different insurances, tailored to fit the needs of individual landlord.

Do I need Landlord Insurance?

Landlord insurance is a definite consideration for anyone renting out their investment property.

Even with the best-intentioned tenants, everything may not go all that well throughout the tenancy.

You may have accidental flooding and failed rent payments, the right cover would provide a peace of mind.

There are many types of landlord insurance: try to find a combination of different insurances, tailored to fit your individual landlord needs.

3 Main Landlord Insurance Tips

  1. Landlords need insurance specifically designed for landlords – a standard home policy is highly unlikely to be sufficient
  2. Your insurer must be notified every time a tenancy change takes place. Otherwise, claims may be void
  3. Many insurers will offer discounts if you buy landlord building and contents insurance together

Landlord Building Insurance

Banks and building societies are likely to insist on buildings insurance as a condition of a mortgage, this is pretty much the norm.

Even if you own your rented property outright, buildings insurance is likely to be the most basic cover you’ll want for such a valuable asset.

Landlord Building Insurance Cover

The right landlord building insurance will cover the cost of rebuilding or repairing your property following events such as:

  • Storm, floods, lightning or earthquakes
  • Subsidence
  • Damage to water, drainage or heating installations
  • Collision by vehicles, machinery or animals
  • Falling trees or branches
  • Vandalism or other malicious acts
Landlord Buildings insurance often covers malicious damage by tenants. In some cases, also glass, lock and key replacement as standard, check your policy to find out where you stand.
For the correct quote of buildings insurance, you need to provide the cost of rebuilding your home. This is not the same as the market value property or how much you paid for it. You can use the rebuild calculator supplied by the Building Cost Information Service (BCIS), commissioned by the Association of British Insurers.

Landlord Insurance Loss of Rent

Loss of Rent Landlord Insurance covers income lost if your property becomes uninhabitable and your tenants are forced to move out while another claim is honoured.

Landlord Contents Insurance Only

The level of contents insurance you need is largely dependent on whether you’re renting your property furnished or unfurnished. In both cases, you should still consider taking out a Landlord Contents Insurance:

  • If your property is unfurnished, you’ll still need to consider cover for white goods, carpets, curtains and blinds. You should note that some building insurance policies include a level of contents insurance as standard to cover basic items such as carpets and white goods.
  • If your rental property’s furnished, you’ll need to think about the cover for furniture, electrical items, pictures and personal items. It is your tenant`s responsibility to ensure their own contents.

The amount you’ll pay for landlord contents cover will depend on the location of the property and the type of tenants in it.

Accidental Damage Insurance for Landlords

Accidental damage is usually included as part of a building or contents insurance policy. It should cover damage not caused by negligence, recklessness or misuse.

Landlord Emergency Cover Insurance

Landlord emergency cover could help in the event of a crisis such as a boiler breakdown, burst pipes, lost keys and many other types of emergencies.

Some policies will cover the cost of alternative accommodation for your tenants if the problem makes the property inhabitable.

Landlord Liability Insurance

Landlord Liability Insurance could cover you in the event of the injury or death of any individuals on your property. It also protects you against tenants who may try to sue you following an accident.

You might also want to consider employer`s liability insurance, which offers protection in the event of the death or injury of any person you employ on a casual basis at your property, such as a cleaner, handyman or gardener.

A good landlord policy would include Landlord Liability Insurance.

Landlord Rent Guarantee Insurance

Landlord rent guarantee insurance is not a loss of rent insurance. It cover offers compensation for the landlord if tenants default on their rent payments. Payments are capped at a certain level and for an agreed period.

Legal Expenses Insurance

Legal expenses insurance is designed to cover the costs incurred by landlords if they have to take legal action in court. This will help to deal with issues such as disputes with tenants, evicting squatters, repossessing property and defence against any criminal action.

This type of policy can also cover the costs of recovering outstanding rent owed by tenants.

Unoccupied Property Insurance

Most insurance providers regard a property as being unoccupied if no-one has lived there for 30 consecutive days, at which point standard insurance becomes invalid.

An empty property is more of an insurance risk due to burglary, vandalism and weather-related damage.

If your property is going to be empty for over 30 days, it is best to arrange a specialist unoccupied property insurance policy to make sure your property is still adequately covered.

West London Property Networking

Please contact Pelin Martin to book a 30-minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk