How to reduce rental voids

Unless you buy a property with tenants already in place, most likely there will be a void period when you buy a property. After the initial letting, there will be times when you need to find replacement tenants. And these tips for making the process quick and efficient will help reduce your rental voids.

  • Advertise immediately- As soon as your current tenant gives notice, start advertising for potential tenants. Even when you first buy a rental property and it’s not yet ready to let, you can start advertising. This way, you will have a list of potential tenants for when you complete the work.
  • Set the right rent. Research what else is available locally and make sure you are offering a competitive rental rate that will be attractive to potential tenants. Be sure that what you are offering is of good value.
  • Choose the right tenants. Wherever possible, try to select tenants that you know will be happy to call your property home. Also, ensure you carry out the correct and thorough referencing requirements. If you have an HMO (House in Multiple Occupation), ensure new tenants are a good ‘fit’ with the rest of the people in your property. This helps to maintain a harmonious household.
  • Be organised. When you do have a tenant interested, ensure to have an efficient system for getting all documents, keys, utility information, and financial checks carried out.

To maximise your profitability you need to reduce rental voids as much as possible. Planning ahead can help ensure a quick turnaround of tenants at the end of each tenancy. But it’s usually more cost-effective to keep existing tenants for as long as possible.

Remember to offer your tenants a consistently high level of service and support. That way, if they do decide to leave, it will only be because of a change in their personal circumstances.

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