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?
Check your tenancy agreement
When checking your 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.
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.
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.
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.
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.
Please contact Pelin Martin to book a 30-minute free property consultation on 0208 994 7327 or email email@example.com.