Landlords: How to Minimise Property Voids
Property voids are the bane of every landlord’s existence. No tenants mean no income. As a result, landlords need to work hard to reduce their chances of having their properties left unoccupied.
There are many reasons for property voids, and many are out of your control, but some issues can easily be resolved so that you can keep your tenants for longer.
Tenants who stay in your property over the long-term will save you time, money and hassle, so you should try to find great tenants and then keep them in your property.
It might sound challenging, but there are a number of things you can do to minimise property voids and their impact on your income.
Read on, and we’ll share some innovative ideas to help you to reduce your chances of a property void and keep your portfolio stocked with happy tenants.
Find and Retain High-Quality Tenants
Choosing high-quality tenants will enable you to trust them much more easily. Many property voids are unavoidable, but there are also a significant number that can be avoided if landlords do their due diligence. Simply taking the time to check out your applicant’s references can save you a lot of bother further down the line. Alternatively, running a credit check on anyone you are considering as a tenant will alert you as to any financial red flags that you should be aware of.
Stay On Top Of Maintenance
Ensuring that properties remain in a good state and that any issues are dealt with as soon as possible is a fundamental part of a landlord’s work. If you want to avoid rent voids, staying on top of maintenance and showing yourself to be a good and conscientious landlord will make a huge difference.
You shouldn’t just wait for your tenants to come to you with issues. Instead, make an effort to check your properties on a semi-regular basis, so you can identify and fix any issues as soon as they arise.
Keep Rent Competitive
It goes without saying that if you set your rent too high, then you are going to struggle to attract tenants. This is just like any other industry; there is a limit to what customers will pay for your services. It is a good idea to re-evaluate your rent on an annual basis. However, don’t fall into the trap of thinking that your rent should only ever go up. If market conditions dictate that a lower rent is more realistic, this is something that you should consider.
As well as market conditions, you should also check out what other, similar properties in the area are being rented out for, so that you can make your prices in line with those. If your property is significantly more expensive, then there needs to be a reason- such as a much larger garden. Tenants will flee and seek a more cost-effective home if they find that your rent is higher than your competitors, so do regular research to make sure that you always ask for the market standard.
Get Rent Guarantee Insurance
Like other forms of insurance, rent guarantee insurance exists to protect you financially from the unexpected. In this case, the insurance provides landlords with financial cover should their tenants be unable or unwilling to pay their rent.
No matter how careful you are in your tenant selection process, there are a plethora of unforeseen circumstances that could befall any of us. Therefore, rent guarantee insurance is worth having even if you trust the talent in your property. You can use an online service to find the best prices available on rent guarantee insurance for your rental properties. Through your research, you may also find the best prices on a range of other types of insurance that might be of interest to landlords.
As long as you are a diligent landlord and you stay on top of all of your expected duties, there is no reason why you should not be able to foster a good reputation and avoid void periods altogether. However, you also need to ensure that you are screening your tenants if you want to avoid nasty surprises down the line. Stick to the advice above, and you won’t have to worry about void periods again.