In our latest blog, we aim to help you avoid void periods on your rental journey. Although not ideal for any landlord, these are common occurrences across all kinds of properties, and we advise on how to reduce the likelihood, so that your investment doesn’t stall.
For those who aren’t aware, a void period is the time a property is standing empty, usually between one tenancy ending and the next beginning. During this gap, whether days, weeks or even months, there’s no rental income, yet the mortgage and any maintenance still need to be paid for. Profitability can be quite easily affected by having just a short void period, especially on flats for example, where there are generally service charges to be covered.
Before
Even before purchasing an investment property, there are steps and choices to be made to help decrease the chances of an empty home. Firstly, there’s location. By owning a place in a popular village, town or city, the appeal of a rental will be higher, and the demand too. Areas we cover are a real lure for all sorts of tenants, particularly with the variety of amenities, schools and transport connections. Secondly, there’s type. Renting out a typical family home means there’s a wider range of potential tenants out there. A one-bedroom bungalow, while still very much in demand, will attract fewer occupants than your average three-bedroom semi-detached. Near universities, houses with more bedrooms will attract groups of students, and young professionals are drawn to commuter towns.
By instructing an agent such as Orchards as soon as possible, we can advise on the right monthly rental price, and we can prepare to find you the right tenant. By providing comprehensive referencing and Right to Rent checks, you can be assured we’ve done our homework on who’s going to be living in your property. Most relevant to void periods, we offer a rent guarantee (with no excess) for up to 15 months. With the average void period around three weeks per year, this offers valuable peace of mind that you’ll receive rent during empty periods.
If you have numerous rental properties, it may be sensible to stagger tenancies to avoid cyclical contracts ending at the same time. Starting various 12-month agreements all in the same month could mean they all end in the same month, which would be a more substantial setback if multiple or even all occupants decide to move at the end of the tenancies.
During
Keeping tenants happy isn’t rocket science, but it does take a lot of attention. With a managed service from us, we’re available to assist you at all times. By taking note of any feedback from residents, we’re able to address what’s working, and what might not be working so well. We provide 24-hour maintenance management for swift turnaround of any issues in the home, ensuring tenants’ enjoyment and your stress levels are unaffected. Regular inventories and inspections allow us to see what might need updating from both sides. By meeting needs, spending a little to save a lot, you retain tenants for longer, and they’re happier in their home.
After
It’s a fact of life that a tenancy will end, and we’re on hand to find you the next one quickly, efficiently and reliably during the notice period, not after the old tenants have left. Once a tenancy has reached its end, you could take the opportunity to spruce up the home in order to attract new tenants as soon as possible. This is also helpful for the age old ‘leave it as you found it’—if the home is clean and cared for on move-in, it’s more likely it’ll be left that way. By ensuring a thorough inventory is undertaken, any issues are logged and any work needed to fix it can be organised by us.
Adam Barker, Director, shares his tips and advice on making sure you avoid the void:
“We’re very fortunate the rental market is still extremely buoyant, but to ensure the property stands out above the rest to avoid any void periods when a property comes to market, it’s important the property is presented in the best possible way, i.e., clean and tidy, not only will this help avoid any void periods, but it’ll also help achieve the best possible price. During the tenancy, make sure any required maintenance issues are addressed and handled correctly to avoid tenants wishing to leave and to continue a happy harmonious tenancy.”
For how we can help you with your own rental property, or for any information on the current buy-to-let market, contact us on 01525 40 22 66 or email ampthill@orchards.co.uk
