January 15, 2023
Void periods are when your property is standing empty and there’s no rent coming in. As a property investor, it’s essential you keep voids to an absolute minimum because they’re a double financial hit:
You lose rental profit for that period of time
You have to cover the outgoings and expenses associated with the property yourself – that’s things like mortgage payments and maintenance bills
Although the long-term average annual void is around 3 weeks, that’s recently dropped, mainly thanks to the shortage of stock and high demand. However, there are big differences between the regions – for instance, the average void period in the South-West is 5 days, while it’s 17 in the West Midlands.
Here are our top 5 tips
How to make sure your property can be let quickly at the best possible market rent:
Exceed your tenants’ expectations
Today’s tenants expect good quality, modern fittings and a fresh, neutral décor. A fast Internet connection is essential, and we’d also recommend you accept pets, as long as they’re well behaved and suitable for the type of property.
Speak to us about what you could add to your rental offering that might help it let more quickly. Remember, many tenants are looking for a home for several years, not just temporary lodgings, so if you can provide exactly what they’re looking for, the longer they’re likely to stay and the less you’ll have to worry about voids.
Have professional marketing
If you want to attract the best tenants, you’ve got to set the standard with your marketing – from the advert to in-person viewings.
Our own Professional Marketing Package includes:
- Professional photography, to make sure your property stands out by looking its best
- 360° virtual viewings, so tenants can explore the property and viewings only need to take place with tenants who are serious about the property
- Professional floorplans
- Premium listings on Rightmove and Zoopla
Be realistic with your rent
Of course, we always aim to secure the highest possible rent, but if the price on your listing is over-optimistic, lots of tenants will simply rule it out. Rental prices are more consistent than sales prices and are very much set by the market. Taking a professional agent’s advice on this will help your property let quickly and avoid a long void between lets.
If the monthly rent the agent recommends is lower than you’d hoped, think of it in terms of the income you’d be losing if the property sat empty. For example, letting quickly at £850 is better than having a void for a month while you hold out for £875, and the ‘loss’ of £25 a month for the next year or two is still better than losing a whole £875!
How to keep existing tenants happy so they’re not tempted to leave:
Keep up to date with maintenance and fix issues quickly
As well as it being your legal responsibility to keep your property in good condition and respond quickly when problems are reported, your tenants will appreciate you looking out for their comfort and wellbeing. A happy tenant is far less likely to move, and a low turnover of tenants means much lower average annual voids.
The challenge is that calls and messages about maintenance and repairs can come at any time of the day or night. If you currently manage your property yourself, you’ll know that it’s often not convenient or even possible to stop what you’re doing to deal with issues – especially if you’re on holiday or working away. This is where having a property manager can really help. At Harris and Co Estates, we schedule routine property visits and have reliable contractors that can handle any necessary repairs. Our lettings agents are very used to dealing with tenant queries and can usually resolve them without having to trouble you. Head to our website for a breakdown of our Fully Managed service.
Go the extra mile for your tenants to avoid void periods
Check in with your tenant every now and then to make sure they’re okay and see if there’s anything they need. Ideally, this should be in person, when making your periodical checks. For example, in a furnished property, having a desk or some shelves might make their life much easier – especially with so many more people now having to work from home – and as long as their request is reasonable, it’s often worth providing what they need.
And, as we come up to Christmas, don’t forget to send your tenants a card and a small gift. It’s a thoughtful touch that doesn’t cost you much, but will help your tenant feel at home.