We know that void periods are one of a landlord's major concerns when it comes to renting out a property. So we've outlined ten of the best ways to 'avoid a void' ensuring you have a stress free festive period.
1. Choose a proactive agent.
The final months of the year are where having the right agent to represent you is vital. It is really important that your chosen agent has access to an extensive network of prospective tenants. Unlike the summer months, where tenants are more inclined to call the agent asking for a viewing, this period of the year is where the agent needs to show initiative and take a proactive approach.
2. Market for short lets and long lets to cover all bases.
The winter months can be a popular time for international visits, extended overseas vacations, bridging the gap between selling and buying, or getting out of a building site mid renovation for a more enjoyable Christmas. Renting for a short let of one to six months can get a landlord out of a winter availability cycle without enduring an expensive void period and can provide an increased return while you continue to search for a quality long term tenant.
3. Make marketing a priority.
It should come as no surprise that prospective tenants are more reluctant to view properties as the nights draw in and the temperature drops. With this in mind it is really important the marketing details capture their attention with multiple pictures, floorplans and virtual tours enticing tenants to contact your agent. Ensuring your property is advertised on the top two aggregator sites, Rightmove and Zoopla, is also essential.
4. Ensure the agent has keys.
Make sure the property is as accessible as possible. Each estate agent branch needs to have a set of keys as this increases viewing convenience. If the property is tenanted it is always a good idea to speak to the current tenants ahead of visits to ensure they understand what is expected of them in terms of access, keeping the property tidy and helping get your property let as quickly as possible.
5. Be realistic with price.
You need to price the property at a level that attracts interest online and in person. A competitively priced property will let faster and reduce the risk of a void period.
6. Make sure the flat is dressed to impress.
Again, have a conversation with any current occupants about how the property needs to look in order to attract a high quality tenant. Untidy flats and cold vacant properties can take longer to let. If the property is not tenanted, check it is looking its best - programme the heating to come on every day and put lights on timer switches if possible.
7. Consider all offers.
Weigh up the benefits of the rent coming in versus a void period.
8. Look at all aspects of an offer.
Quality of tenant, move in date, length of contract and potential requirements are all essential parts of any offer and all should be considered carefully when making a decision.
9. Choose a longer tenancy term.
Try to sign a tenancy agreement for greater than 12 months to minimise the risk of being in the same situation again next year.
10. Take advantage of the help that is on offer.
Letting agents work for the landlord so if you have any questions or concerns, don't suffer in silence. Ask an expert If you would like assistance over the winter months, we would be delighted to help, even if just to offer advice.
