Tips to
minimise void periods in rental properties
Usually when a tenant moves out of a rental property there is
a short period of time when a property remains empty before the new tenant
moves in, at Spencer we encourage this and usually suggest a week between
tenancies. It can be a beneficial time to ensure the property is ready to be
re-let by having any maintenance work and cleaning carried out so it’s in
tip-top condition for new tenants.
However, this is not always the case and unfortunately some properties
remain empty for a period of time. Every landlord should be trying to minimise
the void periods where possible, because at the end of the day empty properties
cost money. Whether it be through the mortgage, council tax, utility bills or
service charge there is always some cost the landlord has to pay.
There are a number of things that landlords and agents can do
to ensure void periods (AND COSTS!) are kept to a minimum.
1) Start
marketing early
At Spencer we always contact our
tenants at least 2 months before their move out date to find out their
intentions at the end of the tenancy, we aim to advertise properties 6-8 weeks
before the available date. This means that any prospective tenants looking for
a new home have plenty of time to give notice on their current property.
2) Renew
contracts without delay – avoid periodic where possible
As mentioned above we always
contact tenants 2 months before their vacating date to find out their
intentions, this gives plenty of time to arrange any contract renewals. Where
possible we advise landlords against periodic contracts as it means that
tenants can give their one month notice at any time, if a tenant was to give
notice in the winter months then it can be more difficult to re-let the
property.
3) Keep an eye
on the property during tenancies
We recommend carrying out regular
inspections on rental properties to ensure that they are being looked after by
the tenants and that any maintenance issues are noticed and dealt with quickly
& efficiently. At Spencer we carry out regular property inspections and
provide our landlord with a full report and photos on the condition of the
property.
4) Keep the
property in good condition
Once you have a good tenant in your
property it’s important to keep it in good condition for them to want to stay,
maintenance issues should be dealt with quickly & efficiently and we
recommend being open and accommodating to reasonable tenant’s requests. Ongoing
investment in the property especially in bathrooms and kitchens can also help
secure tenants and always helps when re letting the property.
5) Utilities –
take meter readings!
As soon as a tenant vacates meter
readings should be taken of all the utilities, this ensures that landlords
aren’t paying for the previous tenant’s usage, it ensures the void period costs
are kept to a minimum. As part of the
check-out process we take all meter readings to provide to landlords along with
a detailed check out report.
6) Expect a
void period
The average void period in the UK
per year is between 2 and 4 weeks, it is recommended to budget for one month
per year to avoid any unexpected costs.
7) Find good
tenants – and keep them!!
The best way to minimise void
periods is to avoid them completely!! Once you have the right tenant in your
property, at Spencer we fully reference and credit check all our tenants and
always ensure they are the best fit for your property. We then work constantly
to ensure tenants are happy and keep them in your property! If you don’t
believe us just check our 5* Facebook and Google reviews!
Whether
you are a landlord letting your property for the first time or a landlord stuck
with a vacant property, our focus and attention at Spencer will always be to
provide you with practical and honest advice. If you need help re-letting your
property please get in touch with our rental team.
www.spencersestateagents.co.uk
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