If your rental property is standing vacant, it’s a double financial hit – there’s no rent coming in and you still have to pay the outgoings and expenses associated with the property, including mortgage payments and maintenance bills. That means an essential part of protecting your buy to let profits is keeping void periods to an absolute minimum.
The long-term average annual void in the UK is around three weeks. And, although data shows that this recently dropped to 10 days in England, thanks to the current high demand and lack of stock, there are big differences between the regions, with a low of five days in the South West and a high of 17 days in the West Midlands.
So, what can you do to ensure that your property beats the average and has as few days as possible in the year when it’s not let?
Here are what we’d suggest are the top five ways to avoid a void, which fall into two categories: ensuring your property can be let quickly at the best possible market rent and keeping existing tenants happy so they’re not tempted to leave.
- Make sure your property exceeds the expectations of your target tenants. Today’s tenants expect good quality, modern fittings and a neutral but fresh décor. A fast internet connection is a must and we’d recommend you welcome well-behaved pets, as long as they’re suitable for the type of property.
Remember that many tenants these days are looking for a home for several years, not just short-term lodgings, so the more you can do to provide exactly what they’re looking for, the longer they’re likely to stay and the less you’ll have to worry about voids. Speak to us about what you could add to your rental offering that might make all the difference when you’re trying to secure a quick let to a great tenant.
- Market the property as early as possible and in a professional way. If you want to attract the best tenants, you need to set the standard with your marketing and ensure tenants who apply receive a professional service.
At Reeds Rains, our lettings service includes:
- Professional photography, with shots digitally enhanced to make the property look its absolute best
- 360° virtual viewings, so tenants can get a feel for the property no matter where they live, and viewings only need to take place with serious prospects
- Professional floorplans – which many agents only provide for sales listings
- Premium listings on Rightmove and Zoopla to reach as many potential tenants as possible
For in-person viewings, you can be sure that all our agents are properly trained and will be prepared to answer any questions prospective tenants might have, and we have an efficient system for credit checking and referencing tenants before any offer is accepted.
- Be realistic with your rent. Rental prices are more consistent than sales prices and are very much set by the market. Although we will always endeavour to secure the best possible monthly rent for your property, be aware that if you’re over-optimistic on your listing, most tenants will simply scroll by and choose a more reasonably priced option. That means your property could end up sitting on the market, which means a longer void period.
Even if you end up accepting slightly less than you had hoped for, think of it in terms of the rental income you’d be losing if you had a month’s void while you waited for that one tenant who was prepared to pay a bit more. Securing a tenant quickly at £875 rather than holding out for £900 means £875 income for that month, versus nothing. And even accepting £25 less, you’ll still be better off for 35 months than you would have been with a month’s void – during which time you’ll probably be raising the rent anyway.
- Have a regular maintenance schedule and fix issues quickly. Once your property is let, you have a legal responsibility to keep it in good condition and respond to tenants quickly if they report a problem. Not only that, but the tenants will appreciate you being on the ball and showing you care about their comfort and wellbeing. And we know that when a landlord looks after a tenant’s home and is responsive, tenants are far less likely to move.
If you currently manage your rental yourself, you’ll know that calls and messages can come at any time of the day or night and it’s not always convenient or even possible to stop what you’re doing to deal with issues, especially if you’re on holiday or working out of the area. This is where having a professional managing agent can really help. We schedule routine property visits and have reliable contractors that can attend the property quickly if repairs are needed, plus our lettings agents are very used to dealing with tenant queries and can usually resolve any complaints without having to trouble you as the landlord.
- Be considerate and flexible. Every now and then, get in touch with your tenant to check they’re okay and see if there’s anything they need – ideally in person, when making your periodical checks. Sometimes tenants might want an item of furniture that you haven’t already provided - such as a desk or some shelves – and as long as their request is within reason, assure them it’s no problem to provide what they want.
Finally, a card and a small gift at Christmas is a thoughtful touch. The more you can make your tenant feel at home, the longer they’ll want to stay in your property and the less often you’ll have to worry about having a void while you find a new tenant.
Find out more about our Professional Marketing service on our website and get in touch with your local Reeds Rains branch at any time to request a free rental valuation.
The Reeds Rains Content Marketing Team
