Avoiding Voids07 August 2012
In the current private rental market it is essential that we take every step we can to reduce the time our property is left empty between tenants. There are a number of ways we can do this and here are some of the best:
There are a number of ways we can do this and here are some of the best:
Keep lines of communication with your tenants open and try to develop a friendly rapport with them. Make sure they are enjoying their stay in your property and let them know how much you value them as tenants. When a tenant gives you their notice, ask why they want to leave and see if there is anything you can do to convince them to stay. At the same time, you need to remember to respect your tenants' boundaries and do not hassle them, as you could solicit an undesirable result.
When your tenant asks you to address a problem or make a repair, you need to respond to them quickly and undertake the repairs in a speedy and professional manor. If you keep your tenants happy they will be much more likely to want to stay (remember that you are effectively running a customer service orientated business). Listen to any criticisms or complaints your tenants make and when you cannot resolve an issue you should explain why.
When you can't keep tenants and you need to find new ones, capitalise on any void periods by using them to your advantage. Renovation and refurbishment needs to be carried out when your home is not occupied by tenants, so attempt to plan ahead as soon as you know the property will become vacant.
Unique Selling Point:
When there are a large number of rental properties competing for a limited number of tenants, you need to find something you can offer that other properties can't or don't. Unique fixtures and fittings can help catch a tenant's eye and give your property the edge in a competitive market.
If you are able you should think about offering extras or bonuses to convince your tenants to stay. This could be anything from a fridge filled with beer to a period of free broad band. It is worth researching your market and coming up with a few different options that you can offer people; you might be able to find suppliers willing to offer you a discount if you implement the incentives across multiple properties.
You need to make sure your property doesn't sit empty for too long, not just because you will be missing out on rental revenue but because being empty can make it harder to insure as well. Standard insurers may not pay your landlord insurance claim if the property has been vacant for more than 30 days. With a specialist landlord home insurance provider like HomeProtect, you can get a competitive quote for landlord house insurance online. With HomeProtect you can get landlord contents insurance regardless of how long your property might be empty for.
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