How to Minimise Void Periods
It’s inevitable that every Landlord will face at some time a void period.
Some Landlords choose to budget for a void period – similarly to budgeting for repairs and maintenance.
But let’s talk about how to avoid being in that position in the first place
Your property should be in the BEST condition possible, inside and out. It may be that at the time of marketing, there’s some competition out there and tenants can afford to be choosy. Make your property stand out from the crowd
Find the RIGHT long term tenants to match your criteria and once they’ve moved in and are settled, consider offering them a longer term Tenancy. This will give them peace of mind and security.
Then choose to follow on with another fixed term rather than letting the Tenancy fall into a Periodic Tenancy
When you have the right people, look after them well, treat them with respect. After all, the longer they stay, the better it is for you
If a tenant does give notice, why not ask them the reason? It could well be something that could be resolved which leads into a longer tenancy
If you DO get a void period and are struggling to find the right tenants, don’t be tempted to make a decision you might regret, just because they can move in next week! Stick to your criteria and take the time to dig deep with referencing
Stay realistic with the rent – better to have a long term tenancy with a rent just below market value than a rent that’s top end but without Tenants or a high turnover. Give careful consideration to rent increases too. If you’ve tenants who are looking after your property well and the rent is always paid on time and in full, why upset them with a hefty increase?
Everyone loves a deal – a discount on a first month’s rent or some other kind of help or incentive to get them started will not only be attractive but it’ll get the tenancy off to a really good start and hopefully contribute towards a long happy Tenancy!
If you enjoyed reading this blog, you might also enjoy reading about the Single Most Frequently Asked Question by Landlords