No one wants an empty house. One of the main worries that many landlords experience is the possibility that a month or more will pass between lets without any rental income. It is crucial to minimise void periods where possible by acting fast and making sure you get the next tenant for your property. It is inevitable that circumstances will change and people will move on but there are quick and easy steps to reduce void periods.
This is one of the most effective ways to finding a new tenant. Most people looking to let will firstly browse homes in their desired location on their phone or computer. Using your local Guild Member is an easy way to get your rental property noticed without having to do all the work yourself.
Social media has become an increasingly popular platform for those looking for a property to rent. Your estate agent will share the property across their social media channels as a part of their marketing strategy, but it doesn't hurt to also share the property yourself.
An old-fashioned way to find a suitable tenant, word of mouth can still be surprisingly effective. Talking to people living close to the empty property or your friends could lead to finding someone who might be interested in renting your property. If you live in a city, the chances are a friend or colleague may know someone who is looking to rent.
It’s always good to do a little research into competitive rental rates as this is rent price and location are the two biggest factors when searching for a new home. Make sure the property is good value for money and all repairs are up-to-date as potential tenants will always do a thorough search before making their choice. You want to make sure that your property is at the top of their wish list.
Trying to fill the void period may be quite time consuming, but it is worth spending time trying to select tenants that will be delighted to call your property their new home. Make sure you have the correct references and requirements from the new tenant before having them sign the contract to rent your property.
Do you have a property to rent? Are you looking for your next tenant? Contact your local Guild Member today.