This is because there is no rental income coming in, and with mortgage payments and other recurring costs, this can be a very challenging and stressful time putting pressure on finances.
The most common reason for void periods is when a tenant leaves the property, but there hasn’t been a suitable replacement found. As a result, the property is empty.
Whilst it can be unavoidable, there are some things that landlord can do to help minimise void periods which can be so harmful and result in losing money, rather than making money from your rental properties.
How To Minimise Void Periods Top Tip #1 – Look For New Tenants As Soon As Your Current Tenant Gives Their Notice
As soon as your tenant gives their notice, you should try and begin advertising your rental property and seeking a new tenant.
The sooner you start, the more time you give yourself to find a replacement who will move in close to the original tenants leaving date and this will minimise the void period.
In the vast majority of cases, tenants are looking for rental properties a few months before they actually need somewhere to live so starting your search early is important.
If this happens to you, it may be worthwhile reviewing your application process and seeing whether you could have spotted that the tenant may have been unreliable before letting to them, and by doing so, you may be able to avoid making the same mistake in future.
We would also recommend finding out why your original tenant is giving their notice, as it may be something minor that you can address which keeps the tenant in your property, or it could be something that you can improve on with the property or how you are treating your tenants.
You may find out that the tenant has a reason that is beyond your control such as they need another bedroom, or are moving for work, but it doesn’t hurt to ask!
How To Minimise Void Periods Top Tip #2 – Arrange An Inspection Of The Property As Soon As You Can
By doing so, this give you the opportunity to assess whether any work needs to be completed before a new tenant can move in.
If so, you may be able to arrange and have work carried out before the original tenant leaves.
If they do not want work to be undertaken whilst they are still at your property, at least you can have tradesmen booked and work completed at the earliest opportunity once the tenant has vacated the property.
How To Minimise Void Periods Top Tip #3 – Set A Realistic Price For Your Rental Property
One of the biggest mistakes that you can make it to set an unrealistic rent.
If you want to minimise void periods, make sure that you have priced your property appropriately for the area, the specification of the property (number of bedrooms etc.), and the facilities it has.
This can be particularly challenging for landlords who are not based within the same area as the rental propety, and that’s why expert local knowledge can be very valuable.
Bonus Tip – Outsource To A Hartlepool Based Property Management Company That Delivers Exactly What You Need
If you have a property to rent in Hartlepool and you need to find a great tenant FAST, our team would love to help you minimise void periods and fill your rental property.
We have over 1,000 of the best renters in Hartlepool on our waiting list, and local expertise to help market and let your property.
Plus, we understand your needs as a landlord and can work with you to create a bespoke service to deliver exactly what you want.
We aim to help landlords get maximum rental income without all the usual stress and hassle that can come with property investing and managing your rentals.
Our team can help you with all aspects of property management so contact us now to find a better property management service which saves you valuable time and energy, and deliver maximum return on investment.
To find out more, visit our Property Management Hartlepool page or call our team on 01429 36 36 36.
What We Can Offer Landlords And Property Investors With Houses To Rent In Hartlepool:
- Over 1,000 fantastic tenants on our waiting list (so we can let your properties FAST!)
- Local knowledge and expertise as we are based in Hartlepool
- Unbeatable service for both you, and your tenants
- State of the art accounting so you are paid quickly and correctly every week
- Comprehensive referencing of tenants so we match you with the best people for your property
- Support and project management of renovations projects (check out our latest property update by clicking HERE)
- Access to our reliable tradesmen in Hartlepool to complete any of your maintenance or repair work
Other Resources for Landlords and Property Investors
Read Our Blog – What To Do If Your Tenant Doesn’t Pay Rent
Read Our Blog – Get Started With Property Investing In Hartlepool