Make sure your property is never left vacant to minimise rental voids.
The purpose of any investment is to make your money work. Buy-to-let investments are becoming increasingly popular, however if the property is empty it could be costing rather than making you money. So to avoid your property being vacant between tenancies consider these following points.
1. Reevaluate your situation.
If the property is empty then consider how much money you would accrue in lost rent if you did not change the marketing price versus accepting a lower rent. If you do your sums over the course of a year you may find it worth taking a reduction in order to start generating an income rather than leaving the property empty any longer.
2. Change your ideals.
As a landlord you naturally want to get the best tenants for the property. However if you are being particularly picky this could be influencing how quickly you let your property. Remember this is a business arrangement so take your heart out of it if that is causing unnecessary obstacles to secure a new letting.
3. Take a step back.
Is there a reason the property isn’t renting? Will a quick coat in paint spruce the place up and make it more appealing? Are furnished properties letting quicker than unfurnished properties? Ask you real estate agent for feedback as they will be your best eyes and ears on the market to be able to help find a new tenant quickly.
4. Check the competition.
If the market is competitive then your property could be at the bottom of the list. Have a look online to check the competition and to see where the property sits in the market. This is a good gauge to check for prices, finishes and to adjust your property’s price accordingly.
5. Consider the marketing strategy.
If your property is not getting the attention it should be, this could be a chance to revisit the marketing strategy. Make sure that photos show the property in the best light and they description is up to date. Request your agent to give your property that extra special attention and even to have as a premium listing.
