Void durations cost money, so the quicker you find tenants, the better. Legislative changes, utility bills, council tax bills, budgeting, and added costs for maintenance can easily put landlords under immense pressure. You could sell your house in 5 days or input the right effort into attracting long-term tenants. Even paying agents to find suitable tenants will cost you added money you will have to pay out of your pocket. Below, we explore how you can find good tenants to prevent being hit by the void period if your old tenants leave quickly.
Revamp Your Property
When the old tenants leave, you should do everything necessary to impress potential new tenants. start over. The most important part of the presentation is the furniture and carpets. Not only should these be clean, but they should also not look worn out. Get the walls painted, grab some new carpets and fix your furniture. This will give your house/apartment a brand-new feel.
Maintenance and fixtures will surely cost you money, but it is important to remember that this is significantly less than what a void period could cost you in the long run. Opting for neutral colors and shades is your best bet. Invest in plain carpets, paint walls white or cream, and you should be ready. Dated styles and strong carpet patterns make it difficult to change the look and feel, which can get problematic for a landlord in the long run.
Cater to Tenants
Another way to get tenants on board real quick is by offering incentives. Nothing is more attractive than rent reduction. If you have found suitable tenants, you could offer them 20% off for the first three months if they are willing to sign up for a 12-month duration. This ensures long-term rent, and a void period is easily eliminated for an entire year. Once tenants come on board, you should try your level best to keep them happy:
- Offer regular maintenance
- Get issues fixed on time
- Being lenient with rent collection
- Visiting regularly
- Try to become friends
- Create trust by communicating truthfully
Allow Pets
Even though you decide to make it as a landlord, allowing pets will increase the number of people interested in your property. This is because 78% of tenants have reported that they could not find rental properties that accept pets.
Allowing animals to live in the property may raise maintenance costs later, but it is still better than having no tenants for long durations. You could also allow it for a certain time or to particular tenants after you’ve done your research. This way, you can quickly overcome a long void period.
Provide an Office Space
With a rise in remote jobs and several tenants looking for a place with office space, an apartment/home that offers this will surely stand out. Along with a well-furnished office area, super-fast WiFi is an added plus. You can easily pick a suitable Wi-Fi package from the many deals being offered. Spending on a Wi-Fi package is a cost you can easily recover from rent later on.
If you do not already have an office that you can offer, you can easily convert a smaller room into an office by adding a workstation. Remember to add this to your marketing details so the tenants know what they are getting and why they should pick you!
Market Early
Tenants should give a notice period stating whether they will leave at the end of a tenancy, even if this is periodic. Landlords can then use this duration for marketing their property to future tenants. Most begin marketing after tenants leave, and that is a bad idea and can easily bring on a void period.
Marketing beforehand ensures you have tenants to fill the space as soon as your old ones leave. Paying for marketing can be covered later through rent. It is also a good idea to set up a void fund. This helps you keep up with maintenance costs and helps you prepare as you look for suitable tenants.
A void or emergency fund can be easily set up by keeping a certain percentage of rent separate that you collect from existing tenants. This way, you will not have to cover expenses out of your pocket even if you face a void period.
Checklist for Maintenance
- Check if the doorbell is working
- Fix electrical wiring and dead outlets
- Reverse the direction of ceiling fans to increase energy efficiency
- Clean out mold and dirt
- Regrout tiles and fix bathroom fittings
- Fix water damage, drains, and downspouts
- Check the heating and cooling systems for any issues
- Clean gutters
- Maintain the roof and foundation
- Repaint walls
- Trim trees
Endnote
Proper maintenance, marketing, and a certain degree of leniency, along with incentives, can quickly attract new tenants. Always start marketing earlier and keep some funds separate to cover void period costs.
