Void periods are a landlord’s worst nightmare but are bound to occur, however amazing a landlord you are.
This can be particularly troublesome at winter, when damp and mould can take hold and pipes can freeze over – certainly not the kind of Christmas present you want this year.
We’ve found in our years of experience that the key to minimising void periods is to simply keep your tenants happy. Having fewer, longer-term tenants is the way to go to be a successful and profitable landlord, and this can be done via several means.
One way to retain tenants and minimise void periods is to always keep the lines of communication open. From the get-go, it’s great to lay the foundations for a successful tenant-landlord relationship, which can be kick-started by offering them a token of kindness; a moving in gift of some sort, and checking in on them via phone or in person.
If you’re on good terms with a tenant then it can further benefit you as they’re more likely to inform you in advance of their moving plans should they want to end the tenancy. This gives you and your letting agent more time to find the ideal replacement tenant.
Another key way to keep hold of your tenants for longer is to ensure that you take care of property maintenance issues promptly. If your tenant contacts you with an emergency, the way in which you deal with it may determine their future living arrangements.
If dealt with promptly and professionally, they will be a satisfied tenant and will want to continue paying you rent. Deal with it poorly and you’ll have an angry, stressed tenant; something no landlord wants.
At Newbrix we believe that landlords are most successful when they understand the importance of being flexible to a tenant's needs. If a reliable and trustworthy tenant asks whether they can have a pet in a property which would usually not be allowed, it's best not to immediately dismiss the request.
If you’re happy for a pet to move in, you can ensure your property remains secure by increasing the security deposit to cover any potential damage.