All landlords worry about those times when their property is not being rented. Money is lost in these void periods and it is easy to worry about how long the property will be empty for. However, there are ways to make sure that these void periods are reduced as much as possible.
Who should you rent to?
To minimise void periods, make sure you rent to solvent people. Check a potential tenant’s background before they move in. If they have a track record of not paying their rent, there is no reason they would pay yours. A company such as https://www.experian.co.uk/ will be able to help you with this.
When should you put the property on the market?
Put your property back on the market as soon as the previous tenants have given you their notice. As long as they are happy for you to show the property they are still living in you will find that this will speed up the time it takes to re-let. This should reduce the void period greatly and it may even be the case that you have someone ready to move in as soon as the last tenant moves out.
Carry out an inventory
Carrying out an inventory when a tenant moves out will allow you to see what may have changed since they moved in. This can show you what might need to be done to the property before you rent it back out again. If you do not want to do this yourself, you could use the services of a property inventory clerk https://inventorybase.co.uk/blog/what-does-an-inventory-clerk-do-and-should-i-hire-one/ Their report will show you what you might need to do in order to rent the property again. For example, it might need to be professionally cleaned or repairs may need to be carried out. These issues could put potential renters off and therefore make your void period longer. Get on top of these issues and you will find your property will rent more quickly.
If you are making a profit on your rental property put some of this into a savings account. That way you can cover any bills or mortgage payments that come in while your property is empty. This will reduce the worry of having a void period.
Hopefully these ideas will help you to minimise your void periods.