No landlord loves their property sitting empty when it could be tenanted. Lost rental income, security and no oversight of property management issues are all challenges associated with void periods. Fortunately, there are several tips that can help you minimise voids and find reliable tenants quickly.
Here are our top suggestions:
- Create a great profile 🏡
- Advertise on all portals 🔍
- Share the listing with local agents 👩⚖️
- Set the right asking price 💷
- Be flexible! 🤸♂️
- Protect yourself 🦺
Create a great profile: tenants are often overwhelmed by choice, so it is key for landlords to promote their properties with compelling ads. Keep it realistic though, as unrealistic profiles lead to unnecessary viewings and wasted time for everyone. As a solid starting point, make sure you have a floorplan and photos of every room — if you have a 3D tour, even better, as this helps tenants from abroad and tenants’ standards have never been higher! You can find some good examples of profiles here.
Advertise on all portals: the vast majority of tenant searches start on portals and landlords should ensure they are on them. Not all portals cater to the same audience and being on Rightmove and Zoopla might suffice, but if you can advertise across all main portals, your property will let faster.
Share the listing with local agents: although portals are a great starting point, local letting agents often have access to a large database of tenants that are ready to move. By using a service like Scraye, you can quickly get exposure to a network of agencies at no additional cost. This is particularly helpful in periods outside summer, where tenant demand is generally lower.
Set the right asking price: with digital tools being widely available nowadays, tenants generally have a good feel for what is available within their budget. As such, setting the correct price in relation to local comparables will prove very helpful in letting faster, reducing voids and getting a better return out of your investment property. Need help pricing? Local letting agents often provide free valuations and can assist in tailoring the price to your property’s standout features (e.g. outdoor space, pet-friendliness, and so on).
Be flexible!: being flexible is a well-kept secret in achieving a better investment return. Taking a rigid approach of the “right terms” often leads to longer than necessary voids, additional stress and a generally worse outcome. If you can consistently achieve a good asking price with minimal voids between tenancies and you manage your costs, you are well on your way to producing a profit from your property.
Protect yourself: referencing is a crucial tool when starting a tenancy. However, even the best referencing can fail or a tenant’s circumstances can change. To mitigate risk for yourself, consider a rent guarantee policy or asking for some of the rent to be paid upfront. New solutions like Scraye can help achieve that extra peace of mind at a reasonable cost by including rent and damage protection as standard or allowing you to swap your monthly rent for upfront payments instead.
If you are interested in letting your property in a timely and cost-effective way with protections included, the team at Scraye would love to help — just get in touch!
We hope the article proves helpful in your journey as a landlord looking to let your property, fast. If you have any questions you’d like to discuss or there are any topics you’d like to see us cover, please don’t hesitate to reach out to hello@scraye.com!
