How can landlords reduce vacancy periods?
Vacancy periods can be a very daunting prospect for landlords once previous tenants have left the property. It becomes the job of the landlord or agent to find a suitable tenant to reside at a rental property as soon as possible but what can be done in order to speed up the process? With recent changes to the tax laws on buy to let property, many landlords have been forced to consider reducing their portfolios as potential losses mount. In this article, I will provide a few helpful pointers that landlords and agents should consider and act upon to ensure vacancy periods are kept to a minimum.
-Hire a professional photographer
It may cost a little bit extra but paying for a professional photographer to take pictures of the rooms and other areas of the property can greatly increase your chances of finding a tenant. As many landlords or agents might tend to take quick pictures using their phones, the picture quality and alignment can be an issue. Having a professional photographer to take photos will allow for your advert to display the beauty of the property which will attract more interest from potential renters. Also, ensure to update photos to show any improvements of the home that's not present in the existing photos.
-Review ad description frequently and make changes if necessary
The way you describe a particular property will allow a potential renter to get the most amount of information possible to make an informed decision. Always include in the advert description anything that separates your property from others such as close to a school or nursery if you're trying to appeal to couples or close proximity to train stations if you're targeting young professionals. In addition, if there are any local projects happening within the area that will benefit the local community through regeneration it could be worth mentioning in the advert.
-Resolve any repair or maintenance issues discovered at the property
It is important to make the sure that any rental property is generally well taken care of as this could reduce the chances of any liability claim from renters but also save landlords money in the long-run. Any repair or maintenance issue such as boiler repair or garden maintenance must be taken care of as this would create a good first impression of the property and reduce the chances of any complaints further down the line. Furthermore, if you are a landlord that has an agent, it's important for your agent to discuss with you about any improvements that can be made to the property and provide an expert opinion to attract more renters.
-Changing your contract terms
Most landlords are against accepting DSS and tenants with pets, however it could be limit your chances in terms of finding a new tenant. It could be worth considering tenants with pets as most of the time they turn out to be respectable and friendly people. However, if you're still uncertain about allowing a pet to live in your property you could increase the deposit amount to compensate for any potential damage done to the property.
Landlords and agents must be able to minimize vacancy periods in order to reduce their losses so acting on any of these points mentioned can greatly assist with the matter.