How to Avoid Buy to Let Void Periods
Any letting agent will tell you that no landlord wants to have void periods in their buy to let. Why? Because it means they have to pay the mortgage and other related costs themselves (unless they’ve bought the property outright, which is highly unlikely). What this means in principle is having to pay two mortgages i.e., your own and that of your rental property, it becomes more difficult if you have the same issue with multiple properties on your portfolio. So, what’s the best way to avoid void periods? Well, here’s some tips right here:
Use Longer Fixed Tenancy Agreements
Most fixed tenancy agreements (ie leases) are for six months, meaning rent is guaranteed for that period. However, it’s also possible to increase the length of a tenancy agreement – to one year or even two. That way, as a landlord you can relax, knowing your mortgage will be paid for two years. While tenants too can obviously benefit from this by knowing they won’t have to move within this time frame.
The downside is you won’t be able to increase the rent during the term of the tenancy but then, most landlords think it’s worth it, knowing they won’t have to face any voids periods.
Communicate With Your Tenant
A happy and respected tenant is more likely to stay around for longer. It’ll save your letting agent the hassle of having to market out your property again and means it won’t be lying empty for a month or two while that happens. In fact, ideally your letting agent should already have a list of tenants looking for somewhere to move in to. That way the void period will be as short as possible.
The way you get happy tenants is by not ignoring their phone calls because you suspect it will be a maintenance issue and you ‘can’t deal with any more hassle right there and then.’ Instead, always get back immediately – or make sure your letting agent does – and try and sort the repair ASAP. It’s in your own interests to do so anyway, since the longer a repair is left, often the worse it will get and the more money you’ll have to pay getting it fixed.
Play fair with your tenants and they will more often than not do the same in return. If you ask them to give you a couple of months’ notice of moving out then that means you have plenty of time to look around for new tenants – and less likely to suffer any void periods. After all, it’s within a tenant’s legal rights to move out on the last day of the fixed tenancy without having to give their landlord any notice. What it would certainly do though, is give him or her a huge headache!
Advertise Your Rental Property
Be prepared to spring into action the minute a tenant gives notice. That means having an advert already made up and ready to be listed on property portals, local community groups in the area and Gumtree. In other words, places where your tenants are likely to look. You could also contact local hospitals, big corporate firms and universities to see if they have people looking for accommodation.
What if all above sounds too complicated, and you are looking for tenants today? Then see the owner’s section on our website www.propertyloop.co.uk – we don’t charge landlords for listing their property, instead a small monthly fee is applied, once the property has been let. Why not give it a go? It’s a very simple service that gets you renters quickly and completely pain-free. Did you know, that we also have a messaging service built into the platform? Landlords just love that tool where communication privacy is kept and you don’t need to look after the contacts, besides some of the common questions can be addressed by putting answers within the actual listing. Isn’t that just great? Last but not least, offers come through the website directly to your mailbox. So, sit down, relax and get your property rented with us.
As a landlord you will gain passive monthly rental income from your buy to let and capital appreciation as the years flit past. And it’s exactly this capital appreciation ...
February 12, 2021
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