Tenant turnover is always a stressful affair for buy-to-let landlords who have advertised a property via an online property agent or lettings company. This occurs when a tenant or tenants leave a property and the new ones move in, which can often happen in high frequency to those managing a portfolio of properties – or even if a single property is let with a short term contract. Void periods where the property is unoccupied will cause you, the landlord, to lose money. And the more properties you have, the more regularly this is likely to occur.
The other important factor to take note of is that you will usually incur costs every time tenants move out, whether this means deep cleaning via a professional company or simply having to advertise to find new tenants. You may also have to do a few little decorating jobs on the property between tenants, too.
Minimising tenant turnover could be an important step towards helping your property generate healthy income. However, all tenancies come to an end eventually, and there are a few things that you can do as a landlord to cut down on the running around and reduce the amount of cash it could cost you.
- Put a vacant advert up as soon as the tenant serves you their notice.
- Advertise your property on some of the main online property agent sites.
- Use a letting agent to help find new tenants quickly.
- Arrange viewings as soon as possible. This can also be done with the current tenants still inside, as long as they are given written notice.
- Undertake any repairs or decoration before the current tenancy ends.
- Make sure the new tenants are ready to sign and pay their deposit on the last day of the current tenancy.
It’s important to try to get new tenants as soon as possible in order to avoid any mishaps or costs that could be averted. However, there is also an extremely valid case for encouraging your current tenants to stay on longer to avoid quick turnovers as much as possible. There are several ways to do this:
- Make it simple and quick for tenants to report issues with the property.
- Ensure repairs are done in a fast timeframe.
- Charge rent that’s well within the market price for the location.
- Provide extras in the house such as a washer dryer or broadband.
All of these go an awfully long way towards improving the relationship between a landlord and tenants to keep everyone happy and the cash flowing at an even rate.
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