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No landlord wants an empty house. One of the main worries for landlords is the possibility that a month or more will pass between lets without any rental income.
It is crucial to minimise void periods where possible by acting fast and making sure you get the next tenant for your property. It is inevitable that circumstances will change and people will move on but there are quick and easy steps to reduce void periods.
1. Choose an agent that advertises online
This is one of the most effective ways to finding a new tenant. Most people looking to let will firstly browse homes in their desired location on their phone or computer. Using your local Guild Member is an easy way to get your rental property noticed without having to do all the work yourself.
2. Choose an agent with a good reputation
3. Word of mouth
An old-fashioned way to find a suitable tenant, word of mouth can still be surprisingly effective. Talking to people living close to the empty property or your friends could lead to finding someone who might be interested in renting your property. If you live in a city, the chances are a friend or colleague may know someone who is looking to rent.
4. Setting the right rent
It’s always good to do a little research into competitive rental rates as this is rent price and location are the two biggest factors when searching for a new home. It is crucial to make sure the property is good value for money and all repairs are up-to-date as potential tenants will always do a thorough search before making their choice.
5. Finding the right tenants
Trying to fill the void period may be quite time consuming, but it is worth spending time trying to select tenants that will be delighted to call your property their new home. Make sure you have the correct references and requirements from the new tenant before having them sign the contract to rent your property.