Landlords how do YOU avoid voids?
I’m pretty sure that when you bought your first Buy-to-Let property you had aspirations of it being a somewhat easy, hands off, stress free process after all how hard can it be; get a property, put in a tenant, collect the rent. Rocket science it ‘ain’t. There’ll always be a ready, constant source of tenants. Voids? Don’t need to worry about voids!
In reality though how has that been for you? When you receive the phone call, the e-mail or the text that your tenant is on the move there is the potential of a void. Very often the first you know of this potential void is when a request arrives from an agent wanting a reference for your tenant mmm.
What’s your first reaction? Joy, disappointment, worry, PANIC? Do you complain that you had no indication your tenant was thinking of leaving?
If this is you then read on
So how do you avoid those voids? Well like any good business one needs to
BEGIN WITH THE END IN MIND
Investing in time to find the right tenants right at the start is key, identifying their expectations from their tenancy with you, and what you expect of them. It’s a partnership after all and a great opportunity for you as their Landlord to develop a good working relationship with your tenant, even though they may have only signed up for a 6 months AST, if you do things right, there’s a great opportunity for you to ensure that they re-sign or move into an SPT and become a reliable long-term tenant.
Even though we ask our tenants to advise their intention to stay in their contract by the end of the 4th month of their AST are we sufficiently in touch with our business to know their intentions and thereby avoid any void being created, the tenant after all IS our business.
Ensuring that your tenant is treated as the core of your rental business provides you with the knowledge and insight necessary to plan properly in avoiding voids. However, one should always have good access to a reliable source of potential tenants who can immediately fill your next vacancy, your next void.
We have an expression here at rooms-a-gogo it’s called 'Hotbedding! That is one of the secrets to our success (not to be taken literally).
Once you have a new tenant take that new opportunity to build a relationship with them. Tenants tell us they WANT a relationship with their Landlord and they WANT to be treated with respect.
Encourage tenants who have a professional relationship with you as their Landlord to meet your new tenants so they quickly get to know what a great Landlord you are. Help your tenants even when they’re are moving out. They are your best ambassadors and a good source of your next tenants. Encourage your exiting tenants to tell others that they are moving and how their old tenancy will be available; after all they will meet a really good Landlord.
Remember a good relationship with your tenant will help to ensure that they keep your place looking great for when you take a prospective tenant around.
There really are no end of things you can do build your trust with your tenant. Use these small tips to gain your competitive edge, get to market quickly but above all AVOID VOIDS.
Remember at www.rooms-a-gogo.co.uk we love to match Tenants to Landlords and Landlords to Tenants
Angela & Wayne