Reconsider Your Pricing
When times are hard, tenants can find it much harder to afford to pay their rents and very often only a small reduction on behalf of the landlord would seal the deal on whether they rent or not. In the long run, making a small rent reduction will pay dividends because the property is more likely to be rented out on a continuous basis without having to cope with annoying void periods.
However, if a rent is set too low, more often than not potential tenants are put off believing there is a reason for the rent being so low which is usually because there is a problem with the property. Therefore it’s important to see just how much similar properties in the area are being rented for and then set your rental price accordingly, only making it slightly more attractive so you attract tenants.
Consider How Your Property Presents Itself
It goes without saying that any rental property has to be well presented and in good condition. The thing to bear in mind is that it’s often the very little things that matter which include clean windows and dust-free surfaces. Landlords with a more “hands on” approach to renting out their properties are more likely to check these little details knowing they matter when renting out a property. If you are a long distance landlord, you would be well advised to make regular checks on your property to make sure it is still presentable and therefore more desirable to tenants.
You need to know your rental property is being seen by a wide audience because you may have a very well presented house or apartment but at the end of the day, if nobody can see it or view it then you can’t expect to rent it out that easily. Most tenants these days, start their search for rental accommodation on the Internet which means you have to use this platform to get your property noticed. You should consider signing up to a couple of letting sites that will give your property the coverage it deserves. The thing to bear in mind is that generally speaking, private landlords can become members of directory sites without it costing them a penny to do so.
Consider Budgeting For Void Periods
Even with the best rental plan in place, you may find that you have to put up with a certain amount of void periods and as such, you should consider factoring this into your budget. When your property is empty, having budgeted for this eventuality it want hurt your pocket quite so much. You can achieve this by setting aside enough cash to pay the bills and your mortgage so you can easily cover any void periods. Another option is to take out an insurance that will cover your void periods which may add to your overheads, but is definitely a worthwhile option.
Every landlord would like to minimise the times their rental properties lie empty because the bills keep coming in and mortgages still need to be paid which can put a lot of pressure on them. Knowing how to minimise void periods on rental properties means sitting down and looking at realistic ways of doing this, one of which is to reduce the rent very slightly to make a property appear a more attractive option to potential tenants.