How to minimise the risk of void periods

Written on 14 August 2017 by Alistair Boscawen in Belgravia


Knightsbridge houses for rent. Belgravia apartments for rent. As estate agents in Belgravia, this is our market. Agents in other parts of London and the UK will tell you that ours is a privileged market. Many of the concerns which dog other parts of the UK are simply not an issue in Belgravia. 

Nevertheless, there are some things that can’t be ignored. Our principle is to ensure the maximum possible return on investment for our landlords, and that means minimising void periods. A void is a period when there is no tenant in the property, so no income – but the costs still have to be paid. If the property is untenanted for only one day, that day is a void. You’re going to have those days when a tenant moves out, because it’s unlikely a new tenant will be able to move in on the same day.

minimise the risk of void periods

More concerning, are longer voids. The question is: how can you avoid them? Here are some ideas.

Short-term rentals mean more voids than long-term rentals

If you emphasise short-term rentals, or if you have the sort of property that lends itself more to short-term rentals, you’re going to have more voids, simply because short-term rentals end more often. This isn’t a disaster, because the long-term trend in rents is upwards and history suggests that, when you re-let the property, you can expect to re-let it at a higher figure. When you let a property for a short period, you can cover yourself against the cost of a void by factoring into the rent an extra amount to take care of the cost.

It’s an attractive property. Keep it that way

Many tenants expect, when they move in, to stay in the property a considerable length of time. They don’t want to move, because moving is a nuisance. Keep a tenant in place by making sure maintenance work is done and the property is redecorated in a timely manner and to a high standard. It will pay off in longer rentals. Make sure that, when a tenant calls to say something needs work, the work is done promptly and without inconvenience to the tenant. Tenants who know their landlord listens to them and takes care of them are more likely to want to stay with that landlord.

Within reason, allow personalisation of the property

Never forget that, although you own it, the property is the tenant’s home. Tenants like to be able to do things to the property, turning it into something akin to a home. When you redecorate, canvass the tenant’s preferences and wishes, and do your best to meet them halfway – just so long as doing so does not mean reducing the value of the property in the eyes of other, future, tenants.

Belgravia is an attractive place. It’s the properties that make it so

Empty properties that look good are let more quickly than those that don’t. If a tenant has left, and you are looking for a new one, take a close look at the condition of the property. Has it been redecorated recently? Is it clean? What about the gutters and drains? If there’s a garden, how well-maintained is it? How new are the carpets, and how well have they been looked after? Ask the same questions about curtains.

Are you on hand?
Many Belgravia landlords live some distance away – some live on a different continent. Re-letting your property so that voids are kept to the shortest possible term means having someone on hand who knows the market and is in touch with people who are looking to rent. At Best Gapp, property rental and property management are our business. Talk to us today.

 

 

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen

RELATED ARTICLES


5 tips for first-time residential landlords
2 August 2019

If you’re thinking of becoming a landlord for the first time, there’s a lot to learn and getting the right advice is key. Read our five tips for anyone thinking about investing in prime residential buy-to-let property.

Read more
Market Bulletin – June 2019
20 June 2019

Our June 2019 housing market bulletin provides the latest information on the housing market in Belgravia and the surrounding area.

Read more

Contact Us

+44 (0)20 7730 9253
81 Elizabeth Street, London SW1W 9PG

Get in Touch