Avoid rental voids with Stockport estate agents
The term 'rental void' is one that no landlord wants to become familiar with. When a property sits vacant on the rental market for a period of time, the financial impact can be significant. Even without rent coming in, you're still responsible for covering all the expenses associated with the property, such as mortgage payments and maintenance costs. Moreover, if an outdated property advertisement lingers unattended, Stockport estate agents have found it can render the property even less attractive to potential tenants!
Furthermore, a vacant property can deteriorate over time, especially during the winter months. Hence, minimising void periods is an essential strategy to safeguard your buy-to-let profits.
The long-term annual void average across the UK is roughly 3 weeks, although recently, due to a scarcity of available properties and soaring demand, it has reduced to 10 days in England. That said, substantial variations exist among regions. For instance, in the South-West, the average void period is as low as 5 days, while in the West Midlands, it extends to a lengthy 17 days.
Five strategies to minimise rental voids in Stockport
So, what measures can you take to ensure your property outperforms the average, experiencing the fewest possible vacant days throughout the year? Here are five strategies proposed by At The Place, your local estate agent in Stockport, to minimise rental voids:
- Surpass tenant expectations: Modern-day tenants demand high-quality fixtures, contemporary fittings, and fresh, neutral décor. A robust Internet connection is a must, and we advise accommodating pets, providing they're well-behaved and appropriate for the property type.
Remember, many tenants are seeking a long-term residence rather than temporary accommodation. Therefore, the more your property aligns with their needs, the longer they're likely to stay, and the fewer voids you will need to worry about.
- Implement professional and timely marketing in Stockport: with At The Place, our Stockport estate agents offer professional floorplans and premium listings on popular platforms like Rightmove and Onthemarket to maximise your property's exposure to potential tenants.
- Set a realistic rent: Rental prices are generally stable and dictated by the market. While we at At The Place always strive to secure the best possible monthly rent for your property in Stockport, being overly ambitious with your listing can deter tenants. If your property's price is too steep, potential tenants may opt for a more affordable option, resulting in your property languishing on the market and a prolonged void period. Our professional agents are here to assist you in letting your property swiftly to avoid extended void periods.
- Maintain regular upkeep and address issues promptly: Apart from your legal obligation to keep your property in a good state of repair and respond promptly to any reported problems, tenants appreciate landlords who show consideration for their comfort and well-being. A tenant is much less likely to relocate if they feel valued and looked after by their landlord, which in turn results in fewer tenant turnovers and subsequently, less annual voids.
- Go above and beyond: Regularly check in with your tenants to ensure their satisfaction and assess if there's anything they need.
To learn more, get in touch with At The Place, your premier rental property agency in Stockport, UK. Contact us at 0333 358 0668 or via email at info@at-the-place.com.
