Void periods aren't all bad and they certainly aren't something to be afraid of. In fact, they allow you to get in to the property and make some changes and improvements before the next people move in and call it home.
Void periods aren’t all bad and they certainly aren’t something to be afraid of. In fact, they allow you to get in to the property and make some changes and improvements before the next people move in and call it home. We’ve listed 5 things you can do during a void period on a property in your portfolio to help you work out where to begin!
1. Don’t kid yourself
Take a good, honest look at the property, if you were a tenant moving in what would you be looking for? Being honest with yourself is really important as it will allow you to make the right changes, we find a tick list is always useful, start noting down possible changes and check them off as they are completed. Ask your agent exactly what sort of things tenants look for in a property and weigh up whether your property matches up to the quality and standard.
2. Close-up ready?
Make sure that your property is photo-ready, clutter and mess simply looks worse through a lens. Belvoir offices often recommend that an empty property photographs well, which is perfect if you’re letting your property out unfurnished. If it is being let out as a furnished property simply make sure that the room is as bright as it can be, light-painted walls often appeal to a wider audience and will help to reflect light and make the room appear bigger.
Hire a skip if necessary and clear out some of the furniture that clutters up the room, if the previous tenants had been in the property for a long time, take a look at the furniture and see if it might be time to refresh and update it, most tenants look for modern, comfortable properties, make sure your property is up to compete with other properties in your area.
3. The price is right…
The rental market is an ever-changing world and the rental valuation of your property could change from tenant-to-tenant. Talk to your agent and see what they think about your property, maybe even ask them to do a new valuation if you’ve made some changes to the property. If you request for too much of a rental increase, you could be looking at potentially longer void periods, likewise, if you lower the rent, or are asking for too little in terms of rent, you could be drastically decreasing your potential return on investment.
4. Ground Force…
No, we’re not talking about the hit 90’s Alan Titchmarsh show, we’re talking about your garden. Many landlords turn their attentions to inside their property, however, it’s really important to ensure it has the very best kerb appeal, too! Try to ensure a low-maintenance garden, as not all tenants would be interested in doing much gardening. A tidy garden that looks well maintained is perfect for making a great first impression, cut back the trees, weed the borders and clear out the leaves and debris from guttering and downpipes.
5. Going green!
Eco-friendly living is no longer a thing of the future, a lot of tenants are now interested in living in eco-friendly properties, solar panels, good insulation and a water butt all help the environment and also help the tenant to save money on their bills. It’s important to ensure that these eco-friendly projects will be worth the initial investment, which can still be quite pricey, however, there’re many things that can be done to help to eco-footprint of your property.
Our biggest piece of advice would be to talk to the experts, your local Belvoir office is owned and run by a local property expert, there isn’t much they don’t know about making the most of your investment, and ensuring the best return on investment that you can. Find and contact your local Belvoir office today!