Avoiding the Gap Between Tenancies

When you have a rental, your worst nightmare is the void period. This includes any period of time where your lot is empty or vacant. This means that you won’t be receiving any rent during this period; this means that you’re losing money; this means that your rental is not doing what it should be. A vacant property can also be exposed to security problems, due to nobody being around to keep an eye out on your asset.

There are some steps that you should take to minimise the probability of this period affecting you. Sometimes it’s out of our control if tenants break contract early or we have any unforeseen circumstances. Tim Manning, experienced property developer, insists that all landlords or investors should put into play a plan to help reduce this gap in tenancies.

The first thing you should do is make sure that your rent price is competitive in the current market. Knowing the value of your property will guarantee that your lot stands fairly amongst its competition. If your rent is too high for what your property is worth, you can guarantee that you will not find tenants- this will cost you money in the long term. If you’re looking for people to move in over difficult periods such as Christmas and New Year, you may want to consider offering special deals that increase the appeal of your house.

Be smart when considering the entire package of a tenancy. While it may be at a lower rent than you would prefer, if it is a fixed term agreement, you’ll be better off in the long run. Property development is all about the bigger picture, making sure that you’re in the best position possible for the long-term will help you reduce the risk of having an empty property.

Finally, it’s always important to make sure that your property is kept in its best condition. During tenancies, before tenants move in and after they move out. If you find your furniture or interiors becoming outdated or damaged this will negatively impact your chance of finding suitable tenants. Remember that you’re selling a home to somebody, even if they’re not going to buy it from you. Treating your property with the respect it deserves will ensure that you don’t find yourself with an empty lot on your hand, draining your pocket. It might just need a lick of fresh paint or some decorating to boost its position in the market.} else {