Avoiding the void

Rental voids are an eternal worry for landlords everywhere. In many cases, the amount of money lost through a void period can be the difference between a landlord making a gain or a loss from their rental income. Similarly, for many property investors an inconsistent flow of rental income caused by extended void periods can result in a struggle to make mortgage payments. With a one month rental void accounting for over 8 per cent of a landlord’s annual rental income, there can be no doubt that minimising the amount of time a property lies void is an essential priority for landlords, particularly in a hostile economic climate. The good news is that with rental demand outstripping supply, landlords have the opportunity to significantly reduce the amount of time that their property sits empty. Monitoring the local market for demand and supply – and comparative rents, a bit of pro-active advertising, asking for, and listening to feedback are all routes to success. However, while many landlords feel that they can look after their investments perfectly well themselves, these ‘tasks’ can be challenging for landlords to effectively manage without the correct resources. So it makes sense for them to use a…