How to keep your buy-to-let property tenanted

Void periods are part and parcel of life as a landlord. According to this research, the average UK property will experience a void period of approximately three weeks every year. Knowing how to manage void periods and handle the financial implications of a vacant property is therefore vital, whether you’re a buy-to-let beginner or a landlord with a portfolio of properties.

As a leading mortgage advisor, we help landlords find the financial products they need to grow and manage their property portfolios. Read on to discover the top tips to keep your buy-to-let tenanted and avoid those dreaded (and costly) void periods.

Prepare for the cost of voids

The periods in which your rental property remains vacant aren’t just inconvenient, they’re very costly. BuyAssociation reveals more about how much the average void period is likely to cost each and every time:

“The average void time is now 20 days, compared with 25 days this time last year. The data also demonstrates how the cost of each empty home period has also dropped. On average, landlords are losing around £599 every time there’s a gap between the tenant leaving and the next one moving in. This is down from £697 since early 2021.”

Whilst void periods are less common occurrences than in previous years, and as a result, cost UK landlords a lot less, being financially prepared for the cost of lost rental income remains a priority.

As a landlord with a buy-to-let mortgage, it is your responsibility to ensure monthly repayments are made, whether your property is vacant or not. Bills for utilities, council tax, maintenance, repair, remarketing, and vetting also need to be footed throughout void periods. With this in mind, you should budget for voids from the very beginning of your landlord journey.

Concentrate on the long term

If you’re in the buy-to-let game for the long haul, you should concentrate your efforts on finding long-term tenants. By advertising and securing long-term tenants for your rentals, you’ll minimise the frequency of void periods.

Establish a good reputation

Tenants talk, and with this, long-term renters are able to establish pretty quickly which properties (and landlords) to avoid and which to actively seek out. By building a reputation as a good landlord, you can establish yourself as a professional that tenants want to do business with.

As well as fulfilling your landlord responsibilities, treating your tenants as you’d like to be treated is important. Being professional yet personable, courteous and transparent can go a long way when making your current and future tenants as comfortable as possible.

Improve your property

There’s so much more to being a landlord than finding a property and renting it out. Your buy-to-let property is an investment that needs continuous improvement. This attention to detail won’t go unnoticed when advertising your property to prospective tenants and keeping void periods to a minimum.

Make your buy-to-let as desirable as it should be by making improvements to your property throughout tenanted and void periods. Concentrate on areas like kitchens and bathrooms, as well as improving your property room-by-room with routine maintenance and repairs.

Invest in landlord insurance

Many landlord insurance policies cover loss of rental income. For a seemingly small monthly payment, you can reduce the impact void periods have on your finances. Let us find the landlord insurance that’s right for you and your budget by contacting our local advisors today.

Image: fizkes / Shutterstock.com