Reduce Void Periods – Finding and Keeping Tenants
The age old problem for a Landlord and one of the single biggest concerns – You have a Tenant lined up, they are seemingly happy and quiet for a few months and then all of a sudden you receive the dreaded letter giving 28 days notice and you are back to square one looking for a new Tenant…
Not ideal. When the leases were overhauled a few years ago in Scotland and PRT became the order of the day, this meant that Tenants were now only 28 days notice away from leaving. Fixed term leases of 6 or 12 months became a thing of the past and so did any sort of security around keeping Tenants.
So how can you mitigate this problem?
- Pick the right Tenant – Is someone on £60k a year likely to stay in a cheap flat long-term or are they filling a gap? Picking your Tenant carefully can often mean you pick someone who is better suited to the Property than just the highest earner. What other factors are keeping them there – Family, schools, education facilities etc can all play a big part and indicate whether a Tenant is likely to stay long-term. Also have they viewed the flat themselves? If not they could again be filling a gap in their living situation rather than long-term
- Treat your Tenant well – If you have a good Tenant then treat them well, if there’s some communal repairs or something breaks then how quickly do you get it fixed? How good is your communication with them? We always treat our Tenants with care and try to help as much as possible. Remember happy Tenants = Happy Landlord
- Plan Ahead – Ok so your Tenant is leaving, nightmare! What next… Check with them to see what repairs are required before they leave, you can then plan and organise any repair work required. If you can get in and look at the Property then that’s even better, discuss with the Tenant what is required to return the deposit and be prepared to having viewings as close as possible to the previous Tenant departing
- Clever Marketing – You should have good pictures and a video from the previous marketing campaign, if so then get the Property listed well in advance of the Tenant leaving. 2-3 weeks prior to departure seems to be the sweet spot. Always do a video walkthrough that you can send you prospective Tenants, in this era this is a must and there is a good chance of securing a Tenant without a physical viewing. Yes it is possible to get a new Tenant move in on the same day as the last one!
- Pick the Right Property – Sorry to say it but some Properties like Student lets or City Centre Apartments are aimed towards a different market which is young professionals and students who are often transient in nature. They may have a big budget and a good job but they are highly unlikely to stay in a rented property for longer than 1-2 years, if you have Property like this in your Portfolio then it goes without saying that finding a new Tenant is common. If you are considering an Investment then go for something that will appeal to families or cheaper young professional properties.
If you are still struggling to keep Tenants or would like some advice on the best management for your Property in Glasgow, then get in touch