Avoiding the void
No matter how well owners plan or strategise, void periods are a real ‘stone in the shoe’ type situation for landlords.
With the costs of running an investment continue to accrue, a vacate investment property can dramatically affect the financial ‘bottom line’ and can easily cause financial discomfort if not promptly rectified.
So, how can an owner best avoid, or manage their investment property in order to reduce or eliminate void periods. Let’s take a look at just a few ways an owner can minimise these unwelcomed breaks.
Predicting the voids
For those investors marketing to specific organisations or students, who work within predetermined dates, predicting the annual void periods is often quite easy. Familiarising the dates associated with the school terms or the organisation’s operational periods will help with identifying ‘down time’ with an investment.
However, if the investment property is leased to private residential tenants, identifying void periods can often be more difficult. Usually, a sign of an upcoming void period can be noted when tenants begin to ask questions regarding their remaining length of lease, or, period required to give notice. These questions, along with many others relating to the current lease agreement, can often be a sign tenants are considering moving on, and often provides a great time to clarify tenants/landlord’s future movements.
If it does become evident that tenants are thinking of moving on, utilise this opportunity to find out their ideas and plans for moving, as sometimes the more transparency between landlord and tenant, the more flexible the landlord can be to accommodate the tenants and possibly make arrangements in order to keep the current tenancy agreement in place.
However, if an arrangement cannot be reached, the more information communicated between landlord and tenant, the more opportunity the landlord has to make additional plans to begin initial phases of a new marketing plan or home improvements in order to attract a new tenant and minimise the void period.
Catching the eye of tenants
It’s not uncommon for owners to spend huge amounts of time and effort making their investment appealing for prospective tenants, ideally hoping to reduce a void period and sign a tenancy agreement with the ‘right’ tenant. With the majority of prospective tenants searching for their next home through online portals or property management rental lists, opting for professional photography to market an investment property is a no-brainer. Capturing the investment property in the right light, whilst showcasing the homes best features, can play a huge part in capturing the ‘right’ audience, ultimately attracting large numbers through the rental inspections.
Many property managers more often than not, utilise professional photography in order to stand out, and maximise engagement during the online search component of a prospective tenant’s property hunt. This means, that in order to compete for the ‘right’ tenant, and gain maximum numbers come property inspections, dull, dark and blurry photos taken by phone will no longer cut-it, when advertising an investment property.
How we can help
If you are considering leasing an investment property, or are currently experiencing a longer than normal ‘void’ period, our friendly and experienced Eview Group property managers would love to talk to you about how to best market your property to attract the ‘right’ tenant, and nurture a long and prosperous tenancy. Visit www.eview.com.au to find your local Eview Group agency.