A void period is the term used to describe any period of time when a rental property is standing empty, without any tenants in it. For many landlords, void periods are a worrying and serious issue. Although rental properties in London are highly sought after, the chances are that you will still experience void periods at some point, particularly if you do not have the help of a professional property management company to support you.
Of course, one of the biggest worries about void periods is the fact that you will not be making any money from rent if there are no tenants to pay you. Many landlords budget one month of void period into their financial plans for each year so that they are prepared for this eventuality. If you are able to do this, it’s a great way to safeguard yourself and make sure your plans are not all thrown into disarray if you do experience a void month.
You will also need to have a suitable marketing strategy all year round so you’re prepared to find a new tenant straight away when the last one leaves. Have a clear idea of what kind of tenants you wish to attract and make sure your marketing is targeted towards them. If you do not have an appropriate marketing plan, you run the risk of simply having any tenant in your property out of desperation, which can lead to potential trouble if it turns out they are not reliable.
Luckily, we have an ideal solution to alleviate the worry and ensure that you can continue to make an income no matter what the circumstances. We provide the highest rates of guaranteed rent in London, covering Havering and all other boroughs with our versatile service.
When you take part in this scheme, you will receive a continued monthly rental payment from us whether the property is occupied or empty, giving you confidence to make financial plans and know you won’t be left without that all-important income. We’ll also provide full management and lettings services to support your tenants and make sure the property retains its value.
If you are experiencing regular void periods, it may be that your rent is too high or that there is something about your property that is putting high quality tenants off. We can provide a full review to help you explore any possible changes you could make and minimise your chances of void periods in the future.