Incomes from rental properties can be hit by a wide array of shocks. Most notably landlords can find themselves with periods when they don’t have tenants. This void period results in lost income and can put the landlord in a tricky position. Even when properties are uninhabited they still need to pay for various things including maintenance and insurance.
There are a number of different things landlords can do to keep void periods to a minimum. Firstly they can offer longer term tenancies and try to get tenants who want to stay for a long period of time. This brings great stability.
A second option is to start marketing the property before a tenancy ends. This is a pro-active approach and means you can work to ensure new tenants are lined up before the current ones leave. As a result you can enjoy a much quicker turnaround and minimise losses. You need to be careful though and ensure you don’t disrupt the current tenants too much when you start the marketing process.
A third path you can take is to work with a company who offers guaranteed rent. These schemes give you a set rental income for the duration of the term. They provide great security and stability whilst also reducing your workload in terms of marketing and maintenance. The rent will be paid by the company on a set day every month without fail and they will assume much of the responsibility for the property.
At Finefair we were one of the earliest providers of guaranteed rent in Bromley. We understand the vast array of benefits the schemes offer to landlords and are very proud to provide them because they align with our aims of providing the best value. As a specialist with a great deal of local knowledge we are well placed to deliver help and advice.
If you would like to find out more please feel free to contact us for a chat or to arrange a full consultation. We are professional and approachable, striving to build great relationships with each client.