With the current market being rather variable, a rental void could be a serious concern, however Luke Telford of Strutt & Parker believes that early preparation for the end of a tenancy could be the key to reducing the risk of a lengthy void.
Recently, Strutt & Parker have had a number of properties that have been let quickly, one almost before it was marketed, and Luke Telford identifies two important items for this “If the property is well presented and the asking rent is realistic, then the property has every chance of letting quickly.“If your property is competing with other properties then the chances are that it will be the presentation that will influence a potential tenant. If your tenant was to serve notice then, Luke Telford believes that landlords need to act quickly...“assess the overall condition of the property, including carpets, kitchen units and bathroom suites and compare them to the other available properties – it may be time to bite the bullet and carry out works ready for viewings to take place.
In his experience, Luke has seen properties suffer, not necessarily because their condition is poor but because the condition is not the same as other properties on the market. Although there will be an initial cost for these works, Luke Telford believes that in the long term landlords will have potentially safeguarded themselves against lengthy void periods.
One point to note is not to overlook the garden maintenance, Luke Telford says “... with the summer weather bringing lots of rain and occasional sunshine the difference a smart garden can make during viewings, never ceases to amaze me!“