Petersfield Landlords – Utilise Void Periods

Ideally, landlords don’t want void periods. When you have a void period, you don’t generate rental income, and this means you don’t bring in any money. If you depend on rental income to pay your buy-to-let mortgage, a period with no money coming in could place you at risk. Therefore, you should do what you can to minimise the impact of void periods.

However, if you do have void periods at your rental property, it is vital you maximise the return from this time. If you make the right changes at the property, you can set yourself up to deal with a better standard of tenant while improving the rental income you receive each month.

When a tenant is in your home, you often don’t have the chance to carry out major improvements. Therefore, when the rental property lies empty, you have an excellent opportunity to impose a new style on the place, and take care of the tasks that have been left unfinished for far too long. We are pleased to say we have helped many Petersfield landlords improve their rental property, and we have some tips which will likely be of benefit to you.

Carry out a deep clean in void periods

When the rental property has been cleaned to a high standard, you can be confident about attracting tenants. When potential tenants look through listings and see photographs of your property looking fantastic, they will stop scrolling and start paying attention to what you offer.

This may help you reach out to a better standard of tenants, or you could even charge a higher rental fee. It is vital you maximise the potential return of your property, and having clean rental premises is a fantastic way of achieving this goal.

Another strong benefit which comes from cleaning the rental property to a high standard is it increases the likelihood of your tenant maintaining this high standard. If a rental property is messy when the tenant moves in, they are not motivated to clean the property. However, if they enter a spotless property, they are far more likely to maintain this high standard. In the long-term, this provides you with less work to do, and it should better maintain the standard and condition of your rental property.

We know hiring a professional cleaning company to carry out a deep clean at your rental property incurs a cost, but it also provides benefits. If you are looking to increase your returns, this is a smart investment, and we can help you arrange the cleaning process at your property.

Carry out safety tests

You must ensure you offer a safe rental property. When you don’t have a tenant in place, you have an ideal chance to welcome qualified engineers to carry out tests. Your property should receive an annual gas safety test and if you supply electrical appliances in the rental property, it is worthwhile having these tested too.

If you are a Petersfield landlord and you need assistance letting or managing property, contact Williams of Petersfield and we will be happy to help.

How Much Rent Should I Charge Tenants?

While being a landlord can be lucrative, it isn’t an easy role. You have a lot of big decisions to make, and it is understandable many landlords need assistance. We aim to help you make an informed decision or decisions on matters such as rent, no matter your situation.

We know setting a rental fee is hugely important for landlords, and if you need guidance in this area, you are not alone. The question of how much rent should I charge is a familiar one for landlords, and it is one our clients ask us. We know it would be great to receive a high rental fee, but in today’s competitive market, this isn’t always possible.

Tenants are savvy regarding rent options these days

Tenants are savvy, and they research their options. If you overprice your rental property in comparison with other homes in the local area, it is likely you won’t generate much interest in your rental property.

You may think a small rental fee increase doesn’t matter much, but to tenants, it can be a lot of money. When your finances are pushed to the limits, an extra £10 or £15 a month adds up. Don’t forget that an additional £10 a month is equal to an extra £120 a year, and for many people right now, this is a lot of money.

How does your rental property compare to local options?

It is helpful to consider the local market, and what rental fees are in place right now. You should look at the average rental fee for your type of home in your area, but this doesn’t mean you should charge this fee. You should know how your property compares with the average rental properties in the area.

If your rental accommodation is better than the average rental home, you can justify charging a more significant rental fee. If your rental accommodation isn’t up to the standard of the average rental fee, you should look to charge a lower rental fee for your accommodation.

The condition of your home, the size of your home and the number of bedrooms on offer are important factors to consider when setting a rental fee. However, there are also factors outside of your control when it comes to the rental fee tenants are happy to pay.

  • You need to consider the following aspects when setting a rental fee:
  • Your location, and the availability of facilities and amenities nearby
  • Your location, and the demand for rental property in this area
  • Your location, and the supply of rental homes in your area
  • Whether the property is furnished or not

All these factors influence the right price for your rental fee, and if you need help in determining the best rental price for your needs, you are not alone.

At Williams of Petersfield, we are pleased to say we know the local rental market. Our knowledge and guidance provide you with insight, which helps you make an informed decision regarding your rental fee. If you are a landlord looking for help to serve your tenants, contact us today, and we’ll be happy to help.

Looking To Become A Petersfield Landlord? We Can Help

In a study undertaken by Sainsbury’s Bank, 9% of adults in the United Kingdom have expressed an interest in obtaining a buy to let mortgage this year. If all these people followed through with this aim, it could lead to close to five million new landlords in the UK. Continue reading “Looking To Become A Petersfield Landlord? We Can Help”