Having an empty property in your portfolio is one of quickest ways for a landlord to lose money, and even if you have invested in a landlord insurance policy that includes unoccupied property insurance you will still eventually lose money if the property is void for a long period of time. Furthermore, there has never been a higher demand for rental property in the UK, so having an empty property just doesn’t make financial sense.
Here are some tips on getting your empty properties back on the market:
Think about your Situation
The first thing you will need to do is try to decipher what caused the property to become void in the first place. It’s best at this point to try to be as honest with yourself as possible, as without really understanding the problem you may not be able to come up with a solution. For instance, have you lapsed in maintaining the property? If this is the case then it may be time to roll up your sleeves and start doing some DIY or even call in some tradesmen. Even though you will have to pay the initial costs for a renovation having tenants in your property will keep you financially stable in the long-term.
Are you being too picky?
It is obviously wise to be careful when choosing which tenants can live in your properties, however sometimes over cautiousness can turn into just plain pickiness. If your property has been void for a long period of time you may need to start being a bit more open about who you will allow to live there. Even if it does end badly at the very least you will gain some income, and your landlord insurance provider will always help pay for any damages or legal costs.
Renting for the Wrong area
Have a look around and see what type tenants are in the area that your property is based, as you may find that you are marketing the property the wrong way. If there are mainly students in the area then it would be a good idea to rent the property out as a House in Multiple Occupation (HMO), but you need to make sure that you apply for a licence first. If it’s mainly young families then you will want to market the property as a family home – it’s all about what people are looking for in the area.
Having an empty property can be extremely frustrating for landlords, but if you try and figure out new and effective ways to market the property you are sure to find it occupied soon!