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Unoccupied Property: The Landlords Bane

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By : kath wong    99 or more times read
As any landlord who’s attempted to insure an unoccupied property knows, having an empty property is a horrible situation to be in. Though figures have recently stabilised, as of this March over half of landlords surveyed by the NLA had experienced a period with an empty property. In the best case scenario while a property is empty, a landlord is simply looking for a replacement tenant, worst case scenario; the property requires a complete overhaul before the landlord can even begin to look for a new tenant. While either of these situations is happening, the landlord is receiving no rental income, but expenses are still mounting up, many landlords have mortgages on their properties, which usually would be covered by the tenants rent. However, with an empty property, that money has to come from the landlords own pocket.

As with most troubles, prevention is better than cure, and by following these five simple guidelines, the problem of empty properties should be made as avoidable as possible and if not totally avoidable, at least manageable:

  • It may not be ideal, but setting a lower rent to quickly entice new tenants is a worthwhile idea to keep an empty property period as short as possible.

  • Any good outfit is made or broken by the accessories worn with it; the same is true for property. If the garden and house are well kept, they’ll seem far more attractive to prospective tenants. As a caveat to this, having a good landlord insurance policy can help deal with any problems the last tenants left you with.

  • Marketing your property in an effective manner is another way to shorten empty property periods. An advert is no good if nobody can read it. Having your property advertised online is one of the best ways of doing this as it is here that most prospective tenants go to find their new place to live. Photos that are attractive are a must, but make sure they accurately reflect your property as it is, great photos while the reality is in a state of disrepair will only lead to disappointment from both parties.

  • One way to keep tenants from leaving is to not raise the rent unless absolutely necessary, if the rent is already covering mortgage repayments it may make sense to keep it at the same level.

  • The final tip is to treat tenants as you would a client as, for all intents and purposes, that is what they are! If you keep your customers happy, they will be less likely to want to leave and consequentially try and keep you happy too!

While these tips are not foolproof, they will give you a workable edge when dealing with the threat or even the event of an unoccupied property. Keeping your landlords insurance provider in the loop of what is going on is advisable as well.
Get Landlord Insurance today from Discount Landlord Insurance.

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