Minimising HMO Void Periods
If you’re an HMO landlord you’ll be aware of the problems caused by void periods. Although all landlords experience voids from time-to-time, there are several things you can do to minimise your chances of suffering from extended void periods that result in costly expenses. As specialists in the HMO property management sector in Liverpool, we’ve put together some helpful void reduction advice for HMO landlords.
Void Periods – What Are They?
A void is a period during which your HMO remains unoccupied and, thus, is providing no rental income. Anybody renting out HMO properties will want to avoid void periods as much as possible. Although it’s virtually impossible to avoid them completely, it is possible to minimise them significantly. The best way to achieve this is by keeping good tenants in your property for the long term.
Follow these five top tips to minimise HMO void periods and you’ll have the best chance of maintaining ongoing full occupancy of your property.
1. Build Positive Relationships With Your Tenants
It may sound obvious but building up a positive relationship with your tenants is a good way to keep occupancy levels up. Treating residents respectfully and professionally will encourage them to stay in your property rather than looking elsewhere for somewhere to live. If they do eventually move on, they’re more likely to recommend your HMO to their friends and acquaintances who are looking for a place to rent. Communication is key to building good relationships with your residents, breaking down any barriers, and encouraging transparency.
2. Offer Longer Leases
Any landlord knows that finding good tenants represents one of the trickiest elements of renting out your HMO in Liverpool, so whenever you find reliable residents, it’s a good idea to retain them for as long as you can. One way of doing this is by offering longer leases. If your tenants are on a six-month contract, consider offering them a 12-month contract instead.
If they’re already on a one-year lease, you may want to think about offering one for 24 months. If they agree, you’ve got a guaranteed income for longer.
3. Invest In The Property
If your HMO in Liverpool is maintained well, your existing tenants will be happy to stay for longer while prospective residents will be keen to rent a room. Focusing on key areas like kitchens and bathrooms is obvious but you shouldn’t overlook the importance of keeping other areas in top-notch condition too.
Today’s tenants are more discerning than ever before and have high expectations when renting a room in an HMO. With that in mind, you need to ensure your property looks as good as possible.
4. Don’t Overcharge
One of the biggest mistakes that HMO landlords make is over-charging on rent. Carrying out proper research is key when determining rental prices for your HMO rooms to ensure that you’re offering reasonable prices that are attractive to prospective tenants, while also bringing in a profit.
5. Use A HMO Property Management Company
Using an HMO property management company like Portus Lets is one of the best ways to minimise void periods. We are a friendly team of professionals with years of experience in the field and will do all the hard work on your behalf, helping with everything from marketing and vetting of prospective residents to collecting rent and handling the paperwork.
By handling all maintenance for you and resolving any issues, we can also ensure that your tenants have the best possible rental experience, thus encouraging them to remain in your property for as long as possible, generating income for you month after month.
Get in touch with our team today on 0151 329 3538 to find out more about how we can help you to reduce HMO void periods in your property.