Void periods are arguably one of the last situations landlords would wish to find themselves in, as the impact they can have on an investment can be massive. This is why many in the buy-to-let industry are willing to invest in ways to secure quicker lets.
One of the most pressing concerns for buy-to-let landlords, void periods can be costly from the moment a property becomes vacant. These costs start to mount as the vacancy goes on, but in an attempt to reduce such losses, savvy landlords are choosing to pay more to decrease the length of a void period, according to Upad.
Last year the company introduced ‘featured listings’ at an extra cost of £150. This included the option to list properties on Rightmove. The online letting agent has reported that responses from landlords are positive, partly due to acknowledgement that listing their properties on a leading portal, such as Rightmove, can provide a boost to the number of enquiries per property. Furthermore, in doing so, this could lead to tenancies being agreed sooner.
James David, Founder and CEO of Upad, has commented: “Our data, as well as anecdotal feedback, has repeatedly shown that one of the primary concerns for landlords is managing void periods. With that in mind, when it became apparent from our Rightmove data that the average number of enquiries per property was down, we acted quickly to address this and mitigate the risk of a void.
“Landlords told us that in key cities where competition was high such as London, Birmingham and Manchester they needed a competitive edge. Rightmove’s Featured Listings proved to be exactly that.”
Upad has noticed that since this change was introduced, on average featured properties have been let 3 days sooner than those that were put on the website without this tag.
Davis also said: “It’s a competitive marketplace and securing a quality let quickly is important to our landlords. However, in presenting options such as that offered via Featured Listings, we need to be able to demonstrate tangible benefits and last summer’s test provided just that.”
If you are a landlord looking for cover against void periods, then take a look at our Rent Guarantee Insurance. It will cover you against your residential tenant defaulting or failing to pay the rent, taking away some of the stress associated with being a landlord.