Letting agents can help landlords to reduce void periods between tenancies with the right processes in place, according to Tenant Shop.
The utility management service says that reduced void periods can help agents to retain landlord clients at an all-important time as agents’ incomes are hit by a loss of fees and landlords shop around for the best value for money in the face of rising management costs.
The average landlord loses £528 each year due to void periods, according to a study by Kent Reliance. The research suggests that this figure is rising due to average rents increasing and the gap between tenancies lengthening.
Meanwhile, a study by the UK Association of Letting Agents suggests that 35% of UK landlords experienced a void period during Q1 2018, with 63% of these due to natural tenant changeovers.
“Landlords will be looking to minimise lengthy void periods at all costs and letting agents have an important role to play in saving their clients money, ensuring a smooth changeover between tenancies,” said Glenn Seddington, managing director of Tenant Shop.
“With the tenant fees ban now in force, keeping void costs will be an even higher priority for landlords, especially those who are paying higher management fees as a result of the new legislation.”
Agents can contribute towards reduced voids in a number of ways, including being proactive in finding new tenants and managing changeovers efficiently.
“By having the right software and processes in place, agents can help to prevent void periods becoming a serious and costly issue for their landlords,” Seddington said.
“Tying up loose ends at the end of a tenancy is crucial in saving time and making sure everything is ready for a new tenancy to commence. This includes notifying local councils and utility companies about tenancy changeovers and dealing with stray bills.”
“If agents can automate these processes using the best PropTech solutions, they can save themselves time and keep their clients happy which is a win-win situation for all parties,” he said.