How Cardiff landlords can minimise void periods and maximise profits
Whenever a property is vacant, it stops generating rental income but still incurs ongoing running and finance costs. That’s why it's crucial to minimise void periods and keep properties occupied as much as possible. Thanks to our extensive marketing reach and our proactive approach to managing tenancies nearing their end, we're proud to maintain an average void period of just three days per year. With our experience, Cardiff landlords can rely on us for expert advice on preventing void periods and ensuring a solid plan is in place to keep properties occupied year-round.
Be willing to compromise & keep rents competitive
With average void periods costing an average of 4.9% of gross annual rental income, it usually makes financial sense for landlords to compromise on rents to reduce turnover and keep good-quality tenants for longer.
Whilst it might be tempting to increase rent to maximise income, it might end up leading to a lengthy void period which ultimately costs you more in lost rent if your tenant ends up looking for somewhere more affordable. Make sure the price is competitive, rather than too inflated to tempt new tenants to sign up.
We keep up to date with the current market value for all types of rental properties in throughout Cardiff and are always here to advise on what could be a reasonable increase that will work in your favour.
Make sure your property looks the part
A lot of landlords have realised they need to move with the times in order to guarantee tenants for years to come. If you haven’t noticed it already, the Cardiff lettings market has changed in recent years. Prospective tenants have more choice and now that the market is so competitive, a shabby property with no prospect of upgrading just won't cut it.
Keeping the property well maintained with modern, matching furniture should be regarded as an investment for the future. The property will lend itself nicely to striking marketing photos and videos and good quality tenants will want to stick around and happily recommend it to others when they leave.
Our experienced team of Property Advisors regularly advise landlords on how best to ensure their property appeals to the mass-market. It's definitely worth keeping some money aside for suggested upgrades that will ultimately increase profitability. If you do find yourself with a void period, it's an excellent opportunity to fix any problems, replace carpets and update the décor - you may even be able to increase the rent after doing this as well.
Market quickly and effectively
One of the biggest reasons that our void periods are so low is that we're extremely on the ball when it comes to marketing every property. Once tenants give notice to leave, we'll start advertising on all property portals or reaching out to our database to get tenants lined up ASAP.
Our marketing packages have most recently been enhanced by our professional video tours. We have recruited a full media team who will go all out when it comes to promoting your property in its best light. As soon as your property goes on the market, tenants will be able to view it in such full detail that it's likely they will take the property after seeing the marketing video alone.
Maximise your property's value with help from CPS Homes: Smart investments for long-term gains
But how do you know the best way to market your property? How do you decide which specific upgrades will make the most impact? And how can you be sure you're getting the optimal rent? That’s where we come in...
Sometimes you need to spend money to make money and my recommendations will always earn you money in the long run. It’s not just about boosting your rental income, but ensuring your property holds and builds on its value, long into the future.
You don’t always have to spend big either - relatively cheap additions to a property can make a property leap of the page when we post our photos and video tours. As your agent, you have access to our extremely competitive rates with trusted contractors and are happy to oversee works and upgrades for a smooth experiences, if your preference is a more hassle-free approach. Give me a ring on 02920 668585 or email rhys.owen@cpshomes.co.uk and I’ll help you tailor a strategy that aligns with your investment goals.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
