According to the Deposit Protection Service Letting agents are more successful at keeping rental properties occupied than individual landlords.
By using a NALS regulated Lettings specialist you will ensure that the void period on a property is kept to within two weeks on 63% of properties, compared with only 38% for those marketed by landlords directly. At Belvoir Lettings based in Westbourne the average viewing per let at the moment sits at 1.68 viewings per let ! Mike Betteridge of Belvoir Westbourne says “At present due to high demand from prospective Tenants and by properly vetting both our Landlords and Tenants we are able to let a property within 3 viewings” who is in his 3rd year in Westbourne, “ We have 3 or 4 people lining up for each property viewing, each with deposits in hand, in one instance we had 17 for 1 property within 1 day of it going live !” he continues.
The DPS has assessed the void periods across just under 600,000 deposits it holds on rentals in the UK.
The figures also point to huge regional differences throughout the country, the worst scenario being two-thirds of available rental properties lying empty for more than three months.
Two of the ten worst areas for empty properties were in Lancashire. However, the South was also badly hit, with areas in Surrey, Essex and Hampshire amongst the worst. In some areas, half of rental properties managed by private Landlords have been empty for more than three months.
Kevin Firth, director of the DPS, said: “Many landlords market their properties very effectively, but the evidence we have compiled in the past two years demonstrates clearly that there is more they can learn to try to decrease void periods.
Mike says in summary “In the current rental market – where there is high demand for rental property which far exceeds supply there is no excuse for allowing properties to remain dormant and not earning income” Landlords should consult a Lettings Specialist to achieve the best and most secure tenancies.
