Average void periods for Upad landlords have been found to be just two weeks, a week shorter than the national average of three weeks that the Association of Residential Lettings Agents found in its recent report.
The online letting agent claims that landlords looking to cut costs after April’s controversial tax changes could save over £200 a tenancy by embracing technology and using its online lettings system to reduce void periods.
Void periods potentially cost a landlord renting a property at the UK national average of £908 a month, £628 in rental income.
And ARLA’s recent study also found that landlords typically need to find new tenants every 17 months meaning that void periods can add up to a substantial cost over the lifetime of a buy-to-let property, something which landlords often fail to factor into their budgets.
But landlords could save at least £209 each tenancy changeover by switching to an online agent like Upad, who help to find the best tenants quickly thanks to its tech-based approach in addition to expert marketing and paperwork support, seven days a week. To give an idea of savings industry-wide, this could save UK’s 2.2 million landlords a combined total of nearly £460m.
James Davis, CEO and founder of upad.co.uk, said:
“Void periods are the most pressing concern for buy-to-let landlords. Costs can rack up very quickly every day that a property remains vacant.
“With profits currently being hit from all sides, particularly after the tax relief changes that came into effect in April, we at Upad understand that it’s now more vital than ever to minimise all unnecessary costs.
“Working efficiently on a national scale has allowed us to develop effective strategies to slash void periods for our landlords. Our ARLA qualified property experts are available seven days a week to check and approve adverts or make any changes quickly. Their expertise ensures that all adverts are listed perfectly first time, giving the best chance of success for a quick let before the ad disappears down the rankings.
“We also use the latest technology to get all enquires to our landlords as soon as possible. Then, when tenants are ready to sign, our online system makes it easy for them to pay deposits and agree the contract so they can get moved in and paying rent straight away.
