Reducing void property turnaround times is a top priority of Housing Associations. They want to make sure they become more efficient through effective service delivery.
Cost associated with void properties
For every day a property is empty there is a cost associated with this, notably lost rent and having to pay Council Tax. Clients who have used our service have noticed a reduction in their turnaround time. In fact, one of our clients currently has an average in the region of a 13 day turnaround for their void properties being re-let.
Many of our Housing Association prospects already have their own systems in place for marketing their voids. However, it is worth considering whether you think you could improve on your turnaround times. If trying something new actually reduces this it has to be a good thing. Not only will you be getting your properties let quicker, but your losses will reduce and your income stream will increase thus improving your balance sheet.
Reduce voids turnaround time to re-let your homes to save money
It can be hard to quantify a single average cost per day for a void property as there are regional disparities in rent and council tax. However, if we assume an average rent of £400 per month for one property. In this example rent for each day is £13 per day and council tax would be £3 per day if we assume £92 per month. So, for the purpose of our example, we will assume £16 per day is the cost per property. Depending on how many properties you rent out per month this could be a sizeable saving if you look at alternative ways to market your available homes.
There are other factors, including when you choose to advertise your void properties. Do you wait until any repair work is done? Or do you begin the process whilst this is underway? A lot will depend on the policies you have in place for managing your voids.
Would you like to reduce void times for your properties?
We are already working with many Housing Associations across the UK doing helping to reduce their voids times. If you have hard to let properties get in touch to see how we can help to reduce your void times and relet your property quicker too.
