Voids in housing terms is when a property is unoccupied for a period of time. For Housing Associations, ALMOs (Arms Length Managed Organisations) and Choice Based Lettings Schemes the aim is to keep voids to a minimum.
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When do I advertise a void property?
In an ideal world housing providers would like none of their properties to be voids. The reality is, the world has changed and there is no longer the desire to offer lifetime tenancies. Also, with the rise of the Private Sector there is an increasing amount of competition to find new tenants. This means that there is more choice available to prospective renters.
Where possible, it is good to know about potential void properties in advance, giving you ample time to do the repairs and marketing prior to the property becoming vacant. However, this does not always happen. Also, demand for certain homes will depend on what the area is like.
Do you have a void property? We help housing associations and letting agents to reduce their voids. Get in touch to find out how we can help to reduce your void properties too.
Can Housing Associations, ALMOs and Choice Based Lettings Schemes keep voids to a minimum?
So how can Housing Associations, ALMOs and Choice Based Lettings Schemes keep voids to a minimum? They need to have a plan with timelines in place to know what needs to happen before the home can be put on the market again for rent. If major works need to happen, then it will mean a longer period as a void property. Either way, each team involved in the process needs to know who is doing what and by when. Communication is key to ensure you keep to the timelines.
Rent is the main form of income for social housing providers and so their maim aim is to make sure all their properties are filled. This obviously may not be possible as houses will possibly need work and repairs doing after a tenant has left.
It is not just about getting the property ready to let, you need to ensure that these voids will appeal to your target market. When you are competing with Private Landlord voids you need to be clear about your unique selling proposition. Depending on the location it may be that the rent differentials are negligible between your offering and that of the Private Sector. However, that does not mean your homes are less attractive. You need to play to your marketing strengths as an organisation. Tell them the other services you offer, for example if you have a 24/7 repairs unit, say so.
How do you sell the vision of a void property and a neighbourhood?
For example, how would you pitch one of your homes that needs decorating compared one that doesn’t in the Private Sector? In this instance, you are giving a potential tenant to put their own stamp on their would be home. That has to be a selling point too. You cannot assume that you will come out second best all the time in this situation. It is how you market your available homes to prospective tenants.
What are your strengths? Of course, there will be bigger void property issues in areas that have a bad reputation. However, if you are doing work to improve that community, say so. Not all areas stay bad, there have been many transformations over the years due to the regeneration of towns, cities and villages that should not go un-noticed.
It is about buying in to a vision. Whether that is the vision of your next home, or the vision of an improved neighbourhood. The more time you spend honing your marketing message, the better the results will be reducing your voids. Find out more about how MovingSoon can help housing associations and letting agents to reduce their voids.
