What they are and our top 5 tips to clear them.
Mention the word ‘void’ to a housing association colleague and watch them shudder. Voids are the more challenging properties to rent or sell.
Put simply, a ‘void’ 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.
How the change in trends has fuelled the void fire
The property world has changed and there is no longer the desire to offer lifetime tenancies. This means a faster churning of properties and a more competitive market.
Add in the rise of the private sector which is homing in on the tenant pond and giving more choice to renters. And this leaves those poor unloved tired properties that once popular are being side-lined.
How to avoid a void
Where possible, it is good to know about potential void properties in advance. This provides ample time to do the repairs and marketing prior to the property becoming vacant. Also, demand for certain homes will depend on what the area is like. This may call for some clever marketing.
Keeping voids to a minimum – a guide for Housing Associations, ALMOs and Choice Based Lettings Schemes
- Diarise your contract dates. 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.
- Each team involved in the process needs to know who is doing what and by when to get this property habited again. Communication is key to ensure you keep to the timelines.
- 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.
- Sell yourself! 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.
- If you have a property that needs decorating compared one that doesn’t in the private sector, sell the potential tenant an opportunity to put their own stamp on their would be home.
Regenerating a mindset
There are always those areas that contain more void properties than others. Obviously this is because the area is not deemed attractive. Like most things, there is often a reason for this. But we can change the mindset.
If you or another organisation 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. That could be the vision of a tenant’s next home, or the vision of an improved neighbourhood.
The more time you spend honing your marketing message, the better the results will be. And remember the MovingSoon team are on hand to help if you want to reduce your voids.
