No landlord wants to experience excessive or lengthy void periods as that can significantly impact the viability of their investment, and that is why many astute buy-to-let investors are willing to invest if it means securing a quicker let.
Void periods are one of the most pressing concerns for buy-to-let landlords. Costs can start to mount when a property remains vacant. Consequently, rather than seeking immediate cost savings in the wake of recent tax changes, savvy landlords are, in fact, happy to pay more to reduce the length of time a property remains vacant, according to Upad.
The company introduced ‘featured listings’ last year at a extra cost of £150, including the option to list properties on Rightmove, and the online letting agent reports that the response from landlords has been positive, partly because many recognise that listing property on a leading portal, like Rightmove, can help boost the number of enquiries per property and, in doing so, secure a tenant sooner.
James Davis, Founder and CEO of Upad, said: “Our data, as well as anecdotal feedback, has repeatedly shown that one of the primary concerns for landlords is managing void periods. With that in mind, when it became apparent from our Rightmove data that the average number of enquiries per property was down, we acted quickly to address this and mitigate the risk of a void.
“Landlords told us that in key cities where competition was high such as London, Birmingham and Manchester they needed a competitive edge. Rightmove’s Featured Listings proved to be exactly that.”
Since the introduction of ‘featured listings’ as an add-on across each of its pricing options, Upad says that properties have been let, on average, three days more quickly than those marketed without.
Davis added: “It’s a competitive marketplace and securing a quality let quickly is important to our landlords. However, in presenting options such as that offered via Featured Listings, we need to be able to demonstrate tangible benefits and last summer’s test provided just that.”