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One of the most serious potential problems facing landlords when letting property in Newport is the prospect of periods of vacancy. Having a vacant property can be just as financially devastating as having a tenant who stops paying rent. Without an income, your financial investment can become a large financial burden. In many cases only a few months without rent can wipe out all projected net income on the property for the entire financial year, or even cause an overall loss on what could have been a profitable year with full occupancy.
The first important thing to remember is to keep your tenant happy. Think of them as your valued client, and treat them as such. If they pay the rent on time and keep your property well cared for, you can count yourself fortunate to have such a tenant. Do all you can to keep them in the property for as long as possible, which you can do in a number of ways: Deal with repairs quickly and efficiently. Keep their contracts up-to-date and offer to help them with the renewal process ahead of time. Check in with them every quarter, out of your own initiative, to see if they are still happy and if they have any concerns. Do not treat property inspections as fault-finding exercises, but relationship-building opportunities.
If your tenant does leave the property, ensure that there is a long enough notice period in the contract to allow you sufficient time to find a replacement tenant. Speak to your outgoing tenant to see if they know anyone that may want to take over from the. Also ensure that you start advertising early, as well as contacting letting agents in Newport, so that a tenant may be found in time.
Do not be stubborn about holding out for the tenant or rent that you would ideally like. The property and financial markets are cyclical, and at times the local economic conditions may not favour landlords. At these times you may need to drop rent marginally, or accept a different type of tenant than you would prefer, such as students, ones with pets, individual room rentals, etc. It may turn out better to bring in less rent for a certain period, than lose even more money through prolonged periods of vacancy. You may even consider lowering the deposit amount, to make rental more achievable.
Having a professional letting agent in Newport, to manage your property, can ensure that all of the above criteria are met and that your tenants are handled in both a professional and friendly manner. A professional Newport letting agent can also advise on the best course of action to take at all times, according to their many years of experience.