The biggest lie you are being told by the industry as a property landlord, is that void period are unavoidable.
With this fabricated myth being bandied about across every corner of the internet, it’s no wonder that an increasingly high number of people are feeling reluctant before stepping into the lucrative and rewarding world of short-term renting.
This is not to say that this business is “easy”; nor are we claiming that you still start raking in the cash in return for very little work and due diligence. However, with the right support and partners in your corner, there certainly is a way to abolish void periods from your calendar, and no longer miss out on making a healthy income (all year round) instead.
Why Do Void Periods Occur?
As the word suggests, a “void” period for a property landlord, refers to a period of time when their property is left unoccupied and therefore not generating any rental income.
For many landlords, void periods can occur due to a number of reasons. The most common one is due to off-peak season, and a failure to understand how to list and market this property during this time, from the landlord.
Many landlords simply see their properties being ideal for STRs during the holiday period, and are then left with enormous voids every other time of year. Without understanding how to diversify their target demographic(s) and set the right booking rates (with the right pricing tools and strategy), it can become very difficult to continue generating income from a short-term rental, during those slower months.
Poor property maintenance and lack of time to manage the short-term rental “properly” can also lead to lengthier void periods for landlords. Unfortunately, it is never as easy as listing your property on an OTA like Airbnb and expecting the bookings to come rolling in. If the landlord has not partnered with a short-term rental management company, then they need to invest some time and effort into the process as well.
The Costly Pain of Rental Void Periods
The most painful part of void periods for a landlord is that just because they have stopped earning a rental income, doesn’t mean that they’ll be excused from other ongoing costs to help maintain the property.
Monthly bills, tax, general repair, and maintenance costs continue to add up during the eerily quiet months, and the costs of this (without the financial support of rent) can quickly become debilitating – particularly if that landlord doesn’t have a large property portfolio they can lean (which is the case for most).
As well as the thousands that you could be losing as a landlord during void periods, there is also the added inconvenience of lost time. The trouble is, when you manage the entire short-term rental model on your own, you have no choice but to remarket the property yourself (as and when), carry out the necessary background checks on guests, take care of admin duties and contracts, while also keeping on top of turnovers. This is time you could be spending in other areas of your work, which would likely make you more money.
No More Voids with Short-Term Rental Management, Thanks to Luke Stays
For the lowest fee on the (current) market – whether your property is based in the UK, Europe, or Dubai, Luke Stays will fully manage your property as a short-term rental for you, and abolish the fear of void periods.
Once your property has been trustfully handed over to us, we assume full responsibility for its management and maintenance (even on the guest journey side of things) – and only list it at the most sensible and lucrative rates for you. These listings will be optimized across the brand new Luke Stays website and other booking platforms all year round, as our expert team monitors its progress and tweaks as necessary.
As part of being part of the Luke Stays family, you will also be guaranteed no void periods for your property – regardless of the time of year, demand, or season. This means no more worrying about where your next guest is going to come from, or frantically trying to make those pennies stretch every time your property is left vacant.