From Vacant to Vibrant: Filling Property Voids Profitably with Short to Medium Lettings
A significant challenge for all property owners, whether private individuals or companies, is the management of vacant properties, which can pose a financial and emotional drain. However, innovative solutions exist - there are a lot more options available to you in 2024 that just the traditional long term let.
At Fairway Hosting, we specialise in short to mid term letting, a profitable way to transform your idle space into a vibrant, income-generating asset.
Why should you be concerned about a vacant property?
Some of the reasons may seem self-evident, but there are additional expenses that you may not have considered, that when you add up mean that a single vacant property becomes a significant financial burden.
1. Financial Loss: Vacant properties generate no rental income, leading to financial losses, which are especially significant given you will have paid more for property in London than in any other UK city.
2. Depreciation: Without regular occupancy and maintenance, properties may deteriorate more quickly. This physical depreciation can reduce the property's market value and increase future repair costs.
3. Security Risks: Vacant properties are more susceptible to vandalism, squatting, and theft. Even Gordon Ramsay has been dealing with this problem. These issues can lead to additional financial burdens due to the need for repairs and heightened security measures.
4. Insurance Premiums: Insuring a vacant property is often more expensive because they are considered higher risk.
5. Council Tax: In some boroughs, including Westminster and Hackney, owners of vacant properties may have to pay a higher council tax rate. Some councils charge up to 150% of the standard rate for properties that have been empty for two years or more. See more here
So now we have convinced you that you really don’t want a vacant property, what is the solution?
Short to Medium Term Lettings
At Fairway Hosting, we are experts in innovative letting strategies that can help you turn a potentially problematic vacant property into a valuable asset. We can help you convert vacant properties into furnished accommodations available for short to medium stays.
Short-Term Lets: These typically last from a few days to a few weeks.
Mid-Term Lets: These are generally defined as rentals that last from 1 month to about 6 months. However, this can extend up to 12 months depending on local regulations and market practices.
By blending short, medium, and long-term tenancies, we ensure that your property remains occupied and generates revenue throughout the year, creating that much desired consistent income stream.
The Rent Guarantee Scheme
If you are worried about income fluctuations in short-term rentals, our Rent Guarantee scheme guarantees market rent for up to five years, free from management fees, providing you with peace of mind and financial stability. Find out more here.
In fact, flexible letting can give you a higher income potential. Clients who list their properties with us full-time typically earn a net income between 50%-100% higher than a long let for the same 12-month period.
Did you know that we can also generate income for you if your vacant property is currently on the market? Get in touch to find out more
This sounds like a lot of work…
Don’t fear! At Fairway Hosting we manage it all for you:
Guest vetting - many of our guests are repeat customers
Property maintenance
Professional listing management across platforms including AirBnB, Zoopla, Booking.com, Right Move and Vrbo
Guest and property management ensuring top-notch guest experience from booking through check-out.
The best part is that we cater to all types of properties and clients - whether it's a single standalone residence, an apartment building, or an entire portfolio of properties. Our services are available to both individual property owners and companies alike.
Conclusion
Turning a vacant property into a vibrant, profitable asset is achievable with the right strategy and support. By embracing flexible letting solutions, you can turn your idle properties into vibrant, income-generating assets.
Contact us today and find out how we can help.