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Shift in void security market delivers huge savings for property owners
The Void Security Market
Void security continues to be a challenge for many registered providers. Keeping property secure whilst vacant has notoriously been costly and at a time when the housing sector remains under pressure to justify spending and save money. This area has become a target for where efficiencies can be made.
Investing less in void security does not necessarily provide value for money. For example; securing only half a property with steel screens can leave neighbourhoods vulnerable, with accessible empty homes being an easy target for vandalism or theft.
So what is the solution?
There are huge savings to be made (directly and indirectly) by implementing innovative, efficient security solutions:
- Step one: Review your organisation’s void management process. How handovers are conducted between internal teams. It is imperative that all staff involved in the process work collaboratively and are accountable for their contributions. This will help to reduce average void times and rent loss, in addition to alleviating risks of vandalism or property theft taking place.
- Step two: Revisit your voids management policy to review the void security measures that are in place – and also consider how long term voids are secured. Switching to non-demountable screens could prove value for money, as charges will only be made for the initial installation.
- Step three: To minimise loss of rental revenue, make sure you have a streamlined appraisal process for properties that are empty for long periods of time.
- Step four: Look at your indirect costs to see where further savings can be made. You may want to consider: Do the keys to your void properties regularly go missing? Are your employees and contractors wasting time driving to housing offices to collect keys – or waiting outside properties to gain access? And finally - do you have a record of who has gained entry into your void properties and when? Non-productive time can now be significantly reduced thanks to electronic key management.
- Step five: Test the market to see if you could benefit from a cheaper rate. It pays to do your homework, identifying if increased efficiency savings can be made.
Camelot Europe can assist you to minimise turnaround time to reduce rent loss and ensure effective use is made of housing stock. To arrange a free-of-charge inspection of your voids and to find out how Camelot Europe can deliver cost efficiency savings for your organisation, contact us today.