Do you have a vacant rental property? Every landlord dreads having an empty rental, especially if they live far away from it. It presents a number of issues, such as a reduction in rental revenue, a rise in utility expenditures, and an elevated risk of hazards and property damage.
The issue of vacant rental properties can be quite serious and damaging to an investor's bottom line. Landlords will thus need to take proactive measures to secure their buildings. The team at Advantage Realty Services has created this piece to inform Tampa landlords about the risks of vacant units and how to protect them.
Potential Risks for Vacant Rentals
Burglary and Theft
The property in your rental space is vulnerable to vandals and thieves because there isn't a tenant at the property to deter them. Generally, single-family homes are more likely to experience this problem than multi-rental properties.
Thieves frequently look for occupied locations because they are more likely to find items like artwork, furniture, and electronic gadgets. Vacant properties may also be targeted for their air conditioners, copper wiring, aluminum pipes in the walls, and appliances. You should also keep an extra close eye on your property if it comes fully or semi-furnished.
While vandals generally aren't intent on stealing, the damage they cause could be very costly. They might for instance spray paint graffiti on the walls or break windows. Installing cameras, and motion sensor lights and visiting the property regularly can help keep it safe.
Mold and Water Damage
Leaks, frozen pipes, and broken pipes can all cause
water damage. Hot water heaters could also potentially leak or burst, which could result in flooding within the home. When it rains, moisture can occasionally enter the home and promote the growth of mold. This could render your rental property uninhabitable and a danger to future occupants' health.
This frequently occurs in vacant homes because the damage might not be obvious unless you’re living there and using the plumbing. Therefore, to
avoid water damage inspect the property regularly and check your water bill.
No Income
The majority of investors purchase properties to generate passive income. But no matter how beautiful your house is, there will inevitably be a vacancy at some time in your career as a landlord.
Rental vacancies can occur for a number of reasons. It could occur during a time of year when there is a decline in rental demand. If you’re experiencing longer periods of vacancy, compare your rental’s price, amenities, and overall condition to your competitors to see if there are changes you can make to improve the appeal of the unit.
You should also employ diligent marketing strategies to ensure that the availability of your units is known to a wide pool of prospective tenants.
Fires
An unoccupied property is more at
risk for fires due to the fact that none of the property's systems are in operation or constantly being maintained. Poorly maintained heating systems may collect dust and the motor system may become overheated as a result. Additionally, squatters or vandals could leave burning candles or other combustibles behind, which could lead to property damage.
Make sure you routinely inspect the property to ensure all systems are functioning as they should.
Squatters
Squatters may be drawn to your property if it’s obvious that it’s vacant. Squatters can reside in your rental property without paying rent and use all the furnishings and appliances. Squatters need to be dealt with carefully because, after a while, they acquire rights to property. This makes it more difficult to get rid of them. In some circumstances, you might need to go to court and file a case to reclaim your rented property.
To prevent this from happening, make sure to install a security camera and visit the property regularly. You can also ask a neighbor to keep an eye on the property and inform you of odd activity should it occur.
How to Take Care of Vacant Properties
As the property owner, there are several steps you can take to protect your property from the risks stated above.
Consider the follows:
- Regularly inspect the property for signs of squatters, theft, fire hazards, and water damage.
- Install security systems and cameras.
- Maintain the curb appeal to show passers-by that the house is being cared for.
- Install
lights on timers to create the appearance that people are staying in the unit.
- Have a solid marketing plan in place to help you find a tenant as quickly as possible.
- Hire a property management firm to help you inspect, maintain and market your unit. They’ll also be able to manage the day-to-day operation once landing you a tenant.
Bottom Line
A vacant property can be very stressful and time-consuming for landlords. You might need to regularly check in with your neighbors or use the security system to keep an eye out for potential vandals and thieves. Without industry knowledge or time, you may find it difficult to care for your vacant rentals, so consider hiring a professional property management company.
The team at Advantage Realty Services offers straightforward and effective property management solutions. We can help you market your vacant rentals and screen tenants to ensure that you land a qualified renter quickly.
Our trusted team of property managers puts in a lot of effort to offer you and your tenants first-rate
property management services. You can count on us to properly inspect and maintain your property, quickly respond to tenant concerns, complete rent collection, and so much more. Contact us today to learn more about our services!
