As a property owner, the financial rewards can be extremely beneficial. However, at the same time, you may be a landlord, and as a landlord, sometimes you’ll experience a vacant unit. One tenant may leave before you find another replacement. While this is a regular occurrence, it’s obviously best to fill your vacancies as quickly as possible.
Having a vacant property puts you in a vulnerable position, and at risk, for a variety of situations you don’t want to be in. Not only can a vacant rental property lead to a loss in passive income and a gain of costs, but they are also susceptible to damage from external forces.
Keep reading to learn more about the possible risks you might face if you leave your property vacant for too long and a solution that can help you avoid having one in the first place.
Theft & Vandalism
Some people have become experts at looting vacant properties but also make their livelihood from doing so. They can easily sneak out appliances, air conditioning units, and expensive furnishing. Other standard expensive features that thieves can steal are copper wires, aluminum pipes, and antique pieces.
Vacant units can also be subject to vandalism. Sometimes, when people find a vacant property, they’ll likely be tempted to spray paint walls, draw some graffiti, and scribble their names.
Vacant or not, having unwanted guests is never a good thing. If it’s easy to notice that your property is empty, it can lure squatters. Especially with a furnished unit, squatters can live in your unit rent-free using all the appliances and furnishings. If your unit is spacious enough, they might take it up a notch and allow others to live there with them and collect rent.
It’s essential to be careful with squatters because they earn rights after a certain period of time. This means it becomes challenging to remove them. In some cases, you’d need to go to the courts and file a claim to regain possession.
Vacant properties are vulnerable to fires given that no tenant is using the home’s systems. Heating systems that aren’t well maintained can accumulate dirt and lead to an overheated motor system. There may also be combustible materials near the heater resulting in a fire explosion.
Another risk is arson. While some people can accidentally start a fire while smoking near the property, other intruders may purposely set fire on a vacant property.
Water Damage and Mold
Water damage can occur from leaks and broken pipes. It’s one of the most costly housing repairs to confront. If it rains, a lot of moisture gets inside the house; your rental can also be susceptible to another nightmare – mold. This can make your rental property a health hazard and inhabitable.
Minimize Your Risks With This Solution
When owning a property, it can be challenging to juggle your responsibilities. If you find yourself facing an empty rental property – you may not be able to check up on it every day or as often as you’d like, especially if you don’t live close by.
The best, most stress-free way to keep your vacant rental safe is to hire a property management company that’ll supervise your empty rental. On top of that, a property management company will have systems in place to help you find a tenant sooner rather than later.
Work With Harbor Property Management
At Harbor Property Management, we understand your property is a highly regarded investment. Keeping it protected is a priority for us. Our management team knows the local market, has an extensive network of contacts and has advertising resources available to use at discounted rates. This allows us to market your vacant home to prospective tenants and get it filled quickly.
Our property management services include rent collection, maintenance, stringent tenant screening, showings of your vacant property, routine inspections, and financial statements. As a property management company in South Bay, you can rely on us to take care of your property as if it were our own.