In real estate, the success of a rental property is to a significant extent based on its level of occupancy by paying tenants. Between tenancies, both private and commercial properties will occasionally be empty, and this is unavoidable.
Empty property, commonly referred to as vacant property, is a term that is commonly associated with the unoccupied property.
Vacant properties are utterly empty, devoid of both tenants and possessions such as furniture. Some examples of vacant properties are new homes yet to be rented out, and empty properties yet to secure buyers.
On the other hand, in an unoccupied property, appliances, and furniture are present and in proper working condition.
How Can You Reduce the Rate of Vacancy?
One of the main objectives of both property owners and property managers is to reduce the degree of vacancy in rental properties. This is because the profits generated and income earned by a property owner and a property manager respectively, are highly dependent on the property’s occupancy level.
Vacant buildings, just like occupied ones, require care and attention. A properly maintained vacant building is attractive to potential tenants and buyers.
Keeping the vacant property in a state ready to accommodate an occupant gives it an edge over others. This is where vacant property management comes into play.
What is Vacant Property Management?
Property management is mostly associated with occupied spaces. It is a common assumption that handling vacant property is easier than managing an occupied home.
Even when vacant properties have no tenants to attend to, property management services are still required. Vacant property management firms are tasked with:
1. Regular inspections of vacant properties
Regular inspections are among the most important vacant property services offered. These vacant property inspections safeguard unused homes from criminal acts such as vandalism. Through these checks, vacant property managers ensure everything is in order.
2. Scheduling and supervising upgrades and repairs
In case of faulty systems or appliances, property managers look for local experts such as plumbers and electricians to carry out repairs. Property managers also arrange for upgrades and facelifts of systems and utilities that may be outdated or worn out.
3. Ensuring vacant property security
Taking care of vacant properties is an interminable job. This vacant property service may entail the installation of security systems such as CCTV cameras, to guarantee round-the-clock surveillance of the property. As such, incidents such as theft, fires, and other emergency are immediately attended to.
4. Handling bills and taxes
Vacant property managers settle bills for utilities such as water, sewage, garbage collection, and electricity. Even though the property is vacant, some of these utilities are still used, though on very few occasions.
The property managers calculate the tax obligation due based on the vacant property inventories.
Why Should You Hire a Vacant Property Manager?
Hiring an individual or a company to take care of a vacant property may seem unnecessary. However, it comes with multiple benefits for you, as a property owner:
1. It saves time
With the numerous tasks that come with managing vacant property, it is a wise idea to leave these roles to professionals who are well-versed in this craft. When you hire vacant property managers, this buys you time to attend to other responsibilities. Furthermore, their expertise enables them to execute these duties faster than you would.
2. Cost-effectiveness
Leaving a vacant property unattended has costly consequences. Furniture and appliances may be stolen, forcing you to furnish the house afresh.
There may be water leakages and electrical faults that cause damage to the entire house, which will be expensive to repair. Therefore, hiring a vacant property manager is less costly than attending to these avoidable expenses.
3. Background checks on potential tenants
Property managers help you screen prospective tenants for your vacant property. Conducting these checks is quite taxing and having someone do it for you lifts some weight off your shoulders. In addition, it gives you peace of mind that your property will be occupied by suitable tenants.
Despite the above benefits, the overall goal is to limit the amount of time your property remains vacant. It is expected that your tenants will move out at some point. Ensuring that tenants issue a notice at least a month before moving out will help you plan how to market the soon-to-be vacant space.
During this period, you can advertise the property on social media platforms. You can also use word-of-mouth to inform your networks. Whatever the channel, be sure to be clear on the date when the property is expected to be vacant and open for potential tenants to view.
Sam Collier is the founder of Fifium, a web and mobile application development blog dedicated to sharing expert knowledge and insights in the tech industry. With over 15 years of combined experience among its developers, Fifium started as a small group of like-minded professionals passionate about mobile development and has grown into a respected source of information and guides.
