Risks of Having a Vacant Rental Property 

• Conduct a comparative rental market analysis. Find out whether you’re charging the right rent. Overpricing a rental unit will only drive tenants away. 
• Consider offering tenants some incentives. For instance, you can decide to ease your pet policy, make some upgrades, or even provide a prospect of reduced rent for the first month. 

Vandalism, Theft & Property Damage

Vacant rental units are vulnerable to theft and property damage, posing significant risks and challenges for landlords. When a unit sits empty, it becomes a potential target for various forms of potential damage.

There are certain preventative measures you can take to prevent property damage and vandalism. 

• Install a security system, such as motion sensor lights, alarm systems, and/or security cameras. 
• Inspect the property regularly. 
• Put up no trespassing signs around the property. 
• Ask a neighbor to keep an eye on the property for you. 
• Hire a property manager to help you find a qualified tenant. 

Unauthorized Occupants 

When a property stays vacant, it may also become vulnerable to occupation by unauthorized occupants. 

Squatter laws usually make it difficult and stressful for landlords to carry out an eviction. Among other things, you may need to serve the squatter with an eviction notice, file an eviction lawsuit, and attend court hearings. 

Depending on how long they have established residency, they may be able to own your property through adverse possession rights. 

Follow the same preventative measures outlined in the previous step to avoid having unauthorized occupants. 

Declining Property Value

A neighborhood with vacant properties is not ideal. The vacant properties can bring down the overall value of homes in the neighborhood. 

This can make it difficult for property owners to sell their homes later or even limit how much equity they can build. 

That’s why it’s important to invest in the right location. Researching a particular location before investing can help you avoid neighborhoods that are bad for rental investments. 

However, if your property is an isolated area, the following are a few things you could do. 

• Consider upgrading it to attract quality tenants. 
• Conduct a comparative market analysis to price the property correctly. 
• Maintain curb appeal. 

How Can a Property Management Company Help? 

With all that in mind, you may want to seek the help of a qualified property management company when dealing with vacancies. 

The following are some benefits of working with a qualified and experienced property manager. 

 Tenant Screening 

A property manager knows how important conducting a tenant screening is. They will conduct thorough screening checks to ensure you find a quality tenant who will pay rent on time, care for your property, and follow the lease agreement. 

The screening process includes verifying the prospect's income, employment history, and rental background. 

Property Maintenance 

Rental maintenance is key to attracting great tenants and maintaining property value. A property manager will conduct routine, seasonal, and emergency maintenance to ensure your property stays in good shape at all times. 

They will also coordinate with qualified contractors or in-house maintenance teams to address problems promptly. 

Rental Pricing

Knowing how to price your rental property is important to running a successful rental investment. 

A property manager can help price your property competitively for higher ROI. They will usually conduct a comparative market analysis to ensure your property is neither overpriced or underpriced. 

Conclusion 

A vacant property is bad for your investment’s bottom line. By following the steps outlined in this guide landlords can significantly reduce the risk of having vacant units.

Hiring a property manager is a strategic investment for landlords looking to avoid vacant units and maximize rental income. Property managers bring expertise in tenant retention, effective marketing strategies, and proactive maintenance management, all of which are essential in minimizing vacancy periods.

If you’d like to hire a qualified and experienced property manager, look no further than First & Main Property Management. Get in touch to learn more!