Landlords may find themselves with vacant property services for reasons such as the eviction of tenants or recent renovations. If the void period of the property is too long, the landlord may risk incurring utility costs, tax issues, loss of rental income, and threats of theft or damage. While positioning the property to attract lasting tenants, landlords should understand the risks and mitigation measures of having empty rental properties.
What to Do as a Landlord with a Vacant Property?
Vacant property is vulnerable to criminal activity and natural risks. Landlords can protect their rental properties from such issues by understanding why there is a void in the property and re-strategizing to market it and attract the right occupants. Some of the things landlords with vacant properties can do include:
1. Insurance for the vacant property
By insuring the building, you can reduce the financial impact of a vacant building. Depending on the location of the investment/vacant property, the landlord can apply for insurance and void homes to enjoy benefits such as possible coverage for several properties within a particular state and with similar needs under a single policy, wind, vandalism, and theft cover.
2. Providing Strict Security and Safety For The Property
The landlord should ensure the safety and security of the vacant property at all times. Tenants may vacate the leased premises with spare keys. It is important for property owners to change the locks and ensure that strict security is maintained at all times.
3. Using The Vacant Period To Renovate The House
Renovate the house during the vacant or tenant transition period. House owners can carry out renovations such as repainting, repairs, and other housing re-installations to make them more desirable and attractive to new tenants, making it easy to relet within a short period.
4. Regular Inspection of the Vacant House
Regularly inspect the condition of the house to avoid maintenance issues. The owner should be proactive in checking the overall condition of the vacant home or rental property. This includes piping, wastewater flow, wear, and any unfunctional lights in preparation for the next tenant.
5. Using a House Property Management Company
If the landlord does not live near the estate, it would be better to use a real estate agent to take care of it. This will enable the agent to supervise any maintenance issues at the right time.
6. Checking The Availability of Abandoned Belongings
Confirm whether the vacant house has unclaimed belongings. In eviction cases, tenants may leave some of their belongings on the estate premises. If a landlord finds such belongings, handling them according to the abandoned property law in the particular state can help to avoid court cases or other fees.
To handle abandoned property appropriately, the landlord should consider why the owner left, review the provision for left belongings in the lease agreement, provide a notice to the owner to come back for their properties, and begin legal steps to remove and dispose of the items if the owners do not respond to the call within the recommended number of days for holding abandoned properties.
How Landlords Can Prevent Vacant Periods Before They Occur
A landlord can prevent the occurrence of void periods by encouraging good tenants to stay longer. This will attract new tenants immediately after the eviction or vacation of the previous occupants. A helpful piece of advice for landlords to prevent the occurrence of void periods entails adopting strategies such as:
1. Charging Fair Rent and Deposit
Charge a reasonable rent and deposit for the property based on market research to find out what other landlords within the area are charging.
2. Maintaining Clear Communication With Tenants
Facilitate clear communication between the management and the tenants, prompt responses to customer queries, and fast service to repairs and plumbing issues. The landlord should protect tenants’ rights to stay on the premises longer.
3. Decorating and Upgrading The House To Modern Standards
Ensure the property meets current home standards, such as kitchen cabinets, bathroom installations, and basic decor. Upgrading the property can make it more appealing and attractive to new and prospective tenants.
4. Engage letting agents
Use the services of agents to perform background checks on potential tenants before allowing them into the property to avoid setting property owners up for future problems.