The second most important decision you will make after diving into the real estate market is finding the right vacant property management agency, especially if you live overseas or have other commitments that prevent you from managing your property portfolio yourself.
There are several reasons why you might leave your property unoccupied for extended periods. You may be planning to sell soon, struggling to find tenants, or doing some renovations.
Whatever your reasons, finding a vacant property management agency is important to protect your investment and help you avoid any unpleasant surprises. That’s because there are:
Potential Dangers to Leaving Your Property Empty
Leaving your property unoccupied for extended periods can be a risky proposition; here are some reasons why:
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Water Leaks and Burst Pipes
Water sitting in pipes for too long can cause them to rust and deteriorate. This is especially true in winter, when the water inside the pipes freezes and expands, causing them to burst. If there’s no one around to spot the leak and shut off the water, the damage could be extensive. This unpleasant situation can quickly turn into a nightmare.
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Vandalism and Crime
Vacant properties are hotbeds for crime, as vandals and squatters often target them. Once unscrupulous individuals realise that a property is unoccupied, they may break in and cause extensive damage. In addition to the physical damage, the cost of repairs can be astronomical.
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Fire Outbreak
Faulty electrical wiring is one of the leading causes of fires in residential properties. If your property is unoccupied, there is no one to spot a problem and take corrective action. This could lead to a devastating fire that destroys your property and leaves you with a substantial financial loss.
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Loss of Rental Income
Of course, one of the most significant risks of leaving your property unoccupied is losing out on rental income. If you’re not generating rental income, your property portfolio is not working for you. In addition, you may have to pay for costly repairs and renovations when you finally find a tenant.
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Your Insurance May Not Cover You
Most insurance policies have a vacancy clause that expressly excludes coverage for unoccupied properties for a specific time frame. This means that if your property is unoccupied for more than the stipulated duration, you may not be covered for specific perils. So, you might want to read the fine print on your policy or speak to your insurance agent to find out if your property is adequately covered.
With all these in mind, you will be glad to know you can avoid many risks simply by working with a reputable and reliable vacant property management agency.
What to Expect From a Prime Vacant Property Management Agency
When you partner with a professional vacant property management agency, you can expect:
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Regular Inspections
Regular property inspections are one of the most important services offered by vacant property management agencies. Your property manager will visit your property regularly to ensure everything is in order. This helps to ensure that any potential problems are spotted and dealt with quickly before they can cause extensive damage.
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Cost-Effective Maintenance and Repairs
Conducting regular inspections also allows your property manager to identify any issues and respond promptly to address them. This helps to prevent minor problems from becoming big, expensive ones. In addition, your property manager can rely on their network of trusted service providers to get the best deals on maintenance and repairs. Moreover, they will handle all the coordination and supervision to ensure that the work is carried out correctly.
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Boost Rental Income
By partnering with an agency offering comprehensive property management services that include marketing and tenant screening, you can be sure to attract responsible tenants who will take good care of your property while paying their rent on time. This is a huge relief for busy property investors who may not have the time to chase up late payments.
Furthermore, maintaining a high occupancy rate will stay in line with your insurance coverage and avoid any fines. Lastly, having tenants will deter vandals and squatters from targeting your property.
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Compliance with Relevant Regulations
There are several regulations that landlords must comply with, failure of which can lead to hefty fines. These include health and safety laws, fire safety regulations, and energy efficiency standards. Your property manager will ensure that your property meets all the relevant regulations so that you can avoid any costly penalties.
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Peace of Mind
When you partner with a reputable property management agency, you can relax knowing that your property is in good hands. This will give you the peace of mind to focus on other important projects or investments.
If need be, your property manager will oversee refurbishment works on your behalf, liaising with service providers to get the job done quickly, efficiently and cost-effectively. They can also handle payment of bills and other expenses, as well as insurance claims, on your behalf.
In short, a good property management agency will take care of everything for you, so you can sit back and enjoy the returns on your investment with complete peace of mind.
While many property owners revert to other solutions, like setting up a CCTV system to secure their vacant properties, you will likely agree that a vacant property management agency offers a more comprehensive solution. They will conduct regular inspections and maintenance to keep your property in good condition and deal with any compliance issues and attract quality tenants to help you generate rental income.
Chambré: The Private Client Property Specialist
Chambré is a private client property specialist offering bespoke and comprehensive solutions, including vacant property management to property owners and absentee landlords.
As a family-run agency founded on solid values like trust, open communication and integrity, we pride ourselves on the personal attention and dedication we offer our clients. We understand that your property is valuable, so we go the extra mile to protect your interests and maximise your returns.
Don’t hesitate to get in touch with us for more information.
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