Some property owners live on-site and take a hands-on approach, while others live off-site and hire professional vacant management services to manage their investments. The latter option is often the best solution for absent property owners, and here’s why.
Poorly managed vacant properties are a liability. They are more susceptible to crime and vandalism and can fall into disrepair quickly if not properly maintained. This can result in significant financial losses for the property owner.
If you are an absentee property owner, it is important to have a professional vacant management company in place to protect your investment. These companies offer a suite of services designed to keep your property safe and secure, so you can rest assured knowing your investment is in good hands. That said, here are some:
Reasons Why Professional Vacant Management is So Important for Absent Property Owners
An absentee property owner is an individual or group that owns a property but does not live on-site or actively manage it. In other words, they are off-site passive landlords who typically outsource their property’s management to a third-party company.
Examples of absentee property owners include:
- Remote real estate investors who own investment properties in other cities or countries, where the potential returns on their investment might be better than their local market.
- Institutional investors, such as hedge funds, private equity firms, and REITs (Real Estate Investment Trusts) who own large portfolios of properties.
- Individuals who inherit a property they do not live in and have no interest in managing themselves.
- Property owners who need to relocate for work or personal reasons and cannot manage their property from a distance.
As you can see, there are many reasons why people might leave their property empty. However, as we have hinted above, there are several risks associated with leaving your property vacant, including;
- You can miss signs of developing problems in your property. When these minor issues are not handled promptly, they can quickly escalate into more significant and costly problems. For instance, a small water leak can easily go undetected in an empty property and result in extensive water damage.
- Your property can become a target for criminal activity, as empty houses are easy targets for burglars, squatters, and vandals.
- Your insurance rates can increase. Most homeowner’s insurance policies do not cover vacant properties or charge much higher premiums for coverage.
- You will not generate rental income if you leave your property unoccupied.
While the risks associated with being an absentee property owner are significant, there are ways to mitigate them. One of the most effective methods is to hire a professional vacant management company. A vacant property manager will provide peace of mind by keeping an eye on your property. Here are some reasons why a professional vacant management company is so important to absent property owners:
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Regular property inspections
A professional vacant management company will conduct regular inspections of your property to ensure it is in good condition. These inspections help to identify any developing problems, so they can be addressed quickly before they have a chance to escalate.
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Lower maintenance and repair costs
Carrying out regular property inspections helps to identify minor maintenance and repair issues before they become big problems. This can save you a significant amount of money in the long run. In addition, experienced property managers often have a network of reliable and cost-effective contractors that they can use to carry out repairs and maintenance work.
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Protection against criminals
An empty property is much more likely to be targeted by criminals than an occupied property. A professional vacant management company will take measures to protect your property from burglars, squatters, and vandals.
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Shorter vacancy periods
A private client property specialist will work hard to find tenants for your property as quickly as possible. This is important because the longer your property is vacant, the more money you will lose in rental income. Furthermore, your property manager will also ensure they collect rent on time and carry out regular lease renewals to minimise the risk of your property becoming vacant again.
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Comprehensive property reports
We bet you always want to know what is happening with your property, especially when you are not there. Your property manager will keep you up-to-date with regular reports on the condition of your property and any repairs or maintenance that has been carried out. This report includes:
- An overview of the property condition and any issues that need to be addressed.
- A schedule of future planned maintenance and repair work.
- An update on the rental income and tenancy agreement.
- A financial statement detailing income and expenditure.
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Consistent communication
You should feel confident that you can get in touch with your property manager regularly and that they will keep you updated on what is happening with your property. This also includes regular communication with tenants to ensure they are happy with the property and their tenancy agreement.
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Hassle-free property ownership
By hiring a professional property management agency, you can relax and enjoy the benefits of being a property owner without dealing with the day-to-day hassle of being a landlord. This is particularly important if you live in another location or have other commitments that make it difficult for you to manage your property. All in all, you will be confident knowing that your property is in safe hands and is being well cared for. This peace of mind is priceless, especially if you are an absentee property owner.
Chambré: The Private Client Property Specialist
Chambré is a private client property specialist that offers a suite of services, including professional vacant management for absent property owners. This bespoke solution is designed for overseas clients and beneficiaries who are not in London full-time. We understand that managing your property yourself is not always possible or practical, especially when you live overseas. This is where our professional and experienced team comes in, we will take care of your property as if it were our own.
Chambré will protect your investment and work hard to ensure that your property is well-maintained and secure, and generate a healthy return on investment. We will also provide you with regular reports so that you can keep tabs on your property.
Get in touch with us for more information.
Common Questions:
- How can a professional manager help you manage your vacant property?
A professional manager will take care of all the day-to-day tasks associated with managing a property, from finding tenants and collecting rent to maintaining the property and organising repairs.
- What’s a property manager’s greatest responsibility?
A property manager’s greatest responsibility is to protect your investment by ensuring that your property is well-maintained and generates a healthy return on investment, as well as keeping tenants happy.
- What problems do property managers solve?
Some of the problems that property managers solve include:
- Finding tenants and collecting rent
- Maintaining the property
- Organising repairs
- Dealing with tenant enquiries and complaints
- Enforcing the terms of the tenancy agreement.