When you first buy an investment property you probably never plan for it to be left vacant for any period of time, however it can happen. Having a tenant leave and not being able to replace them right away can occur for a number of reasons, but it can also happen if you have a brand new apartment on the market which you cannot find tenants for. Luckily, it can usually be resolved quickly and easily. Let’s look at some of the most common reasons why an investment property can sit vacant for any length of time.
Getting The Right Property Managers
One of the most important aspects of having an investment property is having the right management team looking after it. In property there are a number of factors that can change over the years, including the average market rent in the area and even the demographics of the tenants looking for properties. If your property is not attracting the right kind of tenants or if it has been vacant for a period of time then it is likely that your property management company has either overestimated the amount of rent charged in relation to the rest of the market, or is struggling to find the right type of tenant. In this case it probably would be a good idea to look around for other property management companies that have a dedicated local presence and who understand the current market.
Maintaining Your Investment Property
It is also very important to keep properties – especially those over 5 years old – well maintained and cared for. Property managers play a large role in ensuring that your investment is being looked after by your tenants, and they should be giving you regular updates (preferably with photos) when they hold their inspections. Sometimes properties can be left vacant if the rooms need a refresh or there are broken fixtures or fittings. A simple coat of paint, different curtains or blinds or new carpets can make a huge difference in an older property. Consider fixing any such issues before having an open inspection to find tenants to ensure that you are maximising the value of your property.
Don’t Go It Alone
Finally, if your property is vacant and you are managing it yourself, consider finding a property manager who will be able to assist you. Missing out on lost rent month after month can be stressful, and you can start to wonder why you took on an investment property at all. A good property manager will not only not let your property sit vacant for any length of time but they will also give you peace of mind. Whereas you are probably too busy to manage your investment property on a full time basis, taking care of all the aspects of finding tenants including advertising, inspections and sorting through applications, a professional property company such as Ironfish will have resources to focus on finding you the best possible tenants at the best possible rent.