Risks of Leaving a Rental Property Vacant For Too Long in Los Angeles
Every real estate investor wants to avoid vacancy when it comes to rental properties. An unoccupied home is a major expense and it hurts your income and your ROI.
The risks of leaving a rental property vacant are not only financial. There are several additional problems and unintended consequences. You’ll have to pay out-of-pocket for things like utilities and landscaping. You also have to keep the property secure and free from squatters, vandals, and other potential criminal activities. The appliances aren’t being used and there’s no one in the home to let you know when a leak is sprung or something starts to deteriorate.
Avoid vacancy and limit the liability that often comes with a vacant property. We have some good ideas on how to do that with your Los Angeles real estate investment.
Keep Your Utilities On at the Rental Property
After your resident moves out, contact your utility companies to switch the account into your own name. You don’t want to leave your rental property without water, gas, or electricity. The home should look as normal as possible so there’s no risk of attracting the attention of those who may not have good intentions. Install exterior lighting that turns on automatically in the evenings.
This does more than keep the property secure.
It also keeps the home safe and accessible for any maintenance work that’s being done or potential showings if you’re looking for a new tenant. Your prospective tenants will want to turn on lights and flush toilets when they visit the property. Keeping the utilities on will make this possible.
Maintain the Property’s Curb Appeal
Curb appeal is always important when you’re trying to find a resident, and it’s especially necessary for vacant rental properties. Prospective tenants who have inquired about the property may drive by to see it. You don’t want them to cancel a showing because of how the place looks. If you have grass, trees, or flowers, make sure they’re trimmed and watered. Don’t let the yard or outdoor spaces attract any debris and stay on top of your pest control.
Evaluate your exterior lighting to make sure that the property and its surrounding area doesn’t stay dark. Studies have shown that crime is far less likely at or near a home that’s well-lit.
Attention to your landscaping keeps your home looking great, and it also contributes to that sense of normalcy which is so important in keeping it secure and safe.
Work with Los Angeles Property Managers
Smart investors know that working with a professional Los Angeles property management team comes with a number of benefits and advantages. It’s especially useful when a property is vacant. Most rental homes in our area face shorter vacancy periods when they’re professionally managed. And when they are vacant, the turnover process is swift, efficient, and cost-effective. One way to limit the risks and problems that come with a vacant rental property is to have professionals taking care of it. We will know if there’s a maintenance need or a problem because we’ll keep our eyes on your investment when there isn’t anyone living in it.
Leaving a property vacant is stressful, and the risks can feel overwhelming. If you’d like some help in protecting your property during its vacancy periods, please contact our team at MGMT Group, Inc.