As Quintessentially Estates explains, as a landlord, you know that money spent on repairing a vacant property is money that isn’t invested in your business.
With that in mind, you should always have a plan for what to do with a vacant property when you no longer need it.
In this post, we’ll discuss how to manage vacant property while maximizing its value and minimizing your financial losses.
What are the Risks Involved with a Vacant Property?
If no one lives on the property to carry out the routine maintenance activities and notify the concerned parties when there’s a problem, then the vacant property poses a risk for letting agents and landlords. Here are some of the prospective risks that a vacant property present:
- Water damage or leaks
- Pest infestations
- Electrical faults
- Vandalism or theft
- Structural damage
- Fires
How to Manage Vacant Properties
Secure the windows and doors
To reduce the risk of unlawful occupation, it’s best to replace the locks between tenancies. Having secure windows and doors also helps to mitigate the risk of squatting or theft – which could negatively impact the value of your property.
Carry out regular maintenance of the property
Whether the property is occupied or not, it’s essential to conduct consistent property maintenance throughout the year. The reason for conducting routine maintenance is that vacant buildings tend to experience internal or structural damage.
Here, you should address various tasks, including exterior maintenance, internal maintenance and servicing pipes and boilers regularly.
Conduct property checks
To manage a vacant property, you should conduct checks and inspections for all aspects of that property – both interior and exterior. Here are some aspects you should inspect.
Interior checks
- Inspect the loft regularly for any storm damage to the roof
- Check for seasonal issues like leaks caused by frozen pipes, or mildew and dampness caused by rodent infestation or insufficient ventilation
Exterior checks
- Inspect the boundary fencing to determine if the premises are fully intact
- Inspect the seals to access points, letterboxes and security screens to make sure they weren’t tampered with
- Inspect the vacant property and get rid of any buildup of debris or leaves in the drains and gutters – leaves and debris tend to cause damage and damp from leaks
- Assess the roof space after seasonal weather or any storms
Monitor the property
It’s a good idea to have a security camera installed on vacant property, especially during the winter seasons. When it comes to matters of security, you can either use manned security or remote techniques. Remote security is better than manned methods because it’s more effective for cost and overall convenience and efficiency.
1. 24-hour monitored alarm system
Although regular burglar alarms can deter burglars, having a monitored alarm system can inform trained security professionals in case of an attempted break-in. This can help to facilitate a timely and swift response.
Ideally, it’s recommended that vacant properties have their utilities switched off. The good thing about monitored alarm systems is they can fully function without using electricity or any telephone line connection.
Therefore, they can be a visible deterrent and can also respond instantly when required to:
- Collect evidence in case of attempted trespass or vandalism
- Provide real-time alerts to designated mobiles – to pass on updates and information to give you peace of mind
- Record remotely so that the situation can be assessed when needed
2. 24-hour monitored CCTV
Contemporary CCTVs provide on-site security with remote or off-site monitoring. They often come in handy in case of an intrusion, suspicious or criminal activity at the vacant property. The cameras can be tilted or panned to obtain the best surveillance possible. CCTV systems can record and monitor any situation, and the recordings are retrievable to facilitate insurance and police processes for identification or evidence purposes.
Management of Vacant Property Closing Thoughts
As a property professional or letting agent, it’s important to keep your vacant property safe during void periods to maximize its damage and minimize the risks involved. Follow this guide if you want to manage your vacant property so the next tenant finds the house in great shape.
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