Do you own a vacant residence or commercial building? Did you know that there are some very real risks to keeping a property vacant for long periods of time? We always suggest keeping your properties rented out to minimize potential risks, including:
Loss of Cash Flow
Perhaps the scariest risk of leaving your residential or commercial property vacant for too long is that every month that it sits without a tenant, that’s money you could have had that is lost forever.
Disrepair
When a property is occupied by a tenant, they are there to notice when small things break and need repair. Without someone there, those little issues quickly turn into major problems that require much more time and money to correct.
Crime/Theft
Potential criminals and thieves are always looking for empty properties to snoop around, so if yours is left empty for too long it will surely be noticed. Illicit activity happening on your property can lead to legal issues for you in the future, not to mention the cost to replace anything that is stolen or damaged.
Squatters
Squatters are any property owner’s nightmare. Squatters can hole up in your empty property and claim they have a right to be there, causing you much expense in hiring attorneys to muddle through the complicated squatter eviction process. This process can take months or longer, leaving you with no chance to recoup lost rent while the squatters remain.
Accidents
Accidents are more common in vacant properties than in those that are occupied, mainly because the small issues that result in accidents go unnoticed when no tenant is present. Fires, wood rot due to insects or water damage, and appliance malfunctions can all lead to serious accidents for anyone on the property later on.
Don’t Let Your Southwest Florida Rental Property Sit Vacant
If your rental property is located in southwest Florida, there’s no reason to let it stay that way any longer. We currently have a 100% occupancy rate and need new rental properties to satisfy the increasing demand. Call Douglas Realty Property Management at (239) 542-6906 or contact us online to find out more today!
