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Residential property management | Why properties may remain vacant

Thursday, June 28, 2012

Residential property management can be a very profitable market to invest in if approached the right way. In broad terms

property management refers to the control and oversight of residential real estate. It also incorporates various processes needed to maintain that property and requires: acquisition, control, accountability, responsibility, maintenance and utilization. Residential property management can often become frustrating and stressful for property managers and often properties can remain vacant for a significant amount of time. This means that your land will remain unprofitable and unoccupied for quite some time.

Here are some reasons why properties may remain vacant:

Rent is too high: If prospective tenants feel that the price of your property is too high and have found other more affordable and lower priced options your property may be ignored and your lot will remain vacant. This will ultimately affect your income and in today’s unpredictable economic climate it is appropriate to price rent at a fair and realistic price. In this case it would be a good idea to do a bit of market research and find out the pricing of other properties in close vicinity and adjusting it more to those prices. Comparing property values is important so that your property is not overpriced in comparison to others.

Poor presentation: If your property does not appear attractive and clean tenants will not be enthusiastic about the property. It is important to make your property appealing by giving it a good clean and making sure furniture and objects are not broken and have been updated. If everything is maintained and in good condition it is more likely to attract tenants and maximise rental capacity.

Location: choosing prime location is a significant tool to increase tenant capacity. If your property is located near key facilities such as schools, public transport and shopping centres you are more likely to get potential renters. If your property is located away from various facilities it may deter them. However if tenants are looking for secluded areas it may prove to more desirable for them. When choosing which piece of land to acquire it is good to figure out who you are trying to sell for.

It is important when investing in residential property management that you do your research first and carry out the necessary steps to ensure that your residential property management is kept alive with prospective tenants.