Renting out a property in Albuquerque can be profitable, especially when you’ve got a well-maintained home and a highly qualified tenant. This type of real estate investing also comes with risks, however. One of the major risks is vacancy. If your property is unoccupied for longer than a few days or week, you start to lose real money. You also run the risk of vandalism and deferred maintenance.
You want to avoid a vacant property, for the good of your investment home and to get your income flowing and your ROI stabilized.
Albuquerque Vacancy Risks: Financial
The financial risks are pretty evident. When your rental property is vacant, you don’t have rent coming in. That lack of cash flow is going to hurt in both the short and the long term. Not only are you losing income, you’re also required to cover all expenses out of pocket. Someone has to keep the lights on and the landscaping maintained. That’s going to be you, until you have a tenant in place taking care of these things.
Albuquerque Vacancy Risks: Material
The risks of a vacant rental property are more than financial. You also have to worry about crime and deterioration. A vacant property may be attractive to criminals or squatters. You might find appliances stolen or walls vandalized if you’re not checking in on the home once in a while. Vacant properties need to be kept secure, and that’s going to cost you time and other resources.
Without someone living in the home, there’s also the risk of maintenance issues that are left undetected. If a leak starts under a sink or an infestation of pests takes hold behind the drywall, it’s going to be some time before you notice it. That’s going to lead to more expensive repairs.
Tips to Preventing a Vacancy
While a vacant property can cause owners problems and expenses, there are ways to minimize and avoid the number of days your rental property is unoccupied. Here are three of our best tips:
- Providing an outstanding property that tenants will be eager to rent. Offer a clean, functional, and attractive rental home so outstanding tenants will notice it. Before you show your property, have it cleaned professionally and make some simple updates and upgrades that will really grab a prospective tenant’s attention. Think about a fresh coat of paint, new floors, energy-efficient appliances, or upgraded landscaping.
- Price your rental home correctly. One of the most common reasons that properties remain vacant is that they are priced outside of what the market supports. No one wants to underprice a rental property. But, listing it for a price that’s too high can extend your vacancy period.
- Market your rental property strategically. The better your marketing plan, the faster you’ll place a qualified tenant. Good marketing starts with professional photos. Take pictures that show off what your property has to offer. Use as many of them as you can in your online listing. Prospective tenants want to feel like they are getting a good idea of the home’s size, condition, and benefits before they decide to see it. List the property on as many rental websites as you can access. The more exposure you get for the property, the better your pool of potential tenants will be.
Owners appreciate how quickly we’re able to rent properties. If you want to avoid the risks that come with vacant investment homes, make sure you’re working with an excellent Albuquerque property management company. We’re happy to tell you more. Contact us at Bruni/Karr Rental & Management Agency
