Why Is My Property Vacant?

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When you’re Fort Lauderdale property is vacant for too long, it can be problematic as your cash flow stops and youvacant property have a chance of running into trouble paying for the mortgage and having your property vandalised. The number one enemy of property investors is vacancy. Vacancy for a long period of time is down to the 3 Ps.

  • Price Of Property
  • Presentation
  • Property Manager

PRICE

One of the biggest reasons why a property may be vacant is because of the price that is on it. Tenants renting are price conscious. It’s important to know what similar Broward County properties are being rented out for in your area so you know your competition. Tenants will go for cheaper Fort Lauderdale apartments than those which are high priced. So always compare property prices and make sure yours is in the range.

PRESENTATION

If you have a lot of enquires but you don’t have any follow ups on the property with second inspections and applications then it may come down to its presentation. Many tenants may feel underwhelmed by the state and presentation of the property for the price that it is. This may be because it hasn’t been maintained for a while, or is misleading i.e. tiny sunroom as a 3rd bedroom.

A Fort Lauderdale property management company or investor has obligations to keep up the maintenance of the property to ensure that there will be interest when trying to rent it out.

PROPERTY MANAGER

On some occasions your Fort Lauderdale rental may be vacant because the property management company you hired may be slow to respond to enquiries. It’s important to respond to enquiries in the first week they are received. If you’re agent is slow then your property will begin to look stale to prospective tenants. Property managers should be able to show your investment property at appropriate times including after school, work or on Saturday mornings.

A property manager should also be advertising your property with appropriate printing materials and details that would appeal to many people. This will let tenants know exactly what they are getting for their money when they’re interested.

Overall

So as you can see there are many different reasons as to why a property may be vacant for a long time. If yours in vacant why not rule out these three P’s to ensure the best possible outcome for your property.

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