Most investors and rental property owners would agree that vacancy is best avoided. Not only do you have to face an unpleasant expense – lack of rental income and the cost of general maintenance and upkeep – you’re also leaving your empty property at risk. It’s an easy target, and you need to take the necessary steps to protect it.
At TCS Management, we’re a full-service property management company headquartered in Philadelphia, Pennsylvania, also serving Cherry Hill, New Jersey, Wilmington, Delaware and the surrounding areas. We focus on single-family and multifamily residential property management of homes, condos, townhomes, and apartment buildings.
Today, we want to talk about some tips to protect your vacant rental home.
Vacancy Risk for Owners and Properties
The main risk to your vacant rental home in Philadelphia is that you’ll attract squatters. This is a huge problem in the city, and you’ll want to protect your home from becoming a haven for potential criminals. The law is somewhat vague when it comes to distinguishing between squatters and trespassers. Either way, you don’t want people living in your home just because it’s empty and available.
TCS Management Security Measures
We take extra precautions at TCS Management when one of the units we manage is vacant. We have specific security measures that we can put in place, including security barriers at the property and plates over the windows. This prevents anyone from gaining access through a window. Access to all the doors on vacant properties is through a key code.
The main threat of squatters is in single-family homes and smaller multi-family properties. Our team charges a monthly fee to owners for these security measures when the home is vacant, but the peace of mind is well worth it. Evicting squatters in time to get your property ready for your next tenant can be a huge hassle, and also leads to the risk of property damage. You don’t need the extra expense or liability that comes with people breaking into your home.
Fast Turnovers for Philadelphia Rental Properties
One of the best ways to protect your property from squatters and other vacancy risks is by getting it rented as quickly as possible.
As soon as a tenant moves out of your home, we are proactive in marketing it. We want it to be rented right away, protecting you from vacancy expenses and other risks. Our turnover period is brief because our goal is to start marketing your home right away and we’re ready to do the cleaning and the maintenance work that’s required between tenants.
Typically, our single-family properties are re-rented within thirty days from being on the market. Multi-family homes always take longer to rent in the Philadelphia market, but on average we’re able to get new tenants moved in within 30 to 45 days. This reduces both the physical and the financial risks of a vacant property.
The best thing you can do to protect your investment is to avoid vacancy and make sure the turnover period is brief. Working with a professional Philadelphia property management company can help, especially if they have plans in place to mitigate your risk and protect you from vacancy loss. Contact us at TCS Management, and we’ll share more information about how we do this effectively.
