How to avoid frustration from your long term vacant property? Tips & advice
Landlords often face a tough decision whenever they encounter the challenge of having their property vacant for too long. The main goal of each landlord is too get their property rented and earn at the same time. Till then, the biggest factor that landlords face is the price-sensitive market. Should a landlord take the risk of keeping his ideal price? Or should he adjust to the current market trend?
According to an article from gulfnews, a vacant property loses 1 percent of its annual rental income for roughly every three and a half days it is vacant. That’s equivalent to more than 8 percent for every month vacant. With the present condition of the market, the best option for landlords is to seek advice from expert property consultants and remember that it’s better to get a quality tenant than to keep your ideal price and become void for too long. The ever-changing market of Dubai is another key factor that landlords must consider. With a lot of payments and service charges at hand, landlords often consider this factor as a reason to keep their ideal price. However, if the property would be vacant for too long, it will decrease in value and could become a waste of investment.
Always watch out for the market movement. Your property for rent is an investment that you should never take for granted. Be sure to take good care of your property by keeping it well-maintained at all times. Don’t do repairs or cleaning only during viewings. Always keep in mind that your property can get a potential viewing anytime, given that you take good care of it.
Entrust your property to an expert. If you’re a busy person and you handle a lot of responsibilities, you may not be able to prioritize your property consistently. Through the help of an expert, your property can be properly marketed. Since you maintain your property’s good condition, it will be easier for an expert to take goof photographs of your property. Be sure to check if it is properly marketed on property portals. Some agencies would advertise your property on social media too. This gives you a greater reach and a higher chance of finding a tenant.
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