Five Reasons Why Your Unoccupied Property Needs Special Real Estate Property Management

Commercial properties are ideal investments for enjoying sound financial returns. The degree of profit can easily be maximized with responsible management of the property. This responsibility increases many-fold when the commercial property remains vacant for a long time. Indeed, an unoccupied property requires extra care and protection, in order to maintain its value to attract the perfect tenant.

Here are five reasons why it is a very bad idea to keep a commercial property vacant and unattended and why you need special management services to resolve them.

1. Squatting

Squatting or unauthorized possession of real estate property is a rising problem. Property managers should be careful about people and organizations who might trespass onto the property and assume ownership forcibly. Hence, an empty property needs adequate security and protection management to keep trespassers at bay.

2. Theft

Poor management of unoccupied commercial real estate makes things easy for thieves and vandals. Inadequate security measures and lack of illumination are some factors which make it easy for thieves and vandals to destroy property, resulting in losses for the owner. Property managers must consider hiring a trusted round the clock security service for vacant real estate.

3. Natural damage

Natural damage can take place without any warning. However, if a property lies unattended, the extent of possible loss from any damage increases tremendously. Natural problems like windstorm, hailstorm, and infestation of pests, mold etc. as well as accidents like short circuits, gas leakage and bursting of water pipes need immediate control to minimize losses which is possible only if the property is being attended to, despite being unoccupied.

4. Deliberate damage

Miscreants might resort to littering, window breaking, vandalism and even arson causing a loss to the owner. Strict security with advanced alarming system is required for commercial real estate in NYC to curb these activities.

5. Insurance refusal

Many insurance policies include terms and conditions regarding the time limit of vacancy of a commercial property and also, mismanagement of a vacant property. The insurance companies might refuse to cover losses due to damages or loss of an unattended property if they are unconvinced of the claims of the property owner and managers that the property was being well-managed during its vacancy period. The financial risk increases if a property is left unattended, which explains why a holistic real estate property management carries such importance.