Vacant rental properties are expensive for owners, and they also come with a lot of issues and unintended consequences. Not earning any rental income hurts your cash flow and your long-term ROI. Other than the obvious lack of rental income, vacant properties can come with other problems. For example, you pay out-of-pocket for things like utilities and landscaping. You also have to keep the property secure and well kept to avoid code violations.

Today, we’re talking about some of the things you can do to avoid the risk, liability, and expenses that often come with a vacant rental home.

Vacancy Risk for Bozeman Rental Properties

The main risk to your vacant rental home in Bozeman is the cost of housing and the impact of a vacancy on your mortgage statement. The current vacancy rate in Bozeman is nearly zero, but that won’t always be the case. So, keeping your property updated and current is key.

Keep Your Utilities On at the Rental Property

Be sure you have a landlord agreement in place with Northwestern Energy. You don’t want to leave your rental property without water, gas, or electricity. You can probably do without things like cable and Internet, but make sure the main utilities are still on. This is especially important in the winter when the risk of frozen and burst pipes is ever-present.

Keeping the utilities on will ensure the property is secure. You want to make sure you have exterior lighting that turns on automatically in the evening. You also want to prevent the home from becoming too hot or too cold.

Maintaining your electricity and gas also keeps the home safe and accessible for any maintenance work that’s being done or potential showings if you’re looking for a new tenant. Your prospective tenants will want to turn on lights and flush toilets. Make sure that these things are possible.

Keep Up with Landscaping so the Home Doesn’t Look Vacant

Curb appeal is always important, and it’s especially necessary for vacant rental properties. You want the home to look attractive while you’re trying to rent it out. People who have inquired about the property may be planning to drive by it. You don’t want them to cancel a showing because of how the place looks.

If you have grass, trees, or flowers, make sure they’re trimmed and watered. If you have more of a desert landscape happening or some Xeriscaping, make sure it isn’t attracting any debris and stay on top of your pest control.

Attention to your landscaping keeps your home looking great, and it also contributes to that sense of normalcy which is so important in keeping it secure and safe.

Work with Professional Bozeman Property Management

Working with the Peak Property Management team comes with a number of benefits and advantages. It’s especially useful when a property is vacant. Most rental homes in Bozeman face shorter vacancy periods when they’re professionally managed. And when they are vacant, the turnover process is swift, efficient, and cost-effective. One way to limit the risks and problems that come with a vacant rental property is to have professionals taking care of it.

We’d be happy to tell you more about how to best protect your property. Contact our team at Peak Property Management, and we’ll assist you with all your Bozeman property management needs.