For real estate investors, owning multiple houses is an excellent business strategy. For the average homeowner, however, having more than one home is more likely to be a source of stress, especially if the second home is an unoccupied one.
The problem becomes even more dire when the unoccupied home is not in the same location as the owner's current residence. While no one in this situation likely wants to own two homes at the same time, downturns in the real estate market or a sudden need to relocate for a job or personal reason can leave an owner with two homes to pay for and maintain.
If you are currently in this situation and struggling to find a good way to deal with it, here are three reasons to explore using a realty management company to help you deal with your unoccupied (and often unwanted) home.
Creating rental income
When homeowners need to relocate quickly, they often do not have time to prepare their home for the rental market or find good tenants to occupy the home. By opting to use a realty management company to manage the home in their absence, homeowners can get the help they need preparing the home for the rental market and locating suitable tenants.
Realty management firms have application and screening processes in place to help locate good tenants, as well as the ability to manage the monthly rental payments. This allows the home to generate income until it can be sold.
Scheduling repairs and routine maintenance
When the unoccupied home is located in another city or state, it can be extremely difficult to ensure that repairs and maintenance requirements are handled as needed. Even keeping up with lawn care can be hard to manage. Realty management companies have the ability to assist owners with overseeing repairs and arranging routine maintenance needs in their absence.
Marketing to get the home sold
Opting to utilize the services of a realty management company can also mean that owners of an unoccupied home receive professional marketing to help them get the home sold. In some cases, the home can be listed for sale while also earning rental income to ease the financial stress of owning two homes.
There are many potential problems involved in owning a vacant home, especially when you live too far away to easily watch over it. Taking time to discuss your particular ownership situation with a reputable realty management company will help you find property management and maintenance solutions that will keep your property safe in your absence.