Christmas – a bad time to have a vacant property

There are a number of steps that a property manager and landlord can take to minimise the risk of a property falling vacant leading up to and after Christmas / New Year.    Most prospective tenants are away holidaying and spending time with family over the festive period and as a result vacancy can be a real problem. Not to mention that businesses take some sort of break and run skeleton staff numbers during this time as well.

If you have a property with a lease ending in December through to mid-January, then the following steps should be considered by early to mid-November:

1)     Decide whether you wish to offer the tenant(s) a new lease, or at least a short term lease extension.

2)     Determine if the tenant wishes to remain at the property.

3)     Negotiate to extend the lease for another 12 months, 6 months or even just a couple of months to get you through to February.

4)     If a lease end during the festive period is unavoidable, then look at advertising the property at least 3 but maybe 4-5 weeks in advance of it becoming vacant.

5)     Lastly prepare your finances to handle for a potentially longer vacancy period than normal.

Source:  www.icpm.com.au

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