Importance of Maintaining Occupancy
There are several reasons why a property owner should consider hiring a property management company. Collecting and processing rent, receiving and processing maintenance requests, and responding to emergency property damage to mitigate expensive repair costs are just a few of the tasks that property managers alleviate owners of having to deal with, however the most important reason to hire a property management company is to ensure that the property if occupied and does not remain vacant for extended periods of time.
Negative cash flow is the most apparent reason that full occupancy is of the utmost importance. A vacant property cannot earn income. This, in many cases, can place the burden of the payment of the mortgage to the property owner rather than paying for itself. Over time, and usually only within three to four months, properties can become too expensive to maintain and risk defaulting on loans and foreclosures. Without doubt, it is obvious that in order for rental property – be it an apartment, house, or other residential building – to maintain the investment, the property must remain occupied.
Residential property requires constant maintenance and repair, and it is usually not the property management company or the property owners that assume responsibility for these repairs. Usually, to maintain a property that can attract tenants at lucrative rental prices, it is important that the residential space remain clean, kept up, and maintained. It may not seem like much, but the everyday casual activities of vacuuming, sweeping and moping, running the disposal, using the toilets, sinks, and bath, is an important aspect in maintain the property. It also ensures that the appliances are working. It forces water through the plumbing to avoid rust and other problems. It also acts as an early detection system for repairing problems before they develop. Remember that the Second Law of Thermodynamics applies to living spaces: the entropy of an isolated system never decreases, because isolated systems spontaneously evolve towards the state of maximum entropy. Tenants are the natural buffer between the entropy of nature and maintaining a decent property.
At RPM we understand the importance of keeping residences filled and we work tirelessly to help property owners keep their properties fully occupied. RPM is the premier North San Diego County Property Management company.