“The quality of your life is built on the quality of your decisions.” Wesam Fawzi

If you have a number of units that are vacant for an extended period of time you could wind up with a trespasser. In a worst case scenario, you could even find a squatter in your property. Either can be a problem, hopefully one you will never have to deal with.

TRESPASSER OR SQUATTER Trespassers are persons or groups of persons who enter a property with no claim of tenancy and without legal approval. In most cases they can be removed by law enforcement, but sometimes they may need to be formally evicted. This can take two to three months or more.

A squatter is a person or persons who find a vacant property in an attempt to gain ownership. They may order utilities, and even go so far as to attempt to gain ownership through legal maneuvering.

WHAT TO DO Most of this can easily be avoided by keeping an eye on your building. If you have long term vacancies, get them rent ready and get a rent paying tenant as your occupant. In this time of low vacancies, it is hard to image a vacant apartment lasting such a long term but they do happen. If you have units being repaired, be sure that they are well sealed and locked, especially if you expect to have no work done for a long period of time, such as when we are waiting for an inspection. This can be especially important if your property has units that are away from easy view, such as a lone unit next to a group of garages.

TAKE CHARGE If you have a situation with a non paying “tenant” keep in mind, this can be a potential danger to your other tenants. You have no knowledge about this person or persons and you need to get them out ASAP. CALL YOUR EVICTION ATTORNEY. It is absolutely essential that you get the process started. In most cases a phone call can begin the job. Talk to the tenant. What are their plans? Are they willing to move ? Get any contact information you can (names, phone numbers license plates, drivers license etc) Call police and let them know the situation. You may be able to get a trespasser out right away.

IN THE FUTURE Always make sure your units are securely locked when empty. If there are workers doing repairs, do not let them leave properties unlocked, even if going to lunch. Visit your properties regularly. Unscheduled walk- arounds can be eye openers, even if you have managers. Give the tenants a number to contact you or even text you if something seems off. Your fellow tenants as well as your properties need to be protected.

“Persistence can change failure into extraordinary achievement.” Mary Levy

What we at PRS PROPERTIES CAN DO. We can supply you with rent and sale comparables in the area of your property, so that you know what the true value of your rental unit should be, so that you can get it rented right away. We can look at potential purchases that you may be interested in to make the property more desirable.

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.

Remember- KNOWLEDGE IS POWER!