If you’re a landlord, you likely already know that inspecting your assets is a necessary part of the job. Inspections are normally performed before a tenant moves in and when they move out, but oftentimes property managers don’t inspect their units during the tenet’s tenure. Here are five reasons that you should inspect your properties on a yearly basis, regardless of if the unit is occupied.
As a general rule, landlords should be able to trust tenants to keep an eye on basic maintenance needs. For instance, if the heat won’t work or the garbage disposal won’t turn on, the occupant should be able to notice and inform the property management. However, there are some things tenants won’t know to look for. A resident will likely not routinely check for roof damage, which can cause leaks and require costly repairs. They may not keep an eye on trees growing around the property that overgrow and require attention. Performing a routine once-over will get expert eyes on the property and help prevent future repair costs.
Piggybacking off the first point, maintenance also preserves the value of your property. Just like a car with a history of accidents, each emergency repair of a building hinders its value. Property is an investment, and owners want to see a return on that investment when they eventually sell. Whether you’re the landlord or the management professional, ensuring the value of the property stays the same or goes up is in everyone’s best interest.
Inspections can al
so be a great way to make sure your inhabitant is adhering to the terms of the lease. You can make sure there are no undisclosed residents, the renters are treating the property well, and there is no illegal activity happening on the premises. An occasional five-minute walkthrough can help dissuade the residents from breaking lease terms, as long as you’re respectful of their space and give them adequate notice that an inspection will be performed.
Any landlord knows insurance is a requirement for modern property ownership. Much in the way car insurance companies require yearly vehicle inspections, property insurance companies often require periodic updates on the status of the insured property. Keep the insurance agents at bay by performing your routine checks!
Many property managers refrain from conducting routine inspections because they believe the tenants will find the process invasive. However, the opposite is often true, as long as the inspections are conducted responsibly. Before the renter signs their lease, make it clear that walkthroughs will be conducted on a routine basis and how often that routine will be. Give them an advance reminder before each inspection as well. As long as you communicate effectively and aren’t invasive, your occupant will likely not be offended. In fact, most tenants appreciate a landlord who cares enough about their property to consistently check on it.
Property ownership and management is a field that requires attention to detail in order to gain and keep tenants. Managers and owners should not be afraid to protect their investment with routine checks. If you’d like to know more about how you can protect your property assets and how Contre Management can help, please contact us today!