When you own a property investment and have tenants, you will want to conduct regular inspections to ensure that it is being kept in good condition, and to find out any issues the tenants may have. The majority of investors have professional property management companies to fulfil this vital function as this can provide the ultimate peace of mind. Let’s look at some of the elements that you should keep in mind when conducting property inspections.
Timing of Inspections
As part of the lease process, self managed landlords should set up a regular inspection schedule with their tenants to ensure they understand their obligations. Working out a schedule that suits everyone and adheres to the state requirements and rules on inspections can sometimes be tricky. Keep in mind that there are also special requirements about the number of times a property can be inspected throughout the year, and the notice period that tenants must be provided with before hand. A professional property manager such as Ironfish will be able to help you determine when and how often your property investment should be inspected, and they take care of details such as the notifications and ongoing communication with tenants.
Property Inspections Provide A Point Of Contact
One of the most useful aspects of a conducting a regular inspection of your property is the ability to talk to your tenants and get any feedback from them about the condition of the property and any potential issues that may need attention in the future. Inspections should really be a two-way street when it comes to communication, and not simply just a “tick a box” exercise about clean ovens and carpets. It is always better to hear about potential problems early – for example, blocked gutters or leaky taps – so that they can be fixed to avoid expensive bills later on.
Getting A Record Of Inspections
Many professional property managers take a visual record during their rental inspections, at least on an annual basis. This can be a fantastic way to keep track of any issues that may be developing, and to keep an eye on the basic condition of the property investment as the years progress. For landlords it can be very comforting to be able to see regular pictures of the inside of their properties, and it gives a good guide of whether the tenants are looking after it in the way that you’d expect. The photos can be included as one part of a property inspection report, which should also include any notes about communication with the tenants as well as a general checklist about the condition of the property and its surroundings. Don’t forget the garden maintenance as part of the property inspection – it can often be overlooked but is often the tenant’s responsibility to keep in it good condition.