Do you routinely inspect your rental properties? If not, your rentals are at risk of damage and falling into disrepair. Consistent inspections are one of the best ways to keep an eye out for potential maintenance issues, lower maintenance costs, improve property values, and check on how well your residents take care of your properties.
If you don’t have a protective plan for inspections and you’re not sure where to start, we’ve put some of our best property management tips together for you! Read on to learn why inspections are necessary and the types of property reviews investors need to take care of regularly.
Why Are Inspections Important?
If you complete a lease and hand over the keys to new tenants—then never set eyes on your property again until they move out—you have no way to know if your rental is staying in good condition throughout the year! Neglecting property inspections is one of the best ways to make sure you’re stuck with maintenance emergencies, tenants who aren’t handling their property care responsibilities, and costly repair bills.
Early (and frequent) maintenance helps Logan investors avoid expensive problems. A standardized Move-In inspection, Mid-lease property review, and Move-Out inspection plan keep properties safe and residents accountable.
What to Do During the Move-In Inspection
Even with a thorough make-ready process, property owners should walk through a rental and document the property’s condition during a Move-In inspection. This takes place before new tenants move in and help sets the tone for your expectations of how residents should maintain the condition of your rental throughout their lease term.
Use the Move-In inspection to make sure everything in the property works as it should and that everything is clean and freshly painted. Keep a checklist as you review each item and take pictures to file with a resident’s move-in documentation. You’ll need to reference this information when it’s time for a renter to move out and compare the condition of the property at that time to the condition before residents moved in.
This inspection will help you have a mutual agreement with your residents about the starting condition of your property in Logan!
How to Conduct the Move-Out Inspection
When it’s time for renters to move out, it’s also time for the last property inspection that applies to the current lease term and residents. Your renters should know that they have to return the property in the same condition as they received it. The Move-Out inspection is your opportunity to document any damage or wear-and-tear that took place during the lease and is different than the condition of the rental before residents moved in.
Use your move-in inspection report as a reference and compare the move-out property condition to the move-in property condition. Real estate investment property owners in Logan can usually deduct any damage or cleaning from the security deposit that isn’t considered normal wear-and-tear. For extensive damage, work with your tenants to communicate the problems and how you’ll use their security deposit to cover the costs for repair.
What’s In a Mid-Lease Inspection?
Should you visit your rentals during the lease term? Yes! This inspection helps you keep up with the condition of your rental, spot potential maintenance issues, and check in with residents. Use this inspection to highlight areas where your residents aren’t keeping up with their responsibilities and what they need to do to fulfill the terms of the lease.
Schedule these inspections during a time when residents are home. Give at least 24-hours notice of the inspection, and make sure you walk through the interior of the home and around the exterior of the property. Schedule maintenance and repairs to take care of any issues you see during the walk-through.
Utilize Drive-by Inspections
Investors don’t always have to schedule a full inspection with residents to check on their properties. By driving by the property and making notes about any exterior issues, you can address potential problems or schedule a follow-up time to inspect the property thoroughly if you have any concerns.
Make a Schedule and Stick To It
Without a proactive inspection schedule, it can be easy to miss or skip critical opportunities to put your eyes on your rentals. However, to protect your investments and minimize costs for emergency repairs or tenant neglect, investors should make a schedule and stick to it!
Make sure the lease agreement notes the pre-planned inspections and when they take place to keep residents informed. Inspecting properties twice a year is a good rule of thumb—especially for Logan residents who renew a lease year after year or commit to multi-year leases.
A Property Management Team Handles All Inspections!
If keeping up with inspections is more than you want to tackle on your own, let our property management handle them for you! Reeder Asset Management has the experience and bandwidth to schedule property inspections and work with tenants to make sure they happen.
We know what to look for during Move-In, Move-Out, and Mid-Lease inspections to keep rentals in excellent condition and enforce the rules with residents. If you’re ready to add inspections to your rental property care, let’s talk about how we can help!
Learn more about keeping properties (and income) safe with our free guide, “Protecting Your Investment Property: A Guide.”