5 Reasons to Conduct Regular Inspections of Your Rental Properties
Many Do-It-Yourself Landlords and Property Managers only conduct inspections at the time of move in and move out. Once the property is rented, many do not conduct regular inspections and only respond to emergencies when the tenant calls. Following are 5 reasons to conduct regular inspections of your rental properties:
1. Ensure Your Tenants Are Complying With the Terms of the Lease:
Do you know if your tenant has a pet in the property? Are there additional roommates that were not included on the application? Is there an illegal business? Have there been unapproved alterations to the property? Conducting regular inspections of your rental property will ensure that the terms of the lease are being followed by your tenants.
2. Tenant Retention:
Just as an inspection can verify that the tenants are abiding by the lease, an inspection can also ensure that you as the landlord are abiding by the terms of lease as well. Was there anything promised at move in that you forgot to follow up on? Is there anything on the property that you are responsible for that needs to be addressed? A regular inspection can make sure that you are upholding your end of the deal, and your tenants will appreciate it too.
3. Confirm no Illegal Activity is taking place:
You may have heard of rental properties turning into drug houses or other illegal businesses being run out of a rental property. Make sure that this is not the case for your rental property by scheduling regular inspections.
4. Identify Needed Maintenance and Repairs:
Without an inspection, minor repairs can become major repairs over time. Small leaks can become big ones, and what could cost a few pounds could easily end up costing hundreds or more. Regular inspections help identify needed maintenance and repairs. This also helps to keep your tenants happy by making sure that all of the necessary systems including plumbing, and electricals are working well.
5. Preserve the Value of Your Property
We’ve all heard of the rental property nightmares when landlords go in to do the final inspection after a tenant has moved out only to find that the property has been trashed, that there have been unapproved alterations, and that there will need to be major repairs in order to get the property rent ready again. Preserve the value of your property by conducting regular inspections.