It's no secret that being a real estate property owner comes with a lot of responsibilities, but 70% of rental properties are still owned by individual investors. The tasks are worth it to generate wealth through rental income.
Property owners don't have to do it all alone. Property managers can complete different types of property inspections to support investors.
Keep reading to learn about these inspections.
Move-in and move-out inspections are the most common types of property inspections for landlords to know about. When you have a new tenant move in, get in the habit of performing an inspection.
When a tenant moves out, you can use your move-in inspection as a comparison to see if any damages beyond wear and tear were made. You can make repairs, if needed, before putting a unit back on the market.
Move-out inspections also help landlords determine how much of a tenant's security deposit they get back.
Quarterly or Yearly Inspections
General inspections are important to conduct to ensure tenants are following their lease agreements. When a tenant moves in, their lease should include a list of rules they need to follow.
You should always notify your tenants about these inspections in advance. This will help them get ready for an inspection.
Some states have laws dictating how often a landlord can enter a tenant's unit without notice. Even if your state allows you to enter the unit without notice, it's good practice to notify tenants ahead of time anyway.
This keeps tenants comfortable and aids in the tenant-landlord relationship.
Landlords have every right to inspect properties as needed, so you can decide to do it quarterly or yearly depending on your property conditions.
Consider putting property inspection details in the lease agreement so that tenants aren't surprised when inspection time rolls around.
Post-repair inspections are common if you need to complete major repairs on your rental property. As the property owner, you should stay up to date on the progress of these projects.
Once the repair is finished, inspect the outcome. Your tenants might not be diligent when it comes to evaluating a repair. Don't take a tenant's word for it, always inspect the repair yourself to ensure it was done right.
You can also delegate these tasks to a professional property management company that has property managers whom you can trust.
Conducting Property Inspections the Right Way
To successfully conduct property inspections, you need to know why each one is important. Move-in and move-out inspections are the most common, but quarterly or yearly inspections are essential as well.
If you don't have time to complete these inspections yourself, don't just ignore them. Property inspections exist to protect property owners from bad tenants and to keep the property in good condition.
At PMI Beverly Hills, we have the expertise required to conduct property inspections for owners who don't have time to. Our property management services include different types of property inspections.
Contact us today to get started.