Often times, property owners and managers only conduct their inspections when a tenant moves in and moves out. As soon as the vacancy is filled, many do not conduct regular inspections and only visit the property in times of emergency. Here are 5 reasons why you should be conducting regular inspections of your rental properties:
1. Confirm No Illegal Activity is Occurring
This is the most important reason to regularly inspect your properties. There have been many incidences of rental properties being used to manufacture and/or distribute drugs. This can cause immense damage to your property in the event of a fire or an explosion and can also create a dangerous living environment for the neighbors and other tenants on a property. By conducting regular inspections, you can not only catch an illegal operation early but it will also deter them from starting because they know their rental will be visited often by the manager.
2. Preserve the Value of Your Property
You may have heard of the horror stories when landlords go in to do the final inspection after a tenant has moved out only to discover that the property is ruined, there are unapproved alterations, and major renovations are needed in order to get the property rentable again. Regular inspections will ensure your investment is continuously in optimum condition.
3. Verify Your Tenants Are Complying With the Terms of the Lease
Is your tenant allowed to have a pet in the unit? Are there roommates that were not listed in the lease? What about an illegal business? Have there been unapproved alterations to the property? By regularly inspecting your rental property, you can guarantee that the terms of the lease are being followed by your tenants.
4. Keeping Quality Tenants
In the same way an inspection can verify tenants are abiding by the lease, inspections can also help you, as the property manager, abide by the terms of the lease as well. Is there something that was promised to the tenant upon moving in that was never followed 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 lease and show your tenants you are proactive. They will certainly appreciate it!
5. Determine Preventative Maintenance and Repairs
Small leaks can develop into larger ones. What could’ve cost just a few dollars could easily end up costing hundreds or more if not addressed quickly. Frequent inspections will keep your tenants happy by ensuring that all of the necessary components of the property are operating well.