There are about 46 million renters in the United States. With so many rental properties, imagine what would happen without a regular property inspection process to each.
As a landlord, it is your responsibility to inspect rental properties. But why?
This guide will walk you through the reasons you should have a property inspection routine!
1. Ensure Tenants Are Compliant
When you get new tenants, you are going to lay out different terms of the lease. For instance, you may state that no pets are allowed or a specific type of pet is not allowed, where they are allowed to park, if they're allowed to have a grill on the deck or not, and anything else that you feel is important.
By going through the property inspection process, you are able to ensure that tenants are complying with the terms of the lease that you set forth.
2. Identify Repairs
The last thing you want to deal with as a landlord is rental property damage or any types of repairs that can become costly or dangerous to your tenants and yourself. A property inspection routine can actually help you identify repairs before it gets worse to save you money and a headache if there were any safety concerns down the road.
3. Look for Upgrade Opportunities
If you are renting to a tenant for a few years, you may not realize that there are opportunities for upgrades that could benefit both the tenant and yourself down the line. By adding upgrades, you are able to budget for the projects now and invest in your future for tenants who may rent from you down the road.
Additionally, instead of dealing with upgrades when tenants move out, you can actually improve the rental space for them at the moment and save time between renters.
4. Minimize Property Damage
Regular property inspections show your tenant that you care about your space. By analyzing the property and inspecting it a couple of times per year, the renters will realize that they have to take good care of it in order to get their security deposit back. Usually, homes and apartments that have periodic inspections tend to have less damage when renters move out because they realize how much you care for the property.
5. Reduce Long-Term Vacancies
If you are not doing regular property inspections while tenants live in the space, you're going to realize things that are unsafe or in need of repair between tenants. This can prolong the amount of time before a new tenant moves in which in turn will hurt your wallet.
It is best to keep tabs on the property while tenants live there.
Always Inspect Rental Properties
If you don't inspect rental properties, you are not going to be up-to-date with repairs and may even lose money down the line when a space is unlivable for some time during repairs.
By inspecting properties regularly, you won't have to worry about this!
If you are in need of help with your property, contact us at Fort Lauderdale Property Management with your needs.
