Despite your best efforts, operating rental properties isn't always smooth sailing. If you skip a property inspection, you could experience more problems than the property's market value could make up for.
Do you currently conduct routine inspections? Are you aware of everything to review in your properties (and how often to conduct inspection)? Today, the best property management company Venice, FL, offers talks about the costly mistake of skipping inspections.
Why Routine Inspections Are Critical
Have you checked on your rental property lately? If your goal as a real estate investor was to buy a home, let tenants move in, then sit back and collect rent checks, you could be in for significant financial loss before realizing what's happening.
Property inspections are necessary to ensure that rental property is in working order and ready to be marketed to new tenants. There are a host of reasons a property will need repair or maintenance work performed before it can be rented out again, which include:
- An irrigation system is inoperable due to clogged lines from lack of maintenance
- A broken furnace because no one has been inspecting the unit to see when it needs replacing
- A newly refinished hardwood floor that is scratched within minutes due to faulty installation
- Your last tenants left the place with significant damage that you didn't realize was there
By conducting routine property inspections, real estate investors can catch and address these types of issues before they become bigger, more expensive problems.
How Often Should Routine Inspections Be Conducted?
The frequency of property inspections will vary depending on the property itself. Generally, property managers suggest conducting a walk-through at the start of a new lease term, mid-lease, and when renters move out. However, the ideal rental property inspection timing should be something a property owner can establish and
Some factors that could influence how often you should inspect your property include:
- The type of property you own
- The age of the property
- The occupancy rate (vacant properties will need inspecting more often than rented ones)
- What kind of repairs or maintenance have been completed in the last quarter
Inspections can be time-consuming and inconvenient, but if done properly, they can save you a great deal of money. Catching small maintenance issues before they have a chance to become significant (and costly) repairs is one of the best ways to reduce maintenance costs and maximize returns!
If keeping up with property inspections overwhelms your workload (especially if you own multiple properties), a Venice property management company can help!
Develop a Solid Process
The property inspection process doesn't have to be daunting. Start by creating a schedule of what you'll inspect and when. Next, reach out to qualified professionals in your area who can help you with property inspections (HVAC technicians, irrigation specialists, flooring experts, etc.). By hiring these professionals in advance, you'll know who to call when it's time for an inspection. This will also give your tenants plenty of notice that someone will be coming by to check on the property.
A solid property inspection process will help keep your rental property running smoothly while protecting your bottom line! With a reliable schedule and workflow, every property gets the attention it deserves throughout the year. Property owners can also keep an eye on tenant behavior and how they keep up with the responsibilities they must follow as outlined in the lease.
Combine Inspections With Routine Maintenance Tasks
It's not enough to inspect a property and simply hope for the best. Owners should also follow through with property maintenance tasks when needed, and a scheduled property inspection can be the ideal time to tackle some of these tasks.
A property manager recommends that routine maintenance during an inspection can include:
- Replacing filters in air conditioning units
- Cleaning gutters
- Reminding tenants to mow overgrown lawns
- Fixing leaky faucets
- Conduct HVAC system maintenance
These property maintenance tasks can help save money on costly repairs, but only if they're done regularly! That's why property inspections and routine property maintenance are so important. Together, inspections and regular maintenance tasks can improve cash flow and protect the value of an investment property.
If keeping up with inspections and maintenance is more work than you bargained for when becoming a real estate investor, let the best property management company Venice offers handle these tasks for you! Property managers already have a pre-planned schedule of inspections and contractors available to handle routine repairs.
Property Management Companies Conduct Proactive Inspections for Better ROIs
You can't be everywhere at once. That is why it pays to have a Sarasota property management team on your side who can do the heavy lifting for you. Our team of skilled technicians is trained in every aspect of home maintenance, from plumbing and electrical work to pest control and lawn care. We take great pride in our excellent customer service, which includes keeping an eye on all aspects of rental properties so that owners don't have to worry about anything other than their business! If you're ready to improve your rental property inspection process, Gulf Coast Property Management offers professional property management services to make life easier (and more profitable) for investors!
Do everything you can to maximize returns! Download our free guide, "10 Things You Should Do To Increase the ROI for Your Investment Property."