If you have owned an investment property for any length of time, you may or may not have been burned by destructive, reckless or simply lazy tenants who have caused expensive damage to your property. Fortunately, there is an easy way around this in the form of regular property inspections that will make you aware of any current or ongoing damage or repair work that needs to be done to your property.
It is essential to conduct at least a twice-yearly inspection on your property to ensure that it is still in the same condition as it was in the previous inspection. Although bi-annual inspections are highly recommended, most investors inspect their properties much more frequently than this. This is so that they can deal with any unruly or non-compliant tenants, as well as keeping up to date with any changes to the property.
Stick to the schedule. Regular property inspections need not be a painful process. Make a habit out of sticking to your original date of inspection. Schedule this into your calendar and advise your clients accordingly, and well in advance, too. Not only will your tenant appreciate it, but you will also feel more in control of your properties.
Experts recommend conducting random drive-by inspections so that you can check, at a glance, if tenants are complying and are not hiding anything, such as pets.
Property inspections can be time-consuming and sometimes might even feel like a waste of time. However, failing to carry out periodic inspections gives the impression to tenants that you are not monitoring them closely and that they can do anything they want to the property. It’s not about heavy surveillance; it is just simply good practice to ensure that the property is running smoothly and your tenants are taking good care of it.