5 Rental Home Inspection Benefits
We all know investing in real estate comes with some inherent risks. As a rental property owner, you think of your investments like your children. But even the most confident and diligent investment property owners can have things go astray. However, routine inspections can prevent a great deal of these headaches. This is why we’ve compiled a list of five benefits of getting routine inspections at least once a year.
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Five Benefits of Scheduling a Regular Rental Inspection
Whether you’re a first-time investor with one rental or an institutional investor with a large portfolio, every property owner benefits from routine property inspections. Here are just five of them.
1. You improve tenant relationships.
Mid-lease inspections are a great way to gain trust and add a personal touch to your tenant’s experience. By creating regular opportunities to build rapport with a tenant, they will be more likely to be satisfied and renew their stay. Inspections spot preventable problems with major systems like the HVAC, which plays a major role in resident comfort.
When residents know you value property maintenance, they may be more mindful to take good care of the property. They can also feel comfortable coming to you with any maintenance issues because they know you care. Living in a rental that’s in good condition simply makes life easier, and renters appreciate getting a quality product for what they pay monthly.
2. The condition of the property is simply better.
Painting, mounting, drilling galore! These are just some of the things that keep property owners awake at night. By getting a regular property inspection at least once a year, you can assess and address any changes to the interior that exist outside of the agreed-upon lease.
This insider knowledge will also help you prepare for flipping the property. Knowing that you need to paint the entire property before re-renting is one thing while knowing you need to order double the paint to cover black matte walls is another.
3. You can prevent common lease violations.
Routine rental property inspections are excellent tools to prevent violations of the lease terms. Sometimes, residents may not be fully aware of the lease agreement rules, so a refresher upon the inspection can help them stay on top of the overall condition of the rental unit.
Tenants tend to respect what you inspect. If you are diligent in maintaining your property and routinely check on it, the tenant will have more incentive to abide by the lease guidelines. Performing regular inspections can help prevent common lease violations such as unauthorized smoking, occupants, and pets.
4. You keep up with curb appeal.
Your real estate investment’s exterior plays a large role in its value and marketability. By putting landscaping, yard condition, gutters, roofing, and siding in the inspection report, you can often prevent major issues before they happen. This is especially helpful for areas that experience extreme weather, such as hurricanes, tornados, and forest fires.
5. You encourage beneficial routine maintenance when you’re not there.
By inspecting your property regularly, your residents can stay on top of routine maintenance that is part of the typical inspection checklist. For instance, changing furnace filters, smoke detector batteries, and swapping out exterior light bulbs, can prevent expensive problems down the road.
The bottom line? You can save yourself a lot of headaches by simply scheduling a mid-lease check-in. Not only will you build rapport with the current residents, but you’ll gain invaluable peace of mind knowing exactly what is going on at your property.
Experience the Benefits of Routine Rental Property Inspections
Going through the inspection process regularly is a vital part of a professional property management schedule. It’s valuable to do this before move-ins, during the lease, and after the lease is over in a move-out inspection.
New tenants get a good first impression when they see you care about preventing potential issues. When security deposits and the cost of rent are higher than ever, providing a quality home that retains its property value is a must to keep residents happy. Routine inspections maximize your chance to stay on top of normal wear and tear as well as prevent larger problems.
Marketplace One: Full Cycle Asset Management Under One Roof
Many investors and property owners expand their portfolios across state lines, which at the time can seem like a wonderful idea. But when you’re so far away, checking up on the condition of your properties can become difficult. Enter national property management firms to handle the tasks of filling homes, conducting inspections, and more!
Need a property manager to handle your portfolio? Our property management team can take care of everything to filling your rentals, rent collection, inspections, and even on the rare case of an eviction. Contact Marketplace Homes today to make tenancy easier and to gain time freedom through our all-inclusive asset management service, Marketplace One!
