Embarking on your rental property journey involves much more than finding a tenant and collecting rent each month. Your rental property investment relies on the property owner or property manager’s ability to safeguard the investment. One crucial process in the rental property management journey is professional property inspections.
According to a survey conducted by Buildium, an American property management software company, 0% of property owners expressed a desire for property managers to provide inspections. This statistic shows the lack of awareness of the importance of professional property inspections and how failing to do so may have a negative impact on your investment.
So today, we’re here to educate you on the benefits and importance of professional property inspections.
Thorough and concise property inspections are the cornerstone of the longevity, success, and safety of your rental property investment. As professional Tampa property managers, take it from us — routine inspections are necessary for the upkeep of your home, whether it’s brand new or hundreds of years old.
Routine inspections will benefit both you and your property by increasing the desirability of your property, preventing the risk of property damage, and generating a substantial return on your investment.
Notice of a Rental Property Inspection
Landlords and property managers have a legal right to conduct rental property inspections and we highly recommend doing so. To maintain a trusting relationship with a tenant, a property owner or manager should communicate the intention and benefits of routine inspections.
Failure to communicate the importance and notice of property inspections may cause your tenant to find the process intrusive and unnecessary. Tenants should not feel as if inspections are an invasion of privacy. You must give your tenant reasonable notice of an inspection, which, according to Florida law, is 12 hours.
What is a Rental Property Inspection?
A property inspection is a thorough examination of your property to determine its condition, safety, and desirability. Property inspections should be conducted by a professional such as an experienced property manager or a building inspector.
This inspection will evaluate various aspects of the property, including the structure and foundation, plumbing, electrical, heating and cooling systems, appliances, condition of the interior and exterior and more. Upon completion, a professional property manager will communicate any concerns, along with possible solutions, to the property owner.
Benefits of Professional Rental Property Inspections
Property inspections should be conducted by a professional to ensure the inspection is accurate and all-encompassing.
Completing routine property inspections can be time-consuming for a rental property owner, especially if inexperienced in the property management industry. A rental property owner with limited experience may lack knowledge of what to inspect and may not be aware of the signs of damage or concern.
Professional property managers are trained and experienced in conducting inspections. With the help of an expert, you can be sure that all necessary aspects of the property are diligently inspected.
Below are the most significant benefits of professional property inspections.
Early Detection of Potential Safety Concerns
Routine property inspections can help identify any safety concerns that may be present in your rental property. Some safety issues may be serious enough to put your tenants or your property in danger, so catching them before it’s too late to fix is essential.
Some safety issues to look out for are carbon monoxide presence, mold, pest infestations, and broken locks on doors and windows. Carbon monoxide and mold can cause severe health issues and in the worst cases, can be fatal. Failing to check for mold and carbon dioxide can put your tenant in dangerous situations that can be easily avoided by routine professional property inspections.
In-between tenants, one of the many items on your rent-ready checklist should be rekeying your home.
Changing the home’s locks between tenants can prevent former tenants from accessing the property. You never want to risk keeping the same lock as it could be a serious safety hazard for your current tenant. In addition, be sure to check any side or back doors, sliding glass doors, and first floor windows, to ensure all locks are functioning.
Enhanced Rental Property Attraction and Satisfaction
In the grand scheme of things, routine professional property inspections will make your property more attractive to potential tenants and future buyers if you do eventually plan to sell.
Frequent inspections, such as move-in, quarterly, and move-out inspections, will help keep the property in top shape with desirable living conditions. If you check up on your property routinely, problems will be spotted sooner, and therefore will be addressed in a timely manner.
In addition, a landlord who communicated the desire to perform frequent inspections can oftentimes prove to be an attentive and promising landlord. A history of regular rental inspections shows the tenant that the property will most likely remain well-maintained throughout their tenancy and will improve tenant satisfaction.
Peace of Mind
If your property goes un-inspected for a full year or within the time period of a full tenancy, there may be more problems to address than you were aware of. As a property owner, manager, or landlord, surprises often aren’t fun and can usually be avoided.
A quarterly drive-by and mid-year interior inspection will give you an idea as to whether or not your tenant is abiding by the lease agreement, allowing you to make accurate claims against the security deposit and hold your tenants accountable.
Whether or not your tenant is complying with the agreed upon rules and regulations can also help aid your decision in extending a lease agreement offer to your tenant. These quarterly and yearly professional rental inspections will help ease your mind and prevent sleepless nights of wondering if your tenant is ruining your property.
Some red flags to look out for are property damage, unauthorized pets, or unauthorized residents. Check out our complete list of reasons not to renew the lease agreement.
Working with a property manager who conducts the inspections means that all the work is done for you. Your manager will visit the property, check on the condition of your home and tenant, and report back to you. If there are maintenance issues present during the inspection, your property manager will take action to address and resolve them.
Professional property management companies like The Listing Real Estate Management typically work with a large network of licensed and insured local vendors who perform top-quality, prompt, and efficient repairs. As the property owner, you get to sit back and relax while the professionals tend to your rental property investment for you…nice right?
Should I Hire a Property Manager to Conduct My Rental Property Inspections?
Early detection of safety concerns through inspections can detect and prevent serious hazards such as carbon monoxide presence or mold growth. In addition, frequent inspections increase the attractiveness of your property to potential tenants.
Hiring a property manager who conducts your rental property inspections provides peace of mind to landlords and property owners. Through mid-year and quarterly inspections, you can stay informed about your property’s condition, address issues promptly, and hold tenants accountable for lease agreements.
An experienced property manager will take over the daily operations of your property, allowing you to reap the benefits of your investment with little to no work. At The Listing Real Estate Management, our full service property management includes:
- Marketing and leasing
- Tenant screening
- Rent collection
- Maintenance and repairs
- Rental property accounting
- 12-month tenant guarantee
Whether you’re a first time rental property owner or an experienced investor, working with a property manager who conducts professional property inspections can make all the difference in your property’s success.
At The Listing Real Estate Management, your boutique property manager, our years of experience in the Tampa real estate industry have equipped us with the skills to help you manage your property, and optimize your income and financial returns.
Contact us today to get started on your property management journey with our best-in class hospitality and services! Cheers!
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