The amount of money you need to buy rental properties is no laughing matter. Instead, it's a hefty amount!
And then you trust complete strangers to care for those properties when you hand over the keys. How do you know they're taking care of them?
The only way you'll know is by performing rental property inspections. As a rental property manager, these inspections are critical, so you must know how and when to do these.
Continue reading this guide to learn step-by-step instructions for conducting these.
Create a Schedule
Caring for your property keeps the units in top-notch shape. They hold their value this way, and you can charge more for rent. Doing this is simple when you operate on an inspection schedule.
Here are some tips to keep in mind as you create your schedule:
- Inspect an investment property after a tenant moves out
- Inspect it when someone moves in
- Conduct annual inspections regardless of occupancy
Hiring a company that offers HOA and property management services makes this simple. They'll create and follow an inspection schedule. They'll also handle the inspections and follow-up work.
Let Your Tenants Know
HOA management companies also handle other things, including the legal aspects. As a result, there are numerous benefits to hiring an HOA management firm.
One legal aspect is giving your tenants notice that you're conducting an inspection. You can't just enter a unit without notification. In Washington, you must notify the tenant in writing two days prior to the inspection.
Make sure you follow this rule to avoid legal issues. You may even want to send the letter a few weeks in advance to give your tenants more notice.
Use a Checklist
Maintaining your property requires a lot of various updates, repairs, and renovations. Using a checklist makes detecting problems easier.
Your list can include inspecting:
- Plumbing fixtures and pipes
- Electrical systems and fixtures
- Walls, drywall, and paint
- Kitchen cabinets and countertops
- Doors and security
As you perform the inspection, note the condition of each area. Include recommendations of things that need immediate work. Make notes about areas that will need work in the next few weeks or months.
Follow Through With the Work
The final part of rental property maintenance is completing the work. Conducting the rental property inspections tells you what work the properties need.
After learning what a unit needs, you must follow through with the work. If a tenant lives there, give them written notice about the work you'll complete. Let them know when it will be and how long it will take.
Let a Property Manager Handle Rental Property Inspections
Rental property inspections tell you the condition of your units. They're crucial yet time-consuming. Did you know you can hire a property manager to handle these?
PMI Cascade offers full-service property management services. We handle tenant relations, HOA services, rental property inspections, and much more.
Our firm has more than 20 years of experience in property management. We can help you!
Reach out today to learn more about our services.