We all know investing in real estate comes with some inherent risks. As a property owner, you think of your investments like your children and it’s important to keep an eye on them, but it’s not always practical. 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 your investments can become a difficult task.
Even the most confident and diligent owners can have things go astray, which is why we’ve compiled a list of 5 benefits of inspecting your property least once a year.
Here are 5 benefits of inspecting your property at least once a year:
1. Improved Tenant Relations:
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 on your behalf, the likelihood of them enjoying their stay and renewing their lease increases. They will also be more likely to become champions for maintaining the property because they will value the relationship with you and in-turn take better care of the property.
2. Interior Condition:
Painting, mounting, drilling galore! These are just some of the things that as a property owner keep you awake at night. By inspecting once a year, you can be sure to 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. Lease Violations:
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. Exterior Condition:
By inspecting landscaping, yard condition, gutters, roofing, and siding you are often able to prevent major issues on the exterior of the home before they happen. This is especially helpful for areas that experience extreme weather, such as hurricanes, tornados, and forest fires.
5. Routine Maintenance:
By inspecting your property regularly, you can stay on top of regular maintenance such as changing furnace filters, changing smoke detector batteries, swapping out exterior light bulbs, and other small maintenance items that could otherwise cause larger issues if left ignored.
The bottom line? You can save yourself a lot of headaches and grief by simply scheduling a mid-lease check-in. Not only will you build rapport with the current tenant or tenants, but you’ll gain invaluable peace of mind knowing exactly what is going on at your property.
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Will Dickson is the president of Marketplace Homes, one of the largest hybrid real estate and property management firms in the nation. With a strong background in finance and real estate, he is the go-to source for thought leadership on a variety of real estate topics, especially regarding market trends with new construction homes and single family rentals. Under Will’s excellent leadership, Marketplace Homes continues to grow by expanding its markets, forging valuable partnerships, and rising to meet new challenges.