For so many, becoming a landlord is the dream job. Real estate has long been a great way to invest money. And it doesn't seem like a landlord has a lot to do.
While we agree that being a landlord and owning rental properties is great, we disagree that there's not a lot to do. Being a landlord is full of things that need to be done to make sure everything is running smoothly.
Annual rental property inspections are key to seeing success as a rental property owner. Check out the benefits of adding this practice to your landlord duties.
1. Get a Sense of the Overall Condition
When you do a property inspection, you'll get to see with your own eyes how the property is looking. Too often a tenant paints a picture that isn't accurate for how things are going. It's helpful to do a thorough inspection to make sure every space, both inside and out, is doing well.
2. Check In With Tenants
During an inspection is a great time to check in with your tenants as well. You can ask for feedback about what's going well and where things could get better.
Keeping tenants happy is the key to being able to maximize your profits. A rental property is no good without someone living there and paying rent. These kinds of interviews can open up communication to make the relationship much better.
3. Make a List of Repairs
Maintaining your property is often harder than it seems. It's difficult to know what really needs to be done without seeing the place for yourself.
Often, the minor damage that happens from daily life isn't noticed (or reported) by the tenant. Sometimes they're also hiding issues. A property inspection means you can see what needs to be done outside of the typical rental repairs.
4. Decide on Upgrades
Sometimes an inspection can reveal things that need to be upgraded at your property. They may not be damaged per se, but they're not the best option either. Upgrading a couple of things each year is a great way to keep protecting your investment.
5. Find Lease Violations
Every landlord has a lease agreement with their tenants that outlines what can and can't happen at the property. Finding out about violations can be difficult if you never go there.
A property inspection is a way to make sure everyone is following the rules. If they aren't, you can begin the process for lease enforcement.
Start Yearly Rental Property Inspections
Performing yearly rental property inspections can make a huge difference in your investments. But it can also be a major undertaking if you have multiple properties unless you leave it all up to your property management team.
These pros have the resources to perform the inspections efficiently. They will then make any repairs or upgrades afterward. You won't have to worry about anything!
Our team at Wilkinson Property Management has been helping property owners for decades. We handle everything from inspections to tenant screening. Check with us today to see how we can help you be the best landlord.