As an investment property owner, you have a lot of responsibilities. Some of them may seem trivial but completing these responsibilities accurately will save you a lot of time, money, and headache in the long run. One of these responsibilities is routine evaluations of your rental properties. Let’s jump into why these evaluations are important.
Check in on How Tenants Are Taking Care of the Property
You always need to know if your tenants are taking care of your property. Without going to the actual site, you don’t know the physical condition the property is in. You could have your tenants take pictures and send them to you, but photos can be misleading. Photos or word of mouth may have you believing the rental property is being taken care of when it isn’t. So, it is necessary you look at the property in person. When you go view your property in person, it gives you a chance to look for any damages. It also allows you to schedule out work that needs to be performed and invoice tenants for any repairs.
Look for Lease Violations
Every property owner has different rules for their rental properties. These rules should be listed in your rental agreement. Some violations of rental agreements could include unauthorized pets, unauthorized guests, unauthorized changes to the premises, detached smoke detectors and other safety hazards that may present a threat to the property and tenants. Going in person to do an evaluation lets you know if your renters are violating any part of your rental agreement and gives you the opportunity to cure the issue.
To Get ahead of Preventative Maintenance Items
A normal part of owning a rental property is addressing miscellaneous repairs and critical maintenance issues. Some issues that happen on a regular basis are leaking faucets, mold in bathrooms, dirty air filters, safety hazards, broken windows, faulty appliances, degrading weather sealing on doors, and more. Your tenants may not have the same inspection eyes as you or tell you what needs to be fixed in your building. Evaluations allow you to see what needs to be fixed and to stay on top of recurring maintenance.
Avoid Surprises on Move Out Day
Things break, tenants don’t follow rules, and life happens. However, surprises on move-out day are the worst. If you are going to have a lot to fix when a tenant moves out, you want to know about it ahead of time. Especially if there are damages that exceed the tenant’s security deposit! Routine evaluations help you avoid surprises. They let you know what you can expect before a tenant moves out, gives you a chance to start the repair work and invoice the tenants before they move out.