Landlords who fail not to do regular rental Inspections can be very costly💲💲💲
Number five of the six common landlord mistakes I wrote in a past blog is about some landlords not doing regular property inspections.
Doing six monthly inspections or for more prolonged periods can mean that if damage or repairs were to occur, they might have been avoided or minimised with more frequent inspections.
Regular property inspections can save you money. When you inspect regularly, you can see how the tenants look after your property.
It’s also good to check with your insurance company how often they require you to do inspections. Some companies stipulate that somebody must do routine inspections every three months as a minimum.
I know some Landlords who don’t do formal inspections at all.
Their idea of doing an inspection is mowing the lawns. That way, they can check out the property and keep an eye out on the tenants, but really it’s a bit of a cop-out.
If you’re not doing formal inspections and recording them and giving tenants feedback on what they’ve done well, what they may need to improve on, or if there are any cleaning issues etc.
Can I be frank? The only one you are fooling is yourself; it’s simply not good enough.
Neglecting to do regular inspections can lead to a decline in your property’s condition, resulting in lower rent and a decrease in the property value.
Doing regular inspections can help you maintain the value of your rental property. You can address any maintenance issues promptly, ensuring the property stays in good condition.
It’s amazing how quickly a property can go backwards when let go.
There are huge benefits in doing regular inspections on your property.
1️⃣ It is essential to build rapport with your tenants and ensure the property is clean & tidy.
2️⃣ If any repairs need doing, they can get actioned then & there.
3️⃣ If you are proactive about getting things done, this encourages tenants to do likewise.
4️⃣ Identify if it’s just fair wear & tear or if there is any damage to the property.
5️⃣ Gain long-term tenants, as they generally stay longer when they receive top service.
Ingoing and Outgoing Tenants
Before new tenants move into a property, you need to record the property’s condition.
We call this an ingoing condition report, which both tenants and the landlord will review and sign, agreeing to the ingoing condition of the property inside & out.
If there’s ever a dispute when tenants leave, and you’re doing the bond inspection.
You have the ingoing condition report and photos to use as proof and a guide of the property’s condition when the tenants first moved in.
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