Stop avoiding your duties as a landlord because you feel uncomfortable or awkward. Property inspections are necessary when tenants move into, out of, and live at your rental property. Not doing them could result in expensive and disastrous results for your real estate investment.
Enjoy these benefits when you perform property inspections on your rental properties.
Peace of Mind
You may feel stress or anxiety about having someone you don't know live on a property you own. As the landlord, you must give your tenant peaceful enjoyment during their lease. However, performing an inspection mid-lease can provide you with peace of mind.
That way, you know your tenant is lease-compliant, and your property is safe.
Protect Your Investment
Buying a house requires a significant investment, and property inspections protect it. While it may generate monthly rental income now, it is worth more than this.
You also want the property to appreciate over time. That way, you can sell it for a profit in the future.
You don't know what the property needs if you don't perform inspections. Eventually, it will decline in condition. This also means a drop in property value.
The key to success as a property manager is understanding your real estate's short- and long-term profitability.
Stay Compliant
You must perform property inspections to comply with your insurance policy and Virginia landlord-tenant law. Technically, neither of these specifically requires you to perform inspections. However, they do require you to maintain the property.
You can't maintain the property in a safe condition if you don't know what is happening with it. Regular inspections help you stay informed about maintenance needs and safety risks.
Reduce Long-Term Maintenance Costs
Your property will need seasonal maintenance and routine maintenance. Neglect minor property damage and it will develop into significant repair costs. Unfortunately, your tenant may not tell you about all of the maintenance needs for the rental.
By doing an inspection, you can look at the property's condition and arrange any necessary repairs. This will save money in the long run.
Build Relationships
To keep high-quality tenants, you need to maintain a positive relationship with them. Performing inspections can help you build those relationships. First, show the tenant that you care and are an attentive landlord.
Second, the inspections give you a chance to talk to the tenant. This makes them more comfortable to come to you with feedback or complaints. Third, it creates the perfect opportunity to address issues.
When you neglect property maintenance, you risk your tenants seeking an alternative remedy. This could result in legal problems.
Property managers can assist with relationship building by performing your property inspections. Their professionalism helps you have positive tenant relations without getting too close or personal with them.
Start Performing Your Property Inspections
While property inspections can feel awkward and time-consuming, you need to do them as a landlord. This important task will give you peace of mind, protect your investment, and reduce long-term maintenance costs.
PMI Presidential helps rental owners by performing their inspections for them. Our team of experienced property managers knows the importance of inspections and how to do them correctly.
Protect your real estate investment and let PMI Presidential perform your inspections.
