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Buying rental properties requires a hefty investment, and managing them requires time and effort. The bottom line is making money from your rental properties requires hard work.
You'll have a lot of things to do relating to your properties, including rental property inspections. Inspecting your properties is essential for proper maintenance and profitability.
But how often should you inspect them? This guide explains how often you should inspect your rental properties.
What Are Rental Property Inspections?
When you buy a home, you might conduct a home inspection. The purpose is to learn the home's condition before finalizing the contract. Rental property inspections are similar.
Rental property inspections provide the opportunity to view and analyze a property's condition. They help you learn:
- Overall condition
- Renovations needed
- Repairs the units need
- How tenants are caring for their units
You can also look for red flags during these inspections. Red flags alert you to problems you must address immediately.
Rental property inspections may take only 10 to 15 minutes in some cases. In other cases, they might take hours.
You can use a rental property inspection checklist to conduct them. You can also hire a company to perform them. Talk to a property manager to learn about rental property inspection costs.
How Often Should You Conduct Them?
There are several key times to conduct rental property inspections. Using a rental property inspection timeline is helpful.
The first time you should inspect is when a tenant vacates a property. You'll have work to do when a tenant moves out. To determine this work, you inspect the property. As you do this, create a list of the work needed.
The work may include minor updates, such as repainting the walls. You may also need major renovations, like replacing the plumbing fixtures.
When you find great tenants, you may want to do things to encourage them to stay. One method is to perform property inspections annually.
You must follow rental property inspection laws by informing your tenants about these inspections. The purpose is to ensure that long-term tenants have well-maintained properties.
If the units need renovations, complete them. Doing this may encourage your tenants to renew their leases. Therefore, it's a great way to keep your great tenants.
One additional time to inspect units is when you receive complaints. These complaints might come from the tenants themselves. They may also come from other tenants.
When you receive a complaint, address it to determine the problem. Then, you can address the problem.
Simplify Your Process by Hiring a Property Manager
Rental property inspections help you maintain your properties. They tell you what services the units need and guide you with repairs and renovations.
Hiring a property management firm is an excellent way to boost your company's profitability and relieve your duties.
PMI US Southwest is part of a larger franchise but is locally owned and operated in Bullhead City, AZ. Our local experience and expertise in the business can help you transform your properties.
We can help you maximize your profits and expand your business.
Reach out today to learn how we can help.
