At the pandemic's start, almost 37% of US households rented their home. This number shows that many Americans choose to rent rather than buy their own homes.
This means owning an investment property can be an excellent way to bring in extra income. If the property is in good condition and you have great tenants, there will be little work to be done.
Regardless of how great the property or tenants are, rental property inspections are still essential. If you neglect this, you risk finding your property is damaged too late.
That's why we've created this helpful guide on the importance of regular inspections, so keep reading to learn more.
To Address Property Maintenance Needs
One of the first reasons you want to perform regular rental property inspections is to address any maintenance that needs doing. Over time, your property can sustain typical wear-and-tear damage that needs repairing.
When you schedule regular inspections, you can address these maintenance issues before they become more expensive. This can include problems with the following:
- Electrical system
If you're not visiting the property a few times a year, you cannot know what condition your property is in. You don't want to rely only on your tenants to communicate maintenance requests because sometimes even the most well-intentioned tenant can be unreliable.
To Build a Better Relationship
Another reason for rental property inspections is to get to know your tenants better. Because you're renting to them long-term, having a solid relationship with them can mean you don't have to worry about a vacancy. Additionally, having a good relationship with your tenants is beneficial to you because they're more likely to treat your property with respect.
Sometimes, with their consent, you may inspect the property without the tenant. Unfortunately, that doesn't give you much opportunity to foster a relationship. However, when they are there, take the opportunity to have a casual conversation.
To Ensure Tenant Compliance
If you're not visiting your rental properties regularly, you could find yourself with wayward tenants. Even with thorough tenant screening, a good tenant can go bad. For instance, you want to ensure they're not using the property for anything illegal.
Regular visits can ensure your tenants are staying compliant with the lease agreement. If they're non-compliant, you can proceed to start the eviction process.
Regular inspections allow you to see how they treat your property and ensure accountability. Common tenant compliance issues can include:
- Unapproved pets
- Ignoring pest infestations
- Allowing trash to pile up
- Subleasing to other tenants
Start Scheduling Rental Property Inspections for Peace of Mind
Regular rental property inspections are essential for maintaining your investment properties' condition and value and ensuring tenant compliance. If you neglect to visit your properties, you can find yourself with expensive repairs that could have been avoided. Instead, schedule a few visits a year to monitor things.
Contact us today if you're looking for a full-service property management company in Portland, OR. We can help you manage your investment properties so you don't have to.