If you're a landlord, then you need to have a good grasp of your property and the people inside of it.
With more households renting than at any point in 50 years, the rental market has never been better for landlords. That doesn't mean that being a property owner still can't be a headache.
The best way to stay on top of your rental property is by performing rental property inspections. This will help you boost rental revenue while finding the best possible tenants for your property.
In this post, we're going to look at 4 types of rental inspections that you should know about. Keep reading and you'll have the tools to make sure your property stays in good shape.
1. Move-In Inspection
A move-in inspection, or a "walkthrough", is the process of taking a new tenant through the rental property. Not only will you be showing them around, but you'll also make note of any imperfections in the property. When doing this, it's important to have a move-in checklist.
Once the tenant signs the checklist, they're signing off on the condition of the property. If your rental unit is damaged beyond what the checklist says, the new tenant will be culpable.
2. Move-Out Inspection
When a tenant moves out, you'll perform a similar walkthrough with the same checklist that was used upon arrival. Because you made a record of the condition of the rental when they moved in, you can go through with the tenant and see if the unit has any damage over the course of the tenancy.
3. Quarterly Inspection
Quarterly inspections on your rental properties are important not just for checking on the state of your property, but also for checking on your tenants. If you neglect your tenants' needs, you'll have lower tenant retention.
In terms of your property, quarterly inspections help you understand if the tenant is abiding by the terms of the lease. You'll be able to see if any unauthorized roommates or pets have entered the rental. To avoid an accusatory tone, let the tenant know when they sign the lease that you'll be performing quarterly inspections.
4. Drive-By Inspection
With a quarterly property inspection, you should always give the tenant notice so that they can prepare for your arrival. If you want to get a sense of what's going on day-to-day, you can do a drive-by inspection, which you don't need to provide notice to do.
Either you or your property manager can drive by the property at various times to get a sense of what's going on. For example, if there's always a car parked outside with a different license plate than the one your tenant gave, it could mean that an unauthorized tenant is living there.
Get Help With Rental Property Inspections
Now that you understand the 4 types of rental property inspections, you can properly look after your investments. Not every property owner has the time to inspect their rentals as much as they should, which is why it's always a good idea to hire a quality property manager.
In Business Real Estate is Chicagoland's premier property management company. Our services encompass everything from real estate inspections to property maintenance and tenant screening. Contact us today to find out how we can help you maximize your property investments.