Suppose you buy a new vehicle. You’d never drive it around for years and never open the hood to check on the oil or step on the brakes, would you? You get check-ups regularly. You do that for a very simple reason. You want to detect a small, cheap problem before it turns into a gigantic, costly disaster.
Your rental home is no different. It’s likely the biggest investment you’ll ever make. And as with that car, it needs tune-ups to stay healthy and be worth something. Those tune-ups are property Inspections and detailed reporting.
Most owners are under the wrong impression about inspections. They think it’s something you do when the tenant is coming or going. Or that they don’t want to see the property because it will annoy a good tenant and make them move out.
But the truth is just the contrary. Think of it this way. Regular, regular inspections when a tenant is on your property are not snooping. They are being smart. They are among your best weapons to protect your money, please your tenant, and avoid colossal shock bills.
Let’s take our time and properly explain how this easy habit can save you so much money and stress
Avoiding Small Issues Before They Are Big Emergencies
This is reason number one to make inspections a part of your routine. It is being proactive. Proactive simply means to deal with something before it becomes a problem. Instead of being reactive, meaning panicking after a problem has already blown up.
Here is an example in real life. A slow leak beneath a kitchen sink might not be a huge problem. It is just a few drops of water. But if this drip goes on for a few months, what does it do? The water seeps into the particle board cabinet. The board starts to rot and swell. Then, the water starts seeping into the floor underneath. The floorboards buckle. Then, you can even have mold growing in the walls where you cannot see it.
New Research on the Cost of Neglect
More current research in the field of property management has started putting actual figures on this idea. One study took repair requests for five years on a large portfolio of rentals into account. They found something surprising.
Properties with a regular pattern of scheduled inspections had quite a different pattern in repair expenditures. For these properties, the vast majority of repair costs were small and expected. They were for such things as a faulty washer in a faucet or a slight grout issue in a shower.
Keeping Good Tenants Happy and Loyal
It might sound strange, but good tenants actually like inspections. Why? Because it shows them that you, the owner, care about the property. It shows you are committed to keeping it a safe, well-maintained, and pleasant place to live.
An inspection isn’t just a matter of looking for wrong things. It is also a chance to make sure everything is running perfectly for the owner. Is the oven heating to the proper temperature? Does the gate on the rear fence close properly? Are all of the light switches working?
How Technology is Enhancing and Streamlining Inspections
The process of conducting inspections has changed dramatically in recent years. It is no longer a guy with a clipboard and a pen. Innovations in property management technology have transformed how things are carried out.
Today, all property managers use electronic equipment. They carry a tablet or a smartphone with them. They utilize specialty inspection apps. As they enter the property, they can access a personalized checklist for that property. They can check things off the list. But more importantly, they can take an unlimited number of high-definition photos using their phone and add them right into each note they make.
Protecting Your Self: If a Tenant Moves Out
The most important move-out inspection will probably be this one. Here, you inspect the property after the tenant has returned the keys and vacated their belongings. You need to establish what condition the property is in and what, if anything, you will need to repair.
It is here that things tend to become messy if records are not kept. A tenant can claim, “That mark on the carpet was present when I was taking possession.” Without proof, it is your word against theirs. This can result in conflicts and go as far as court.
That’s the reason that the inspection change is the most valuable report of all. Before a tenant even gets the keys, you must have an incredibly comprehensive pre-move-in report. This report must contain comments and dozens of photographs of every single room, every single appliance, every single countertop, every single floor, and every single wall.
Then, when you do the move-out inspection, you have a wonderful baseline to refer to. You can reference the picture of the living room wall in the move-in report and compare the two. If there is a new, large hole in the wall, the evidence is there. This is an equitable process for all.
What a Truly Detailed Inspection Actually Covers
A good inspection is not a hurried five-minute walk-through. It is a slow and methodical process. A good inspector will easily inspect more than one hundred unique items. Here are just a few of the things that they inspect.
They test all of the smoke detectors and carbon monoxide detectors to ensure that they are very loud when beeping. They do a cycle in the dishwasher to listen for any unusual noise and for leaks. They test the garbage disposal. They flush every toilet to listen for running water or bad flushing. They test all the faucets by turning them on to check for water pressure and whether there are leaks underneath the sink. read more
They open and close the windows to make sure they catch. They check the doors to make sure they shut and lock securely. They check the ceiling for water spots, which might represent a leak in the roof. They check the outer walls for cracks. They check the garage, the attic, and the basement for any signs of insects, dampness, or otherwise.
They eschew vague language. “Kitchen okay” does not make it into the inspection report, which will say instead, “Garbage disposal operates but is noisy,” or “Two shower wall tiles exhibit discoloration of grout.” This particularity is what gives you a real understanding of your property’s condition.
Conclusion
This entire cycle of regular inspections and full reports is as good as paying for an excellent insurance policy on your investment. You pay a little money and time regularly.
But in exchange, it protects you from the worst kind of financial jolts. It gives you the tranquility born out of understanding full well what is happening to your investment. You are not guessing or worrying. You’ve got the reports and photographs to convince you. You can sleep soundly at night knowing your property, so much of your labor, is being taken care of by professionals with attention to detail. You’re not maintaining a house. You’re building a future.
