Did you know that there are almost 20 million rental properties in the United States? Individual investors own about 70 percent of them. Owning a rental property is a great source of income, so it's no surprise that so many people want to get in on the action.
If you want to make money off an investment property, you have to put in the work. Property maintenance is essential to keeping it in good condition and protecting your investment. One of the best ways to help maintain investment properties is through routine property inspections.
Property inspections are conducted to assess the condition of a rental unit. Read on for our tips on how to prepare for inspections.
Notify Tenants Ahead of Time
The law requires that landlords give tenants prior notice before entering the property. In Florida, you must give tenants at least 12 hours' notice. You can only enter at reasonable times, defined as between 7:30 am and 8:00 pm.
Make sure to review the terms of the lease before entering a rental property. If you specified 24 hours' notice for entry, you must follow that so you're not in breach of the lease agreement. But, as long as you provide proper notice, a tenant can't deny you entry to the property.
Schedule When Tenants Can Be Present
While tenants are not required to be present at a property inspection, it's encouraged. This will help you and your tenant be on the same page about the condition of the rental property.
Take this opportunity to make sure the tenant is aware of any damage to the property that they will be responsible for. You should also listen to any tenant concerns about issues with their unit.
Prepare a Checklist
Have a checklist ready before the property inspection. This will help you inspect the property quickly and make sure you don't miss anything. Here are some things you may want to include on your checklist:
- Check the condition of floors, walls, and windows
- Make sure appliances, electricity, and plumbing are working
- Confirm that any fixtures or items included with the unit aren't damaged or missing
A checklist also serves as a way to document the property inspection. You will need this in case there is ever a dispute over damages when a tenant moves out.
Document Inspection with Photos
Take photos throughout the inspection to document any damages. This will confirm that what you've written on your checklist is accurate. It will make your case stronger in the event of any disputes.
Remember to be respectful when taking photos of the rental property. Make sure there aren't any people or pets in your photos. Leave any valuable items, such as computers, out of your photos as well.
Protect Your Investment with Regular Property Inspections
Regular property inspections are a crucial component of property maintenance. You need to conduct them when tenants move in and out along with routine inspections during the course of the lease.
We understand that it might feel uncomfortable to inspect a rental property while it's occupied. Let us handle it for you! Our experienced team is well-versed in all aspects of property management.
Contact us today to let us know how we can help!