Property owners can make the most of their investments with a bit of forethought and planning. Keeping your rental homes in tip-top shape is a necessity to maximize ROI. Although it's vital to consider the question, "how much can I rent my house for," it's also important to understand how to maintain the property's value and keep ROI humming along.
The best property management company Detroit offers suggests that conducting mid-lease inspections is a key aspect of meeting your long-term ROI goals. By implementing inspections during a lease term, you can assess the property and take care of any problems before they become more serious (and costly). The time and cost involved with these inspections can save you substantially in the long run. Also, if you work with a property manager, these inspections are a routine aspect of their services.
Here are some tips to implement into a successful strategy for mid-lease inspections!
Plan, Plan, Plan!
Before conducting those mid-lease inspections, make sure you have a well-thought-out plan. Property managers recommend creating a system to help you keep up with inspections on a regular basis (especially if you operate multiple properties). Since every property will have tenants on different leasing schedules, staying on schedule for each property is crucial!
To help with your inspections, keep a ledger that tracks the year you purchased the major appliances, flooring, roofing, and so on for each property. That way, you stay on top of wear and tear, routine maintenance, and repairs for essential systems and features in each rental unit. In addition, an investment property management company can advise whether upgrading appliances or other items will pay off with better returns.
Keep Renters in the Loop
Rental property owners must notify tenants about their plans for a mid-lease inspection. You can advise them at the lease signing that you will conduct these inspections regularly to ensure everything is operational in the property. This will help your residents feel valued while you are also able to keep an eye on the property.
Once it gets closer to the date when you will be entering the property to do the inspection, send a reminder about it. You can also follow up on the day of the inspection to make sure everyone is on the same page. Remember: failing to give proper notice before arriving at one of your rental properties can be a violation of your tenant's privacy.
Sometimes renters can feel "put out" by mid-lease inspections. It's important to remain professional when conducting inspections or routine maintenance to help maintain positive relationships with your residents.
Working with an investment property management company can help with this process. The right property manager understands how and when to schedule inspections and communicate with renters. They also know how to keep an eye on tenant behavior when on property to make sure residents follow the lease terms and take good care of your property.
The inspection should help residents feel you are looking out for their best interests. While this is a side benefit for them, your main goal is to ensure that your property doesn't decrease in value due to undiscovered problems. A small problem that becomes much more costly can hurt your ROI goals.
Hire Professional Property Managers
Hiring the pros is an excellent way to ensure the inspection goes well. However, it's essential to make sure you have someone doing the job that knows what to look for. Property management companies should follow a prepared list of items that need regular inspection, such as plumbing, faucets, HVAC, appliances, exterior siding, signs of damage, and more.
By having professionals conduct inspections, you reduce the risks to your bottom line! Inspections can help catch things like small leaks before they become significant water events leading to water damage or mold.
Documentation is an important part of the mid-lease inspection process. This is especially relevant if you have multiple properties. Take photos, make good notes, and file inspection reports using a system that makes it easy to reference prior inspections before the next one.
Good documentation also helps you work with your landlord insurance company or tenants when repairs need to be made. If a renter disputes damage they caused, you can point to your inspection report and photos to work through the issue.
Work With the Best Property Management Company Detroit Offers for Inspections!
Make the mid-lease inspection a smooth process by working with a property management company like Own It Detroit. We have the experience, processes, and tracking systems in place to ensure your properties are professionally inspected and well-maintained year-round.
For optimal ROIs, reach out to Own It Detroit to speak to one of our seasoned real estate experts about our property management services!
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