When you choose real estate in Detroit, you take on daily responsibilities to maximize returns while minimizing risks to investment properties and income. Investors must deliver safe rentals and keep properties in excellent condition. However, keeping up with potential problems or routine maintenance can be difficult without regular inspections.
If you rely only on the move-in inspection to keep up with the condition of your properties, you could be risking significant maintenance problems and costly repairs without catching them early enough during a lease term. Here's why Detroit property management experts recommend that one of the best things that you can do to protect your real estate investment is to do routine inspections!
How Frequently Should You Inspect?
How often should you be inspecting your Detroit investment property? Property management experts recommend a walk-through twice a year is an excellent rule of thumb. These inspections can include the move-in and mid-year inspections or a walk-through when a resident renews their lease if you don't have a new tenant moving in (and a move-in inspection to go with it).
When planning and scheduling inspections, place them about six months apart. A regular cadence of inspections can give you insight into how much wear and tear is happening to the property over a set amount of time. This schedule can also help you plan necessary routine maintenance based on anticipated wear and tear.
What Are the Property Management Benefits of Regular Inspections?
Anything left unattended for extended periods suffers from neglect and deterioration. Rental properties in Metro Detroit are no exception. When investors skip routine inspections or assume that tenants are taking good care of a property and reporting all maintenance problems right away, they also discover surprises like significant maintenance problems that require costly repairs.
Property owners who stay in the loop on the state of your rental help protect their properties from minor problems that tenants might not recognize as an issue (before it's too late to minimize damage). When conducting inspections, a property management company recommends keeping an eye out for early warning signs of potential problems, like:
- Room temperature. If the house seems warmer or colder than the temperature setting on the thermostat, you might have a problem with the HVAC system that needs attention right away.
- Curling shingles or ceiling stains. These small problems can indicate a hole in the roof or other damage that needs a prompt repair before causing significant (and costly) problems.
- Light switches or outlets that don't work. Discovering a "dead" outlet could be the first sign of serious electrical problems. Call an electrician to check your Metro Detroit property and prevent a short or fire hazard that can damage the property or harm tenants.
- Running toilets or dripping faucets. Repairing these minor "annoyances" can save your Detroit rental property from flooding and costly water damage.
Property management experts know that a proactive approach to inspections helps real estate investors reduce maintenance costs, prevent costly repairs due to extensive damage, and avoid lawsuits from residents with damaged belongings because they missed a critical problem that needed a repair.
Keep An Eye on Renters
Routine inspections also allow investors to monitor tenant behavior and activities. Use an onsite inspection to address areas where residents aren't keeping up with their responsibilities outlined in the lease or spot tenant damage. You can also confirm that the only people living in the rental are named in the lease. If you don't offer pet-friendly properties in Metro Detroit (or you haven't approved a pet for a rental), an inspection allows you to make sure residents follow the rules regarding pets.
What Are the Dangers of Skipping Inspections for a Rental Property?
The biggest danger of skilling routine inspections is missing out on the benefits we mentioned above! Our Detroit property management experts know that one neglected leak or a build-up of trash in the property can lead to severe damage, pests, and costly actions required to fix the problem you could have caught early—if you had conducted an inspection.
A Detroit property manager knows that minimizing risks is hard to do without keeping a close eye on your investment properties. As property managers, we understand that conducting inspections can be time-consuming and requires the experience to know what to look for and the actions to take when uncovering a problem. However, choosing not to perform residential property inspections due to a lack of time or know-how is a costly mistake!
If you own multiple rentals or don't live in the Metro Detroit area, inspections must still be a priority. Work with a Detroit property management company to handle routine walk-throughs, conduct professional repairs, and hold residents accountable for the responsibilities in the lease!
Protect Your Rentals With Detroit Property Management and Routine Inspections
Something as simple as routine and periodic inspections of your properties can go a long way to protect your Detroit investment properties and income! If you don't have the resources (or time) to schedule and conduct critical inspections, let our seasoned team of property management professionals handle them for you! Own It Detroit makes inspections a routine aspect of our property management services to protect your investments. Reach out, and let's talk about how we can help!
Find out more about minimizing real estate investment risks. Download your free copy of "Protecting Your Investment Property: A Guide."