Maintaining rental property ROIs requires the right experience and strategies in multiple areas. From managing maintenance requests to collecting the rent, property owners must avoid mistakes and be proactive to produce excellent returns. However, in all the hustle and bustle, there's one thing you may not have considered as critical to maximizing returns: mid-lease inspections.
Property investors often conduct inspections when someone moves out or at some point during a multi-year lease. Still, property managers recommend conducting them more often to avoid rental property disasters. Our Seattle, WA property management team has insights into why mid-lease inspections are important!
Boost Return on Investment
When owners inspect properties on a regular basis, it can boost their return on investment, according to the best rental management companies. Inspections often catch problems that are in the beginning stages. By resolving a concern early, a property owner can cut down on the potential costs of replacing an item or paying for more costly repairs. If you nip an issue in the bud due to a timely inspection, you save money and increase your ROI!
Create Better Relationships With Residents
Developing and maintaining a good relationship with your residents is vital to reducing turnover. However, having a good relationship with your renters may not be that easy if you don't check in with them throughout the lease term. Not only will seeing them regularly for inspections give you the opportunity to build the relationship, but it also helps you keep an eye on how well your residents are fulfilling their responsibilities from the lease agreement.
Renters will also appreciate the care you have for the property. As you take care of small problems, it makes their lives easier.
Keep Up With Rental Property Maintenance
It's vital to keep your properties in good condition to keep renters happy. If you decide to sell a real estate investment property one day, keeping up with routine maintenance and repairs also helps you get a better price for the property. Mid-lease rental property inspections are an excellent way to keep up with a proactive maintenance schedule throughout the year.
Reduce the Frequency of Maintenance Requests
No property investor likes getting maintenance request calls at all hours of the night. Service calls can catch you at unexpected times and require a prompt response during a busy day or after hours. However, when conducting mid-lease inspections, rental property owners can take care of maintenance issues that could prevent a maintenance request later.
Keep a Record
Some issues that occur in a property may not be your responsibility. For example, when tenants cause damage, they're responsible for making it right according to the lease terms. However, without routine inspections, property damage can go unnoticed and turn into a costly problem.
Property owners can often use the security deposit to cover the cost of renter-caused maintenance issues. When going through a mid-lease inspection, keep a record of issues that fall outside the scope of normal wear and tear, including photos.
Tips for Mid-Lease Inspections
Property managers recommend creating a plan for mid-lease inspections. With a pre-planned schedule, renters know what and when to expect you to let them know that it's time for your next property visit. If you own multiple rental properties, it can be easier to conduct all inspections at the same time of year to coordinate vendors and schedules with residents. However, investors with multiple rentals often find it's easier and more cost-effective to partner with a Seattle property management company to keep up with inspections throughout the year.
A property manager also knows that it's essential to let residents know in advance that you are planning to visit the property for an inspection. To protect a tenant's right to privacy, property owners must give adequate notice and avoid showing up unannounced.
As you are doing the inspection, take note of the condition for all appliances, roofing, siding, HVAC, and other aspects of the property. If it's not new, how old is it? Is it nearing its expiration date? If so, make a note to keep an eye out for deterioration to get ahead of repairs or replacements. If you are proactive with purchasing appliances at the right time of year, you could save big! However, by waiting for an appliance to go bad before replacing it, investors risk overpaying for a replacement needed right away.
A Seattle Property Management Company Conducts Mid-Lease Inspections
When you work with a property management group in Seattle, WA, you can count on an experienced team to handle all mid-lease inspections, ongoing maintenance, and repairs. Full-service property management companies take the hassle out of doing these inspections yourself while helping you boost ROIs. Whether you have one property or several rentals, Real Property Associates can help you with a proactive inspection schedule to prevent disasters and maximize your revenue. Learn more about our property management services when you reach out to us!
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