As property managers, we do a few specific things to every rental home we manage in order to protect that asset. Today, we’re sharing some of those tips so you’ll know how your property manager is protecting your investment.
Move In Inspection
One thing we always tell our owners is that the most important thing you can do is an initial walk through. Every single time you lease a property, conduct a walk through inspection and use a form that documents the condition of the property. That way, you can hold the tenant accountable to keeping the property in that condition. Do this inspection with the tenant so you both have the opportunity to note anything that needs attention. Then, you’ll have the written documentation as evidence and they will understand their responsibility.
Drive by Inspections
We enforce the lease by conducting monthly drive bys of the property. When we pass by the property, we’re looking for strange things that catch our attention. Maybe there are too many cars in the driveway or tin foil in the windows. If everything looks fine, we don’t have to worry about it. But if we see a problem, we promptly enter the property. Your property manager will post a 24 hour notice, and then go in and check things out. Usually we find there is nothing to worry about, but it’s better to act on any problems right away if we do find them.
Not every property management company will do an internal inspection of the property, but we offer an annual inspection every spring or fall. At this point, we go in and do a 40-point inspection of the property. What we’re really looking for is evidence that the tenant is treating the property well. We also look for damage or anything that needs a repair or replacement. It’s a good time to check for leaks or wear and tear. Our presence in the property once a year keeps tenants from treating your asset poorly.
Move Out Inspection
At the end of a lease, we do an exit walk through. We use the same form we used at move in and then we’ll make any necessary deductions from the security deposit based on the condition of the property. Usually, we deduct for things such as not cleaning the carpet or taking care of the external areas of the home. This is how we hold tenants accountable.
If you have any questions about how property managers can protect your investment property, please contact us at Advanced Solutions Property Management, and we’d be glad to tell you more.