Any investment you have, regardless of asset class, should be checked up on annually or semi-annually. We do it with our stock portfolios a and we should do it with our rental properties too!
There are benefits to checking up on your rentals and we will discuss them below.
By inspecting a rental property at least once a year you can stay on top of items that can easily fall through the cracks. Items like furnace or HVAC filter replacement. Often this is on the the tenant to do, but even the best tenants may lose track of it. In the end, you own the property, a tenant isn’t going to have that same vested interest no matter how good they are.
When a tenant makes themselves at home they may forget that rules exist in regard to alterations. By doing an inspection you can see if any changes have been made outside of the lease. Additionally, it gives you a heads up on what will be needed to turnover the property.
It is only naturally that tenants will pay mind to what you pay attention too. If you maintain your property well and have routine inspections the likelihood of common lease violations go down. Unauthorized pets, occupants or smoking won’t be things they easily feel comfortable doing as when a landlord or manager is never seen again post move in.
Doing a routine inspection is also good for rapport. Tenants will see you have an interest in providing them with a well maintained property, which will help with them respecting it the same. Plus, addressing any issues or making small and cost effective improvements to give the tenant a better experience goes a long way toward them renewing, thus saving you a turnover cost.
Read past posts and find my book on: https://scaredycatguide.com/category/real-estate-investing
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