Landlord Benefits of Annual Property Inspections

As a landlord, it's crucial to maintain the condition of your rental property. The best way to make sure your property is in tip-top shape is by conducting an annual property inspection—yes, even if you have long-term residents!

If you’re skipping this inspection simply because your residents are staying put, you could be putting your resident relationship at risk, and this could mean headaches and lost money down the road. Here at Evernest, we perform a thorough, annual property inspection for every rental property under our management, regardless of lease renewals.

In this article, we’ll explore the value of conducting these annual inspections for you and your property. Let’s get started!

What is an Annual Property Inspection?

First off, it’s important to understand what an annual property inspection entails. This inspection, which should happen every year, involves scheduling a time to walk through your rental property to inspect for any damage and necessary repairs.

This comprehensive inspection should cover the interior, exterior, and all appliances in the property to ensure everything remains in excellent condition and you can catch any issues before they become significant problems (which usually means significant investment)!

Benefits of Regular Property Inspections

One of the main benefits of conducting regular property inspections is the early detection of issues. Small problems, such as minor leaks or cracks, can escalate into significant, costly repairs if left unchecked. Regular inspections allow landlords to identify and address these issues quickly, maintaining the property's condition and avoiding expensive emergency repairs.

Regular property inspections also help build a positive relationship between landlords and their residents. When landlords perform consistent check-ins, it fosters better communication and trust with residents. When you build a trusting relationship with your residents, they are more likely to report issues promptly and feel more satisfaction. We’ve found that this can lead to longer tenancy lengths and better care for your property. This open line of communication can ultimately prevent misunderstandings and build a positive relationship, which is crucial for retaining reliable residents and reducing turnover rates. We call that a win-win-win-win!

Last but not least, regular property inspections can help with insurance compliance. Some insurance policies require routine inspections to remain valid, ensuring that landlords are adhering to their policy terms. Failing to conduct these inspections might result in denied claims or increased premiums. By sticking to the inspection schedule, landlords can maintain their insurance coverage, protecting their investment and providing peace of mind.

Looking for Resident-Related Damage

Even if your resident pays rent on time and seems like the perfect resident in many ways, a property inspection can reveal hidden damages and provide insight into what kind of resident they are “behind closed doors.” This inspection is an opportunity to look for any resident-related damage that might not be immediately visible. If substantial damage is found, you might reconsider renewing the lease agreement with that resident.

Some common examples of resident-related damage include wall and floor damage, appliance misuse, mold and mildew, pet-related damage, and pest infestations. These issues can compound and cause big problems if not remedied early on.

Imagine if an otherwise reliable resident is taking poor care of your property and causing significant property damage that goes unchecked for several years. This is a landlord’s nightmare that is avoidable with regular property inspections!

Normal Wear and Tear

On the other hand, there will also undoubtedly be some amount of normal wear and tear to your property. Over time, normal wear and tear will affect your property but, during an annual inspection, you can identify and address these issues so they don’t become larger and more damaging. Issues such as aging HVAC components, faulty appliances, and landscaping upkeep are all common issues that require regular attention.

By taking a proactive approach, you can plan and execute projects that keep the property in outstanding condition, encourage desirable residents to renew their lease, and ultimately maximize your future rental income.

Best Practices for Conducting Inspections

Scheduling

Scheduling inspections in a manner that respects your residents' privacy is essential. Always provide plenty of notice, typically 24 to 48 hours, as required by law or lease agreements. Being flexible with timing can also help minimize disruptions to your residents' daily routines. Clear communication about the purpose and scope of the inspection can address any concerns residents might have.

Documentation

Thorough documentation is a key component of an effective inspection. Take detailed notes and photographs of any damage or maintenance issues you find. This visual and written record is invaluable for tracking the property's condition over time and can be crucial in resolving any disputes that may come up. Maintaining a comprehensive record of all maintenance and repairs also helps in planning future upkeep and budgeting.

Have a Professional Property Manager Conduct Your Inspection

At Evernest, landlords and investors benefit from automatic annual property inspections conducted by our professional property management professionals. Our expert team members are trained to identify both obvious and subtle issues that might otherwise go unnoticed.

While you can certainly conduct annual inspections yourself, many landlords leave this task to a team of professionals, ensuring no issue is missed and their investment is fully protected. By opting into additional annual services, you can ensure your property is thoroughly inspected and maintained without the hassle of managing the process yourself.

Final Thoughts: Landlord Benefits of Annual Property Inspections

Conducting annual property inspections is a vital practice for landlords, whether you have short-term or long-term residents. These inspections help identify resident-related damage, address normal wear and tear, and ensure your property remains in tip-top condition from year to year.

Partnering with a professional property management company like Evernest can streamline this process, giving you peace of mind and helping you maximize your rental income. To learn more about our inspection services and other optional offerings, explore our optional services page here!