Rental properties are an excellent source of income and with the right tenants, keeping your rental property damage-free and preserving the value can be a walk in the park. But what if your tenants aren’t as respectful as you would like them to be? How do you preserve the value of your rental property?
Finding Quality Tenants
Finding quality tenants can be one of the most difficult parts of ensuring you are preserving the value of your rental property but by setting expectations and investing in quality advertising, you’ll find quality tenants that care about your property as much as you do in no time.
Move-In Inspections
Move-in inspections are designed to hold the tenant, property owner, and management company accountable for the condition of a rental property prior to move-in. We highly recommend taking photos of the property and have the new tenants sign a move-in inspection to help set the expectations you have for your property. This move-in inspection will also help when it comes to security deposit deductions at move-out.
Periodic Inspections & Maintenance
Periodic inspections of your rental property help keep the property in pristine condition and avoid costly repairs. Having periodic inspections outlined in the rental agreement will allow tenants to expect these inspections and hold them accountable for damages in the unit. Always give the tenant at least 24 hours’ notice before entering the unit to inspect it.
Areas to Inspect:
- Wear and tear on walls
- Wear and tear on flooring
- Smoke and carbon monoxide batteries
- Cleanliness throughout the unit
- All mechanical systems
- Roof leaks and water damage
- Signs of pests
- General upkeep of the property
Move-Out Inspections of the Property
There are two main benefits of move out inspections: the ability to determine repair costs and avoid disputes of potential deductions from the security deposit.
When a tenant is moving out, schedule a move-out inspection of the property before the tenant turns in their keys to make note of any damages that will need to be repaired. We highly recommend bringing the list of notes you made during the move-in inspection and take notes of the current state of the rental property. Utilize these notes of damages and images when providing the tenant with their security deposit and make an itemized list of damage deductions from the security deposit to avoid potential disputes.
Don’t have the time or experience to handle tenants, inspections, or maintenance? Let our team at Lamacchia Property Management help! From rental procurement and maintenance to security deposit management, our team can help with all of your property management needs.