Did you know that as a landlord you could bring in an average of $97,000 a year? That's more than $30,000 more than the median household income.
But being a landlord isn't an easy job. That's where we come in to help. Keep reading to learn how to perform a rental property inspection so that you can become an even better landlord!
Know When to Do A Rental Property Inspection
Before we get into how to do rental property inspections, you have to know when to do them. There are four major types and times to do a rental property inspection. They are:
- Move-In Inspection
- Move-Out Inspection
- Routine Inspection
- Drive-By Inspection
The Move-In inspection occurs on the day new tenants' leases begin and includes taking note of the current state of the apartment before their lease starts. The Move-Out inspection takes place when they vacate the apartment and compares the state of the apartment to when they moved in. These are the most common.
A routine inspection may be done at any point during a lease and is scheduled with the tenant. And a drive-by inspection requires no prior scheduling or notice because you simply look at the property from the outside to make sure nothing looks amiss.
Major Tips: How to Perform a Rental Inspection
Now that you know the types and times to do an inspection we can get into the nitty-gritty. Follow these four tips to have a successful inspection.
1. Give Prior Notice
It is illegal to enter the property while a tenant is living there without giving prior notice. Make sure that you've communicated with the tenant about when you're coming. It's also a good idea to coordinate your schedule with theirs because having the tenant on-site can help clear up any confusion or give the tenant an opportunity to disclose any needed repairs.
2. Include Documentation
Always have tenants sign documentation about the condition of the property when they first move in. This is to protect both of you so that you can charge for any later damage and they can avoid being charged for prior damage. Have them sign the document every time you do a new inspection.
3. Don't Engage in Confrontation
If things get heated or if there are disagreements, it's best to not engage in confrontation with your tenant. Take the notes and photographic evidence that you need, and then leave. Contact a lawyer and your rental property company to figure out the next steps.
4. Don't Photograph Personal Items
Feel free to photograph anything that requires rental property maintenance or may result in a charge to the tenant, but avoid photographing personal items. This is a breach of privacy.
Acing the Inspection
With these tips, performing a rental property inspection is a breeze. Make sure that you're always performing them at the beginning and end of a lease, and that you respect both yourself and your tenant's property.
Are you looking to make your landlord career easier? Check out our property management services here!