Buying a rental property is a significant investment.
A massive investment in fact.
So you need to know your tenants are looking after it.
But the thing is, you’re busy.
You work full-time; you have family commitments, perhaps you coach your son’s rugby team.
Managing your investments is a full-time job on top of all that.
When your tenant first moves in, you keep on top of everything, but slowly but surely things get postponed.
You don’t visit them. They don’t call with any issues.
Then they move out, and you realise why they haven’t called.
Your beautiful property is completely trashed.
It takes weeks to clean it up and get it rented again.
This situation happens more than you think and it can be avoided just by carrying out regular inspections.
If you don’t have the time or if it just keeps getting shoved to the bottom of your already bulging to-do list, you need to give True Property Management a call.
How we carry out inspections
Inspecting your rental is an important part of security and peace of mind.
If your property is vacant, then we visit it each week and make sure everything is secure and in perfect condition.
When tenants have been living there for three months, we will inspect every six months.
What we look for during an inspection
We make notes and report back to you:
- Urgent and non-urgent maintenance tasks that need doing now
- Any renovation jobs that will be required in the future (to give you time to plan)
- If the tenants are keeping the property to an acceptable standard
We recommend having a building inspection done every year or every 3-5 years depending on how old your property is and what condition it’s in.
Doing this makes sure the building is safe and will highlight any maintenance issues that you can’t necessarily see.
These problems could be tax-deductible, so it’s worth looking into.
Have the heating, cleaning gutters, etc. services every year and watch the landscaping – do large trees and shrubs need pruning or creeping ivy need taming?
It gets out of control quickly, so staying on top of it is the best solution.
Keep in mind that the outside grounds are a big part of the appeal to tenants and can add thousands to the capital value.
When tenants give notice, we do a pre-vacating inspection. This allows us to:
- Decide if any essential work is required before we can seek new tenants
- Highlight any areas for the tenants to get back to pre-arrival condition (normal wear and tear excluded)
When the tenants do vacate, a detailed exit inspection is carried out.
We do this to make sure the property is returned in an acceptable condition.
If any damage or cleaning is necessary, we’ll apply the appropriate deductions from the bond.
We are very thorough in the process of inspections as we feel that this a key way to ensure the property will:
- Appreciate in value
- Provide maximum market rent
- Attract quality tenants – which often means long-term tenants
- Vacancy periods are reduced, increasing your income
Are you worried you don’t have enough time to spend managing your investment properties yourself? Contact True Property to find out how we can help you.