Properties in the Mile High City are skyrocketing! More than 100 million Americans rent an apartment or home, including thousands of Denver residents.
This may make property management seem easy. In reality, it can be difficult if you don't follow good real estate tips. One thing you must learn is how to conduct good rental inspections.
What are the biggest mistakes in rental inspections? What laws do you have to follow when conducting inspections? What are some good landlord tips you should follow?
Answer these questions and you can keep your Denver tenants happy and safe for years to come. Here is your quick guide.
Not Taking Rental Inspections Seriously
Rental inspections help you fix major problems with your property. They show your tenants that you care about your property and they help you make stronger relationships with them.
You should do an inspection every six months or so. When you are inspecting the property, you should look at important features like the plumbing, foundation, and ceiling.
If you're new to property management and real estate investing, you can hire a home inspector to do this for you. You should also read a guide on how to perform rental inspections so you can do them properly.
Being Too Involved
Don't schedule more than four inspections in a year. Doing inspections too often can seem invasive.
While an inspector is doing their job, you can accompany them. But you should not interfere with their job. You can ask them questions and receive a report once they're done with their work.
Your inspections must comply with Denver tenant rights. You must give written notice to the tenant at least 48 hours before the inspection. You must provide the tenant with a full report on the inspection within two days after it occurs.
Overreacting to Imperfections
You will come across at least one flaw. Some inspections uncover dozens of flaws, which can lead you to believe that your tenant is being reckless.
But many flaws come from wear and tear, not tenant neglect. Tiles will chip over time and support beams will bend. Though your tenant should be keeping an eye out for these flaws, they can occur without their knowledge.
Talk to your tenant about the imperfections you see. Both of you should then take steps to improve them. You may need to add steel so the tiles and support beams don't break down further.
Focusing on the Wrong Things
Most of the flaws you see will be insignificant. It is okay if the paint has chipped off the walls in one room or if an electrical outlet cover is cracked.
It is not okay if the foundation for the home is damaged or if the wiring can start a fire. Focus your attention on your property's most important features.
Becoming an Expert in Rental Inspections
Rental inspections should not be difficult. You should conduct an inspection every few months, evaluating the major components of the property. At the same time, your inspections should not be too aggressive or intrusive.
You will encounter flaws in your property, yet you shouldn't panic. You should give your tenant the details about what you see and focus on the big picture. Take small steps to improve and maintain the property like installing steel reinforcements.
Get help from inspectors and professionals in property accounting. Investor's Realty helps Denver property managers manage their homes and apartments. Contact us today.
