According to an article published by Redfin, the Denver housing market is starting to cool. That means lower prices for prospective Denver rental property investors.
It also means rents are starting to come down. If you already own rental properties in Denver, you'll need to be on top of your game to maximize your profits.
There's no better way to ensure your property stays in good shape than with regular rental property inspections. Keep reading to discover why they're so important.
Rental Property Inspections Protect Your Investment
Allowing strangers to stay in your home is a risky proposition. Regular inspections can reveal whether your tenants are taking care of your investment as agreed in the lease.
The main aim of a rental property inspection is to find any potential issues that could lead to major repairs soon. It's a good chance to check if there are any areas for improvement within the home.
During a property inspection, you can also check the quality of workmanship on any recent repairs.
Seasonal inspections are important to ensure your property is ready for the upcoming season. This helps you avoid paying higher prices for things like HVAC repairs when contractors are at their busiest.
Denver has strict regulations for maintaining your property in a habitable state. Regular inspections can help ensure you stay within the law in this regard, too.
Be sure to compile a rental property inspection checklist that covers all these mandatory aspects, and make sure you attend to them.
Property Inspections Build Good Tenant Relationships
Common courtesy goes a long way when conducting a rental property inspection. Always give at least 24 hours' notice to your tenants before you arrive for an inspection.
Use this time for positive interactions with your tenants by inviting them to attend the inspection.
Avoid creating the impression that you're checking up on them. You'll create a much better atmosphere if they view your inspections as an expression of interest in their well-being.
An inspection is a good chance to get your tenant's insights about potential improvements. This may encourage them to renew their lease.
Stay calm and professional in your interactions with tenants, even if you find some damage. Be sure to thank them for keeping your property in good shape.
Inspections Streamline Tenant Turnover Times
All landlords know they must conduct move-in and move-out inspections. When you carry out regular inspections between these times, you have a lot less to do when your tenants move out.
Regular inspections ensure your property stays move-in ready. This eliminates any last-minute rush to prepare the home for new tenants.
This way, rental property inspections can help you avoid losing out on rental income due to maintenance delays.
Streamlining Property Inspections
Taking time out of a busy schedule to inspect rental properties can become inconvenient for busy property investors. Fortunately, there is a way around this.
We manage every aspect of your investment property on your behalf. Our services include rental property inspections and maintenance. Get in touch for assistance and advice regarding property management in Denver, CO.