Property inspections protect rental property value Part 1
The broken window theory is an academic concept that used broken windows as a metaphor for disorder. The theory links physical disorder to social disorder, incivility and decay. For our purpose, poorly maintained buildings lead to poorly performing property.
Cornerstone Property managers and landlords take this theory to heart.
Of course, one of the most common jobs of a property manager or landlord is performing routine inspections. Depending on the property and circumstances, inspections are usually conducted every couple of months with several goals in mind: to identify and address problems and needed repairs and to make sure there is no suspicious or illegal activity.
Cornerstone Property managers are careful to time inspections so as they are not a nuisance to building tenants, but identify any potential problems before they snowball and become a significant issue.
Transparent process and tenant respect
There are many issues Cornerstone Property managers and landlords look for during regular these inspections, including problems tenants may have caused: general wear-and-tear related problems; and maintenance requirements.
In most instances, if possible, it is nice to have the tenant present during the inspection. This way issues are identified, discussed and explained and if new damages are apparent which the tenant may be responsible for, the tenant can witness the inspection and better understand the process.
A well-maintained building is a profitable building
Property owners, stratas and real estate investors understand that the value of their investment is tied to how well it is maintained. The best maintenance requires regular, routine inspections and preventative maintenance.
The property maintains its value, tenants are happy, rental prices rise as the property becomes a desired home and prospective renters compete for rental units.
The better condition of a rental property often leads to the best possible rental income.
Next installment, we will look at the types of inspections a professional property manager should conduct.