Many Orlando Landlords, Realtors and even Orlando Property Managers under-document their Rental Property. Why do Orlando Property Managers and Landlords need to document their rental property? Long story short, if you don’t it can come back to bite you.
There are a number of reasons why a well-documented rental property can make all the difference in a successful rental property investment. According to The Balance, inspections can help you account for any deductions taken from the tenant’s security deposit if they damage the property. So, having a clear view of the property’s condition before your tenant moves in and when they move out is important to managing your property. Today, you will learn from an Orlando Property Management Company that truly believes that over-documentation and thorough property inspections lead to successful property management and the protection of our Orlando Real Estate Investors’, Landlords’ and Homeowners’ assets.
Before we get to the most important reasons why you need to do thorough rental property inspections, let us paint a picture as to what can go wrong. You listed your Orlando rental property on the rental market, you’ve done your due diligence and have finally moved your tenants in to your property. But, you forgot to do any type of move-in inspection, or your Orlando property manager did not conduct an inspection. Your tenant moves out, and your rental property was left with holes in the walls, scuff marks, dirty and smelly. Your Orlando property manager or you the landlord, charge their full security deposit based on what you remember your property to be before the tenants moved in. Your previous tenant goes to an attorney. Their attorney will ask for your move-in inspection and or evidence as to why you charged their full deposit. At this point you’ll be wishing that you documented your rental property.
As a leading Orlando Property Management Company, we have systems and practices that help assist real estate investors, landlords and homeowners. Our best practice in the property management industry show over documentation is essential.
Before a tenant moves in be sure to have a thorough move in inspection. Here at The Listing Real Estate Management we perform our move-in inspection and allow the tenant to perform their own move-in inspection. The reason move-in inspections are so important for properly managing your Orlando rental property is to ensure the tenant knows how the property should be delivered back at the end of the lease term. Many Orlando landlords, realtors and even property managers allow their tenants to move-in without having clear cut evidence as to how the property was handed over. The best-in-class property management companies follow the best practices when it comes to properly managing a property, and this entails thorough inspections!
Exterior inspections allow you to see how the property is being maintained, is the lawn being well kept? Are there more cars at the property than there should be? Is anything out of the ordinary? Are your tenants in compliance with the HOA? Quarterly exterior inspections allow you to get a visual on your property to see if the property is being well cared for. Your lease may state that lawn service is to be maintained and covered by the tenant. When you conduct your exterior inspection and you notice the lawn is being neglected, you can service your proper notice.
Mid-year interior inspections give you the chance to see how the tenant is caring for your property. It also allows you to check under the sink for slow drips that can cause damage to the cabinets, making sure the air filters are being changed every 30 days. Preventative maintenance is very important to the integrity of your rental property. Inspections also allow you to enforce your lease. For example, you see evidence that a pet is living in your property. You can have that pet screened and charge the tenant per month pet rent or you can have the pet removed.
Move-out inspections need to be just as thorough as your move-in inspections. Document in the exact same manner, and then analyze the move-in versus the move-out inspection. Your inspections can tell you exactly what needs to be claimed from the security deposit. If your tenant disputes the security deposit claim, you should have plenty of evidence if you are doing your inspections correctly.
There are many inspection platforms out there that can help aid in all of the above-mentioned inspections. As an Orlando property management company, it is essential to well-document each and every property.
If you would like to see more of our inspection reports we’d be happy to share them with you. Now, you know how important it is that you perform thorough inspection. If your realtor, or Orlando property manager is not performing thorough inspections, feel free to reach out to The Listing Real Estate Management, your full service Orlando Property Management Company!