Ok, so you have invested in some real estate property. You have decided this is the investing path you prefer over other investment options. How do you protect that investment?
If you’re not conducting regular property inspections of your investments, you are putting your investments at risk. Property inspections are akin to looking at your money market portfolio on a regular basis. It is how real estate investors keep track of how their investment (real estate) is holding up.
If you do not inspect your properties, then the repairs and maintenance fall 100% on you, the owner. Property inspections allow you to note property conditions based on a point in time that can then legally charge the appropriate person if the inspection discovers new damage since the last inspection.
Types of Property Conditions
Property conditions typically fall into 2 groups. 1 is general wear and tear that you as the property owner will be responsible for. The 2nd is wear, tear and damage caused by a tenant. Those costs can and should be passed on to your tenants. The only way to properly keep up with this information is to perform regular inspections.
Typically, inspections are done for move out and move in’s. They can also be routinely conducted on a regular basis. Regular inspections allow you to identify problems with your properties and if applicable, bill the responsible person.
Property Inspection Software
If you are not using some form or software to manage your inspections, you should. Proper software will reduce the work load significantly as well as provide an electronic copy for easy access in the future.
At a minimum, property inspection software should allow for:
- Mobility (on-site)
- Ratings for each item inspected in each room
- Provide ability to make notes for each item
- Allow for submitting work orders if repairs or maintenance is required
- Option to take pictures
- Create a final inspection report that can be emailed and saved for future reference
It’s your investment. Protect it with regular property inspections.
PropertyZar is a real estate technology company specifically in the web-based property management software for owners and professional property managers. Learn more www.PropertyZar.com