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You were smart to invest in rental property in Melbourne, FL. The area has experienced a year-over-year rental increase of 22.46%. However, you can't simply raise your rental rate because the market increases.
Your rental property needs to warrant the increase. Performing rental property inspections ensures your property retains its value. Keep these four things in mind when conducting your property inspections.
1. Four Types of Inspections
You did careful rental valuation calculations to invest in the right property. Do not risk it all by not performing property inspections.
These checks help you track the condition of your property. That way, you can identify issues when they are minor before they become significant. You should do four types of inspections when leasing your property to a tenant.
- Move-in
- Move out
- Quarterly/annual
- Drive-by
Property managers in Melbourne, FL, perform all four of these inspections. Follow their example when setting up your inspection schedule.
2. You Must Give Notice
You cannot show up at your rental property and perform an inspection whenever you want. As the landlord, you must let the tenant use the property without your unreasonable interruption.
The best approach is to write your inspection schedule into your lease. This will give the tenant plenty of notice and standardize your inspections.
Before your inspection takes place, you need to give reasonable notice. This is a requirement under the Florida landlord tenant law.
You are safe by giving at least 24 hours notice. It should also be in writing. Your tenant must consent, and they cannot unreasonably withhold consent.
3. Use a Checklist
Prepare a customized checklist for your Melbourne, FL, rental property inspections. That way, you can remain unbiased as you inspect your properties with different tenants.
A checklist also ensures you remain professional and don't get too familiar with your tenant.
Finally, a checklist will keep you on task. You can inspect the building. You cannot look through the tenant's personal items.
A checklist also prevents you from forgetting an area of the house. You don't want to finish your inspection, leave, and then realize you forgot something.
4. Document Everything
If you find issues with your rental property, document it as much as possible. Take pictures and detailed notes of the problem. While you can address the problem with the tenant during the inspection, this should not be your only approach. Post inspection, send a report in writing to your tenant.
This is where you should outline the property issues or lease violations. That way, you have a record of communicating the problem to the tenant. The tenant can then respond or correct the issue.
5. You Can Hire Someone
Performing property inspections requires you to take time out of your day. Depending on the size, location, and number of rental houses you own, this can take several hours.
You can hire a full-service property management company instead of doing the inspections yourself. This is one of the advantages of a property manager.
Perform Your Rental Property Inspections
Work with a Melbourne, FL, property management company and protect your property's value. Rental property inspections performed by PMI Space Coast are thorough. We strive to protect our client's investments.
Protect the value of your rental property by letting PMI Space Coast inspect your property.
