Tenants are aware of what’s going on in your building more than you are. Obviously, because they live there. As important as it is to maintain your annual rent raises, an annual checkup can be another valuable tool for multi unit owners. An annual inspection can be done by you, or your property manager.

WHO’S LIVING THERE? A visit may turn up additional non-paying tenants thus increasing wear and tear on your property and additional utility costs. These additional people may also open you up to additional liability, in case of an accident. Is your tenant subletting a bedroom without letting you know? An annual visit can be an eye-opener.

ANY LEAKS? Many tenants do not report water leaks. They don’t usually pay for the water, so a leak becomes a low priority. This can cost you thousands over time in additional water bills, possible mold and other water damage to this and other units. A gas leak could even be more dangerous. How about electrical problems? Illegal substances? Is your tenant using the wrong sources to cover their monthly rent?

BUILDING VIOLATIONS Are there cars parked that don’t belong? Is a neighboring property using your parking area? Is there damage to roof, rain gutters or stucco tt could be repaired but will lead to a very expensive bill if let go?

CHECKLIST It is a great idea to carry with you a checklist for each unit  so you can note condition, occupancy and needed repairs. Keep these in your files or on your computer to track changes year to year. This is also a good time to check the locks, as tenants often change them. If your key doesn’t work, you can get the tenant to give you a new one. It is quite common for tenants to change locks which could make it very difficult to gain access during an emergency.

Doing an annual inspection lets tenants know that you are keeping an eye on your investment and it may be a good time to deliver your annual rent raise notices. You never know what you will find, hopefully the building will be in great shape, but it’s good to check up.

What we at PRS PROPERTIES CAN do for you, is give you a good idea what your current multi unit property is worth in todays market as compared to other similar properties. We can supply you with a checklist, if you don’t have one. We can drive by your property to check for obvious problems (without actually going in the units) review your profit and loss statement and suggest changes, such as rent raises or ways to market your vacant unit. These things could allow you to get a higher value than you may have thought. We can help you to get the maximum value for your property, should you decide to sell.

We have a number of investors who are looking for “off market” properties and we have put together many, many transactions which involve properties that are not listed for sale

We can also put together an aggressive campaign if you decide to put your property on the market. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.