“Prepare and prevent, don’t repair and repent.” Author Unknown

I am often asked by property owners, what is a good amount of times during the year to inspect your rental properties. Of course, the correct answer is “it depends” There are however, some who let years go by without an inspection and others who become a bit of an annoyance to their tenants by scheduling inspections too often.

I know that many commercial insurance companies do an annual inspection of the exterior of the building. The company that I use doesn’t ask to go inside any units, but always gives me a list of repairs to complete. What I find interesting, however, is that the same company inspects the same properties year after year and each time comes up with repairs that could have easily been requested in prior years. I just do the repairs and wait until next year.

AT LEAST ONCE A YEAR It is a good idea to schedule your inspection around the time of any annual inspections you may have , such as Section 8 or your insurance company. I would recommend that they be on different days so that you can avoid having the insurance guy follow you inside the unit and request additional repairs. The good thing about this is that you remember when to make the inspection, not letting more than one year go by.

WHAT TO LOOK FOR It is also recommended that you carry with you a checklist for each unit. You can check to make sure the gas and electrical systems are working properly, that there are no broken windows, and that your tenant has not recently become a hoarder. Check for other hazards present and upcoming. Check to see how well kept the unit is. Will it require major repairs if the tenant should move WHO IS LIVING THERE? Is everyone on the lease? Has there been a divorce? A change in child custody? Has one roommate moved? You may need to type up a new lease, or make an addendum to the existing one. Anything else that should concern you, like drugs or other contraband? Make notes in each unit so that you can speak with the tenant later. One more thing. I have had a lot of tenants change locks over the years without telling me. This is a great time to test your keys and if they don’t work- get a copy of the new one.

RENTERS INSURANCE You may require renters insurance in your rental agreement, but is the policy still current? Same agent? It is good to mention your requirement to the tenant, just in case he has let the insurance lapse. If he is burglarized, this could create a problem for the tenant and possibly for you, the owner.

WHO DOES THE INSPECTION? whether it is yearly, bi-annually or whatever period you deem best, it can be done by you or someone on your behalf, such as your property manager. Be sure to give the tenant written notice.

Currently that would be a 24 hour notice to enter, but always check with your apartment association to make sure the rules haven’t changed.

“Always make a total effort, even when the odds are against you.” Arnold Palmer

What we at PRS PROPERTIES CAN DO. We can help you with a checklist for your inspection. We can recommend experienced licensed contractors who can perform any repairs or installations you may need. We can also look at your building for changes that might allow you to get a higher value in order to create value without huge expenses for your building. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, a moratorium or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. 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.