Blog

Mar
03
2017

Are Annual Property Inspections Necessary? Advice for landlords

Are annual property inspections on my rental units really necessary?

Yes, if you want to know the condition of your property while your tenant is living there, it is definitely advisable to conduct property inspections from time to time. At Fortune Property Management Group, we recommend conducting a detailed inspection once a year.

Our goals as your property management company is to find great tenants for your property, create great relationships with them on your behalf, and through actions, encourage them to keep renting your property for the long-term. So, when it comes to annual property inspections, we work with tenants and allow them to join us on the inspections if they wish, to make the process collaborative and ensure tenants are aware of what we are inspecting.

The advantages of detailed annual property inspections are multi-faceted:

  1. The tenant will, for the most part, look after the unit if they know you schedule detailed property inspections. They will recognize that you are serious about up-keeping your property and that you will be documenting any damage to it, outside of regular wear and tear. One quick note: make sure you have stated within your lease that they will be responsible for any damage outside of wear and tear on your property such as: pet damage, blatant neglect to the property due to non-reporting of required repairs (e.g. water leaks) as these repairs can be very expensive if they are not taken care of right away.
  2. Through regular inspections, you can identify any potential small problems that can be addressed before they turn into big expensive problems (and tenants appreciate this). Pre-emptive maintenance also displays your commitment to the property and to the tenants who live there.
  3. Maintaining your rental property just like your home, drives up the value of your rental unit, making your property investment that much better, while yielding a greater return-on-investment (ROI).
  4. A rental property that is well maintained will usually attract and retain long-term tenants – and happy ones at that, who pay rent every month without hassles.
  5. Inspections confirm that your tenants are maintaining the property as per your lease agreement.
  6. They also help to confirm that there is no illegal activity taking place inside the property.
  7. Overall, regular inspections help to protect and increase the value of your property.

When working with a property management company, always check to make sure annual inspections are included in the fees of standard packages. Our annual inspections follow the same processes that we use during tenant move in and move out periods. In this way, we ensure the same items are inspected ever year with consistency.

During the inspection process, it’s critical to be as detailed as possible. At Fortune Property Management Group, we never take short-cuts when looking after a property. We maintain a fine balance between respecting tenant privacy with a commitment to exceptional property maintenance. The result? Happy tenants, happy investors, and a maximized ROI.

For more information on our services, or to request a proposal to manage your property, please contact Gordon at 647-286-5773 or via email at: gordon@fortunepm.ca.

At Fortune Property Management Group, we want to change the way the property management industry does business. Our philosophy is to be a partner with you on your real estate ventures for both traditional long-term tenancies, and short term rentals.

Until next time, thanks for spending a few minutes with us!

Fortune Property Management Group

Gordon Duncan: 647-286-5773

Rinku DasGupta: 416-938-1238