Securing a tenant who pays their rent on time is great. However, this needs to be coupled with a tenant who maintains the property. First time investors can sometimes make the mistake that if the tenant pays their rent and associated bills on time, they have found the perfect tenant.
Inspecting the property regularly is a vital part in protecting the overall value of the investment. In Queensland, a rental property can be inspected a maximum of four times per year or, not more than one every three months.
One of the first questions you should ask your managing agent is “how often will you inspect my property and how do you carry out these inspections?” A routine inspection is more than a quick chat with the tenant at the door to see how everything is going; it is a comprehensive walk through of the property detailing how the property is being maintained and to report any maintenance items noticed.
Conducting regular inspections helps to ensure the tenant is maintaining the property to the same standard it was given to them. By carrying out four inspections per year, tenants are encouraged to complete a thorough clean and tidy up quarterly.
Attention to detail is a key component to complete a constructive routine inspection. Noticing a leaking tap or toilet can potentially save you thousands in excess water charges or damages to the structure. Also, inspections allow you to visually scrutinise the condition of your fixtures and fittings and make educated decisions on where maintenance money should be spent.
Property owners who do not maintain their property can often find it hard to secure another tenant. Poor maintenance can lead to unhappy tenants who might choose to vacate or, could also lead to a property owner having to decrease the rent. Lack of regular maintenance could also jeopardise the value of the property should you choose to sell.
If you are a private landlord, you should consider employing a professional managing agent as they can conduct regular, thorough inspections. If you are considering investing, one of the most valuable tools you can have is access to a knowledgeable, proactive property manager.