In 2021, experts valued the rental market at approximately $1.87 trillion globally. This should be no wonder considering that renting is integral to America's and other countries' economies.
If you own a short-term rental property, you always try to ensure you choose the best tenants. Tenants you hope will care for your property as if it were theirs, no matter how short their stay.
However, without regular rental property inspections, you can never be sure. And the last thing you want is to find out about the damage after another tenant moves in.
This is why conducting these inspections is so vital. Keep reading to learn how to perform these assessments.
What Are Rental Property Inspections?
Rental property inspections are inspections performed by a property manager or landlord. A property inspection aims to ascertain the condition of a property or rental unit while someone occupies it.
As a landlord, you can perform more than one inspection. The type of inspection you choose depends on the circumstances; you may choose to conduct one of each. Let's review each in detail so you know which to schedule.
When a new tenant moves into your short-term rental, you need this type of property inspection. It's performed after they've signed the rental agreement but before they move in.
When the tenant moves out, this inspection assesses whether the short-term rental property is in the same condition as when they moved in. If not, the tenant must pay for the repairs.
Bi-Annual or Quarterly Inspections
This inspection is done either twice a year or once every three months. It's the perfect time to do regular maintenance to ensure the longevity of your property.
This inspection is less common but can be helpful on occasion. It involves checking the property's outside to ascertain its condition. This inspection doesn't involve the tenant(s).
How to Do a Rental Inspection
Now that you know the four types of inspections you can perform, let's review how to conduct a rental assessment. Here are the three main steps.
1. Review Laws and Rental Agreements
When conducting rental inspections, you want to ensure you review your state or city laws before proceeding any further. Some regulations may differ, so it's wise to learn them to stay compliant. To avoid legal troubles, you must also check that you comply with the signed rental agreement.
2. Schedule a Time With the Tenant
The next step is notifying the tenant, which you must complete. The notification you send to your tenant must include the date of the proposed property inspection and that it recommends the tenant attend. While Lake of the Ozarks, Missouri, has no laws regarding landlords providing notice, offering at least 24 hours' notice is courteous.
3. Document Everything
Finally, when you complete a property inspection, you want to document everything. This includes noting any problems found.
Experts recommend taking photos as well throughout the assessment. After all, pictures can provide hard evidence if the short-term rental property's original condition is questioned later.
Schedule Regular Rental Inspections
Keeping track of the condition of your rental properties is especially important as a landlord. You do your best to attract the best tenants, but you only know how they treat your property if you see it.
This is why your must conduct rental property inspections regularly. Remember to check your state and city laws, schedule an inspection date with the tenant, give enough notice, and document everything.
If you own one or more short-term rental units, we can help. Contact us today to learn what short-term rental management services we offer in Lake of the Ozarks, Missouri.