How Routine Inspections Safeguard Your Investment
Here's what property investors need to know.
Owning a rental property in Australia is a significant achievement.
A huge financial investment, it’s a valuable asset that, like any asset, needs protecting.
This is where routine inspections come into play.
While they may not sound super exciting, once leased, routine inspections are pivotal in making sure your investment property is kept in good condition and that it continues to increase in value over time.
What are routine inspections?
So first things first - what are routine inspections?
Let's break it down. Routine inspections cover much more than making sure your property is kept clean.
Think of them like a regular health check for your investment.
Typically conducted every 12 - 16 weeks, they are a thorough assessment to ensure everything in your property - from fixtures to appliances - are functioning as they should.
From minor things like lights and locks, to more major things like plumbing and structural issues, it’s essentially an evaluation to check the property’s condition and to identify anything that might need fixing.
What are the benefits of a routine inspection?
The biggest advantage routine inspections provide? Catching maintenance issues early.
A cracked ceiling can escalate into a major problem if not addressed promptly, while a small leak can turn into a full-blown plumbing nightmare if it’s not nipped in the bud.
So taking a proactive approach with regular property inspections is crucial in averting potential disasters and costly repairs, because you’re more likely to notice these things before the you-know-what hits the fan.
Inspections are also great at making sure your tenants are treating the place right and adhering to lease terms, like pets, gardening and general upkeep.
Essentially, the job of a routine inspection is to help keep your property in excellent condition and preserve its value over time.
Should I conduct routine inspections myself?
Thinking about conducting routine inspections yourself? It's tougher than it sounds.
Handling inspections personally may seem feasible, but they present several challenges.
First off, it’s time consuming. The effort required to conduct a thorough inspection is significant, with a lot to cover and a keen eye required.
Landlords often lack the necessary expertise to detect potential issues - spotting small problems isn't always easy when it’s not something you do every day.
Plus, there's a whole bunch of rules and regulations around renting properties in Australia. They can be pretty complicated, and keeping up with them is a job in itself.
And let's face it, dealing with tenants directly can sometimes be a bit tricky. It's hard to be objective when you're personally involved, and that can lead to unnecessary tensions.
So more often than not, it pays to leave routine inspections to the property management experts – saving your wallet and your sanity in the long run.
Why hire a professional Property Manager?
When push comes to shove, there are many reasons to engage a professional property manager to manage your rental and conduct regular property inspections.
They’re equipped with the right tools and know-how to spot issues you might overlook, identifying problems that might go unnoticed by the untrained eye and even taking note of things you might not even think to check.
Because they conduct routine inspections on the daily, they know exactly where to look.
In addition to routine inspections, they also bring invaluable expertise to the table, especially when dealing with the legal intricacies of the rental market.
It’s literally their job to stay on top of all the laws and regulations that govern tenants and lease agreements. And to be honest, they probably love reading the fine print far more than you do too!
And most importantly, property managers are good at being impartial.
They provide objective, unbiased reports, paving the way for smooth tenant-landlord relationships.
Property managers also have a deep understanding of local real estate market conditions, which can help you make informed decisions about things like setting rental rates, how to market your property and whether to invest in improvements or upgrades.
All these elements combine to ensuring your property remains competitive, valuable and profitable.
Lastly - and perhaps one of the most significant advantages of hiring a professional property manager - are the time and stress-saving benefits.
Property Managers are well-equipped to do all the legwork that managing the day-to-day operations of your property entails, like screening tenants, handling lease agreement terms and negotiations, resolving tenant-related issues or disputes, and coordinating any maintenance or repair work that needs doing.
This takes a considerable burden off your shoulders, and makes your life easier knowing that your investment is in capable hands.
So what are the long-term benefits of regular property inspections?
Routine inspections have substantial benefits for landlords over time, like:
- Retention of tenants who are more likely to care for the property. Well-maintained properties attract high quality tenants.
- Healthier landlord-tenant relationships. Tenants can see you’re invested in the upkeep of the property, therefore are more likely to care for it.
- Lower tenant turnover due to the above, which, as a landlord, saves you money in the long run.
- Regular upkeep helps maintain the property's market value, and offers the opportunity to identify improvements that could increase the property's rental yield
- Documenting the condition of the property. This can be extremely valuable when resolving disputes.
- The peace of mind and extra free time that comes with knowing your property is being managed properly and checked regularly.
Routine inspections are a crucial part of maintaining and protecting any investment property.
While it might seem tempting to go the DIY route, the expertise, knowledge and unbiased approach of a professional property manager can make a world of difference.
So if you're a landlord contemplating the best way to manage your investment property and handle routine inspections, why not connect with us!
Reach out to our experienced team, and we’ll show you how we can seamlessly manage the entire property management process from start to finish – and offer a truly personal and human touch along the way.
-------
As property management experts with over 21+ years combined experience in buying, selling and managing property in Adelaide, We Connect Property are ready and waiting to offer expert guidance and support when you need it most, and answer all your questions about property investing.
Check out all our 5 star Google reviews to find out what our happy clients think!
And if you’re just getting started, or looking for valuable property investment, buying or selling tips, tricks and advice?
Check out these other handy articles on our blog:
× Frequently Asked Questions About Property Investment
× Finding a Good Property Manager
× Why Landlord Insurance is a Must
Give us a call on 0403 799 983 today, or drop a line to sales@weconnectproperty.com.au - we can’t wait to chat!
To stay connected with everything real estate, follow us! Facebook | Instagram | TikTok | LinkedIn | YouTube
Or connect with us today for more information: Connect Now
We Connect Property - your Adelaide real estate & property management specialists.
DISCLAIMER: All recommendations made by We Connect Property are general in nature and not to be relied upon as legal or financial advice. To ensure accuracy, we always strongly recommend seeking independent, professional advice tailored to your specific situation before making any investment or financial decisions.