Routine Inspections - How often should they be done?
We quite often get feedback from new owners around how their previous property manager was not completing routine inspections on the frequency they promised – or at all.
In today’s marketplace, most agencies promote routine inspections every 3-months, but we think a regimented approach can be a bit overwhelming and even put tenants off when it comes time to consider a new lease.
We prefer a much more tailored approach depending on the needs of our landlords first and foremost, but also taking into consideration the “performance” of the tenants.
For a new tenancy, the first routine inspection at the 3-month mark is essential as this is the first real opportunity where we will be able to see how the tenant is looking after the property. From there, we may decide to have a follow up inspection in another 3 months to make sure the property is still being looked after as it becomes more of a home for the tenants.
At this point, if the tenant is presenting the property well and there have been no issues with regards to rental arrears then we would recommend extending the next routine inspection out to another 6 months which is when the lease may be due for renewal.
For some of our owners who have long term tenants, never miss a rental payment and look after the property as if it were their own, we only inspect the property on a yearly basis as more of a check in to make sure everything is going well.
The point is a more flexible and customized approach depending on the situation will always lead to more trust and a better relationship with your tenants which will quite often result in a better financial performance of your investment property.