When did you last receive a Routine Inspection Report on your investment property?
One of the most important actions that must be carried out regularly with any investment property, is the routine property inspection. It’s very important that investors make sure these inspections are actually being done by their property manager, and that they are being done at the appropriate time. This is the best way for property managers to check on a number of issues with regard to a property. For example:
- Is the property being well maintained?
- Are the people nominated on the tenancy agreement the only people living there?
- Do they have pets that have not been approved?
- Do they have pets inside that shouldn’t be?
Routine property inspections are also important from a maintenance perspective. While most tenants will report all types of repairs and maintenance straight away, some tenants will simply put up with minor things which could possibly be to the detriment of the property. So a routine inspection is a great opportunity to check on unreported maintenance items. It’s also a great opportunity to note future maintenance requirements, especially in older properties, such as:
- Are the carpets wearing; are the blinds/curtains fading or deteriorate?
- Will the paintwork need refreshing within the 12-24 months;?
- Are the kitchen and bathroom becoming old and dated?
- Does the guttering need attention?
It’s important that routine property inspections be done as often as is legally possible. At Investors Direct Property Management (I.D.P.M.), we conduct the first routine inspection approximately three months after the tenants have moved in, with a second inspection six months later. Victorian legislation allows two routine inspections in a 12 month period, so it’s really important that two inspections are actually carried out during every 12 month tenancy. It’s important to know as soon as possible that a property is being well maintained, which is why I.D.P.M. carries out our first inspection as early as we can, with each and every tenancy.
We are regularly taking over the management of properties from other agencies and the first thing we usually arrange is a routine inspection. Quite often we are being told that this is the first inspection the tenants have had in 9, 12 or even 18 months. We’ve even taken over managing properties where no routine inspections have been done at all and that just shouldn’t happen. This is not just a dangerous practice for any property manager, its also extremely unprofessional. As a side issue, not carrying out routine inspections can affect their Professional Indemnity insurance in the event of a claim. But the main thing is that they are simply not doing the job that they are being paid to do.
Another consideration is that routine inspections are important from the tenant’s perspective as well. They need to know that we care about how the property is being looked after or if any maintenance is required. We also need to know if they are going to renew their lease or vacate the property at the end of the lease. We need to have a good working relationship with tenants, so that we can effectively manage any problems or situations that may occur.
We provide a written report with appropriate photos, after each routine inspection. On that report we advise of any maintenance required and with our new investment properties, we include any warranty maintenance items that we’ve already attended to, as well. It’s essential that our landlord clients, with brand new properties, know that any warranty items that have occurred have been provided to the builder and completed.
So, when did your property manager last conduct a routine inspection on your investment property? If it’s been too long, contact us on firstname.lastname@example.org