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In two short years, Daytona Beach's population has grown by nearly 9%. Each year, an influx of new tenants make the move to Daytona to enjoy the year-round sunshine and pristine beaches.
Daytona Beach has a charm and appeal that makes it a perfect spot for real estate investors. However, owning property in a city where rentals are in high demand isn't all there is to avoiding a high vacancy rate.
To keep your property competitive, you need to prioritize maintenance. By conducting rental property inspections, landlords can stay on top of the issues that tenants don't report.
How often should you conduct these inspections? Read on to find out.
Move-In Rental Property Inspections
Before the next tenant moves in, inspect the property and take photos, videos, and written documentation of the condition of the unit. This will give you the opportunity to fix any issues that are present so that your tenant can enjoy a clean, functional space.
Move-in inspections can also allow you to track any damage caused by the tenant, particularly damage that breaks the lease. In addition to taking your own documentation, many landlords provide tenants with a move-in inspection form that allows them to note wear and tear that was there upon their arrival.
Mid-Lease Rental Property Inspections
For the sake of preventative maintenance, you may also want to perform a mid-lease rental property inspection. By checking on the property about halfway through the lease, you can tackle any issues that could become catastrophic (e.g., leaks or clogs) with time.
To properly conduct a mid-lease inspection, you must provide tenants with at least 24 hours' notice. To maintain a positive relationship with your tenants, consider offering them the opportunity to pick a date and time that works best for them. If documenting damage, avoid taking photos or videos of the tenant's personal belongings.
Move-Out Rental Property Inspections
Within a few days of the tenant moving out, it's time to perform another inspection. Make sure to bring along your documentation from the move-in and mid-lease inspections for comparison. You can then withhold all or part of the tenant's security deposit to cover the cost of maintenance as needed.
Small wear and tear, like scuff marks or easily patched nail holes, aren't worth paying for with the tenant's money. Only use the security deposit for serious damage, like severely stained carpets or appliances damaged by misuse.
Find Out Why Landlords Call PMI in Daytona
Daytona Beach is an excellent city for real estate investing. It's up to landlords to ensure that those rental properties remain in good condition and offer great value to Daytona Beach renters. Regular inspections can make a world of difference, allowing you to spot and address maintenance issues early on.
Do you live outside of the city and need help staying on top of inspections? Are you ready to generate passive income from your property investments? Contact PMI to learn more about how we can help.
