Owners often look at their rental properties similar to their balance sheets: assessing the performance of their investment by the difference between the income collected and expenses incurred.
However, to ensure both the income and costs are optimized, property managers work with tenants to ensure that the rent is paid on time, the property is well-maintained, and that tenants are treating the place well.
Regular property site inspections, or our Saturday Spring Seasonals, are the best way to do this. In this blog, we will discuss these inspections and why they’re fundamental to success as property managers.
What Are Amhurst’s Saturday Spring Seasonals?
From January to June, our team works on Saturday mornings to meet all the tenants of the properties we manage. In a 15-minute visit, we meet the tenant, chat with them to understand their needs, see the unit, and assess any issues the tenants face.
These visits are not of a technical or mechanical nature, as we do not climb roofs, disassemble furnaces, or any of the like, but allows us to visually assess the unit’s condition and the tenants’ requests. Here are the top three reasons these visits are essential for us, the tenants, and the owners.
1- It builds rapport between the tenants and us
In nearly all cases, the interactions between you, the landlord, and your tenant are minimal. As managers of your unit, we interact with your tenants and service their needs. These inspections help them to put a friendly face to the emails and voices over the phone that you interact with a few times a year.
When tenants know that their landlords are more than just an email address, it helps them understand that the people who manage their units are individuals. This allows them to take better care of the unit, feel more comfortable reporting issues to us, and leads to greater tenant satisfaction. When tenants are happy in a unit, they are far more likely to stay.
2- It allows us to understand the tenant’s needs better
Knowing the unit’s condition is part of seeing and meeting tenants on our Saturday inspections. Still, it also helps us understand the tenant and their needs. When we get a tenant request by phone call or email, we can only assess the issue based on the facts given. However, during our annual visit, we can see the tenant, inspect the unit, and see how they live. In that case, it gives us a far better appreciation for the nature of their requests and whether we can expect more similar requests.
It also helps us assess the longevity of tenancy and whether the tenant can take a rent increase. Most of our tenants tend to be younger people who, over time, will meet a partner and typically grow a family together. Living with a partner in a one-bedroom apartment is excellent. Still, once a family grows, they naturally need more space. Our inspections help us determine when tenants need more space for their families and the likelihood that they will leave the property.
If a tenant is settled and stable in a home, they rarely want to move. They are more likely to accept a reasonable rent increase as moving costs, finding a new place, and re-root are often more financially and emotionally taxing than remaining in their current rental home. Meeting tenants help us determine this.
3- It helps us determine usage and risks to the unit
As with anything, there are always risks to having tenants live in your rental property. Physically inspecting the property is the best way to assess any damage or issues in the unit’s infrastructure and tackle those issues quickly.
There are cases when tenants have a lifestyle that can cause damage to a home. Sometimes it’s something small like leaving water pooling on a countertop that can cause rotting or wearing over time, and other times are more significant issues like hoarding or unsafe living practices that can cause damage to a unit. Inspecting properties and seeing our tenants gives us comfort in knowing that the tenant is living reasonably well and not endangering your investment.
Property Site Inspections Protect and Increase the Value of Your Investment
Real estate investments are a long-term hold. Most people buy rental real estate to develop generational wealth for their financial future and beyond. Ensuring that the individuals living in those homes are taking care of them is vital to real estate retaining and gaining in value over time.
Inspecting properties is not only the best way to ensure the tenants are living well and taking care of the home but also our favourite way to get to know our tenants and ensure they know us. Amhurst has always worked on relationships with our clients and tenants. Continuing to do seasonal inspections yearly is a key part of our success.
If you want to know more about our services for landlords and tenants, don’t hesitate to contact us.
