In an ideal world, you will always have amazing tenants that will be with you for a lifetime and you wouldn’t have to worry about the move-in and move-out process.
Your property will be taken care of, and you will just receive consistent profit each month.
Unfortunately, that scenario rarely happens. You are bound to have tenant turnovers from time to time, and if you are not careful with this process, your property will be in a condition way less before you leased it.
So rather than wishing for that dream tenant, having a structured move-in process is more realistic. This is an essential part of your rental process so that your property remains in good condition for new tenants.
Look Beyond Aesthetics
Typically, property owners and landlords tend to just look at the cosmetic issues of their rental property. They will just take note of the chipped paint, cracked tiles, stained carpets, and broken appliances, and after, that’s it.
While these things are just as important to take note of, you have to remember that these are all just the surface! This kind of inspection doesn’t take into account any potential risks that may affect the structural integrity of the property. Maybe a rental unit appears relatively pristine on the outside but deep down there may be risks of impending damages.
Conduct a deep inspection of your rental property or better yet, hire an expert property manager because who knows, there might be deeper issues and problems underneath the surface, waiting to arise. And that will cost you a hefty sum!
Get a Checklist
Itis said that every crucial procedure has a checklist. Astronauts and surgeons have a checklist before conducting their respective procedures to ensure a consistent and effective outcome. Perhaps having a dedicated checklist for your move-in/move-out process wouldn’t be a bad idea, right?
Having a move-in and move-out checklist for your property will allow you to keep track of your property’s condition. It will also help you spot issues in a systemic manner, and will make your tenants accountable for any damages way beyond wear and tear that may occur during their tenancy.
Here are a few items that we include when we conduct property inspections to give you an idea.
- Rooms your property has (i.e. living room, kitchen, etc.
- Parts of the room (e.g. appliances, walls, cabinetry, and more)
- Health and safety concerns for each room (i.e. molds, leaking pipes, faulty smoke detectors)
- Cleaning concerns
As you can see, there are lots of things you need to include in the checklist. The more specific you are, the better.
As you can see, defining your rental process clearly is crucial to investment property. Setting the appropriate measures will safeguard you, your tenants, and most importantly, your rental property from future headaches.
But remember, you don’t have to complicate things as there are experts out there willing to help you. If you are having trouble deciding what to do next, we at Real Property Management Service are one call away. Speak to our property manager today at 416-642-1404