It’s no secret that property management can be overwhelming for some, especially if you are doing it on your own. When investment property owners are starting out, often the first management task to be overlooked is regularly recorded property walkthroughs, also known as inspections, of the property. Property Inspections are an integral part of property management. It can lower the associated risks to property management disputes, maintain the value of the rental, and express care and respect between Landlords and Tenants.
There are three phases of property inspections during rental lifecycles – Move-In, Mid-Lease, and Move – Outs.
The first walkthrough is the move-in report. The laws changed in 2014 where the Landlord and Tenant are required to have the move-in report recorded and agreed upon between the parties via a signature for the landlord to claim damages against the tenant. At RPM, we conduct a detailed report of the home, documenting any existing damage, and taking pictures. Typically, the report is 25-80 pages depending on the size of the rental. This report is then signed and placed into the lease file. This is our way of keeping communication transparent while protecting the landlord from possible damages.
Mid-Lease walkthrough are scheduled quarterly or every 6 months. During regularly scheduled inspections, our maintenance team will verify lease compliance, check for any new damage to the property, and look for maintenance issues that need attention. We always do our best to work with the tenant on their time, so they don’t feel invaded and attempt to include them in the process. There are times where tenants will ask questions or bring items to our attention for review. These reviews save time in legal disputes, show intent to care for the property, maintain tenant happiness, and reduces unforeseen costs. Many of the RPM tenants are thankful and appreciate this process.
Finally, you have the move out the walkthrough. This is the final opportunity to walk through the property to note the condition it is being left in once the tenant vacates. Supporting photographs and notes are again taken, recorded, and filed in the homeowner portal for review. The landlord and/or property manager then compares the move-in and move-out report for potential damages to charge or simply fix. The final step is preparing a Security Deposit Transmittal and sending it appropriately to the tenant(s).
By approaching property management as a business and completing regular inspections, then property owners are protecting their investment from possible damage by being proactive and keeping their tenants happy.
If conducting regular inspections is not your forte, contact us for help with this important aspect of property management in Anchorage. We have connections that we are more than willing to share with you. We really do enjoy helping Alaskans take the stress out of rental property management.