7 benefits of doing property inspections the right way

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BUSINESS NEWS - Property inspections are central to staying on top of property maintenance and keeping relations between tenants and landlords amicable.

In fact, incoming and outgoing inspections (at the beginning and end of a lease period respectively) are mandated by law.

Co-operation and clear communication are needed for a positive landlord-tenant relationship, especially when navigating rental property inspections.

There are a number of advantages to conducting interim inspections during the period of the lease agreement too.

Here are 7 things properly done interim property inspections help to do:

Ensure that tenants and landlords alike are following the rules
Inspections allow the landlord and the tenant to check that the other is upholding the rules and fulfilling their commitments, as set out in the lease agreement.

The Just Property lease agreements cover these rights and responsibilities in detail, including use of the premises, maintenance and repair work, general obligations of the tenant, liability and more.
Check maintenance issues
It's not a good idea for landlords to put off repairs until the end of the lease when they might be seeking new tenants. This could result in the property being empty while repairs are taking place and, therefore, a loss of rental income.

Keeping a property well maintained during the lease term can also be a way to retain a good tenant.
Validate your home insurance policy
Interim inspections are important in this regard because they help to guarantee that the homeowner's insurance policy is still in effect.

If the home insurance is invalid due to lack of maintenance, this will affect landlords negatively...

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Top tips for landlords

Thinking about investing in a property to rent out? Just Property outlines the biggest challenges landlords are facing right now and how to deal with them.

What is the current landscape?
According to the PayProp Rental Index 2022 Q2, the percentage of tenants in arrears is still lower than it was in 2020 (with a high of 24.9%) but has increased marginally from 18.4% to 18.5% in the last quarter. And the national vacancy rate has had a sharp decline from 13.31% to 8.26% (TPN Vacancy Survey 2022 Q1), however, this is still above the pre-pandemic low of 7.47% achieved in Q1 2022.

First National Bank, in the July 2022 Property Barometer announced that while still below aggregate core inflation, it expects rental inflation to “lift to over 2.0% on average in 2022, from 0.9% last year”. The bank notes that “indications of rental market strength have turned positive, and rising demand should provide further support for rental escalations and lower vacancy rates”.

The biggest challenges faced by landlords/ managing agents right now are finding quality tenants and managing the remaining tenant arrears. Just Property franchisees offer landlords tips on how to find the best tenants, how to retain them, and what processes to follow when tenants fall behind in their payments.

What processes should landlords/managing agents follow to ensure they find the best tenants?
“We meet regularly with our agents to ensure they are marketing the properties to their best ability and to assist where we can,” says Debbie Schmidt, Rental Portfolio Manager at Just Property Centurion. “During the marketing phase, we encourage them to be transparent with the owner in their regular (preferably weekly) correspondence and to offer price counselling, maintenance feedback or requirements as needed.

“This is so important. The owners deserve to achieve a fair, market-related price for their property but sometimes are not aware of what that is,” says Gary Dickinson, Rental Agent at Just Property Margate. “We then advertise on all property portals - Just Property National Website, Property 24, Private Property, Gumtree, Facebook and even local Whatsapp Groups. Make sure the pictures of the property are current and reflect what it really looks like.”

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