Surprisingly, most real estate investor’s don’t walk through their properties on a regular basis. When investor’s don’t do this prudent task is when all of the rental “horror” stories from to fruition.
For example, the tenant trashing the property, continuously late with rent payments (or not at all) among many others. I’m sure you’ve heard at least one or more of these types of stories from a ‘friend who had a friend who had a friend’ who invested in real estate. Here’s two reasons why doing a walk through on your rental properties regularly is so important to your success (and sanity!).
When You Walk Through, They Know!
If your tenant knows that you’re coming through the property every month or every 3 months (don’t let it go longer than that) how likely is it that they’re going to damage the home (an investor’s greatest fear)? Extremely rare! A prudent and savvy landlord is a tenant’s worst nightmare. Over 95% of ‘trash house’ cases was only done to a landlord who NEVER came around. Don’t let that be you! But it doesn’t have to be you checking up on the property! You can always hire your team or your property manager to conduct a walk through every month or so.
Strengthen The Relationship!
Not only does conducting a regular walk through on your properties help you, it also has another positive side effect. It strengthen the bond between you and your tenant. When your tenant see’s you come by often, it shows that you care about them and your home. It gives you the chance to learn about them, ask them about their interests and work and also make repairs should something be malfunctioning. Here’s a bonus tip!
Make Speedy Repairs!
If there is something that needs work, get on it! Remember, you’re asking a lot from your tenant by coming by every month or so. That’s annoying! So when they have a request, get on it! Believe me, you’ll completely blow them away!
For more information on why doing a walk through on your properties is so important, check out my video blog below for more!
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