The bottom line is this. Not performing immediate move-out inspections could be costing you. And while most rental property owners recognize the importance of move-in evaluations, they sometimes don’t enact the move-out inspections or wait too long before doing so. Today, our goal is to point out the value in performing these post-tenant property assessments and also highlight best practices for executing them in a timely manner. For any Tampa property investors, these inspections can save thousands.
Why Are Move-Out Inspections So Important?
Move-out inspections are mission-critical to identifying deficiencies or damages to the rental property. Much like when consumers rent cars, an official compares the condition of the vehicle before and after the agreement to determine if there are any additional defects for which the consumer is responsible. Conducting a move-out inspection will similarly allow you to address any concerns that may require repair or replacement with your Tampa property. You can determine any repair costs and avoid potential disputes by presenting your findings. Tenants can then opt to compensate you appropriately, either with a separate payment or by relinquishing their security deposit.
When Is the Most Critical Time to Perform a Move-Out Inspection?
As a Tampa rental property owner, there are two inventories you should take and a right time to take them. The move-in evaluation should be performed to assess the property’s condition right before new renters take occupancy. The move-out inspection should be done either the day your renters leave or within the first three days after they move. Waiting too long to perform these assessments will make it harder for you to recoup any expenses. This will allow you to view the property without the obstruction of possessions or furniture, and damages cannot be easily hidden, as well.
How to Execute a Move-Out Inspection
A brief walkthrough of your property won’t be sufficient. To really dig in and evaluate the condition of the property, you’ll want to give yourself enough time to perform a thorough inspection. Look for flooring damage or trim and wall chips due to moving furniture. Check all the doors, windows, and appliances to ensure proper operation. And if your renters had pets, be mindful of potential pet-related wear and tear. Take a camera to document your findings and help you compare them with your move-in inspection. Take your time and be diligent about conducting a complete tour of the property, inside and out, to identify problem areas.
How to Handle Your Final Determinations
With your arsenal of photos and documentation, you can provide a statement to your former tenants regarding any damages, within a week of them leaving. Because you have supporting evidence, there will be less opportunity for renter dispute. And you can have realistic estimates to share regarding your costs to make repairs. Justify your determination to keep the deposit in writing for complete transparency in communication. And for any anticipated expenses that go beyond the amount of security deposits, you can then provide estimates for additional payment.
If you need help organizing your Tampa move-out inspection process, contact us! We can help put key steps in place to ensure you take advantage of every opportunity to recoup costs with each tenant turnover.
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