Property Managers juggle different types of property evaluations, from the essential move-in and move-out assessments to the all-important onboarding checks for newly acquired properties.
But what happens after the dust settles? What happens when the resident moves in and those frequent trips to the property suddenly stop?
This blog dives into the ongoing care—annual, semi-annual, and lease renewal evaluations—that keeps properties in top shape and relationships with residents strong.
The Importance of Ongoing Evaluations
Periodic evaluations are important – some may argue critical – to ensure the resident is adequately maintaining the property per the terms of the lease, and to identify any maintenance and/or safety issues that need to be addressed.
These evaluations can also foster a good rapport with residents as they get to see and speak with someone from the management company during the property evaluation. The frequency and purpose of each evaluation is as follows:
Semi-Annual Evaluation – This evaluation is completed at or around the 6-month mark from when a resident moves into a property.
Annual Evaluation – Completed once a year for residents who are on a month-to-month lease or for residents who have a multi-year lease.
Lease Renewal Evaluation – Completed prior to the resident signing a lease renewal.
Generally, all the above evaluations look at the following items:
Resident Maintenance
The goal here is to ensure the resident is maintaining the property in accordance with their lease agreement. This could include identifying and calling out any housekeeping issues and potential HOA or city violations for things like not maintaining the lawn/landscape adequately, or derelict vehicles on the property. It is also important to verify the general condition of the property i.e. is the resident causing damage to the property that is above normal wear and tear?
Property Condition
Verifying that the property is in good overall condition and noting any visible maintenance issues that currently need addressed. These maintenance items are necessary for the overall upkeep of a property and may not always be reported by the resident in a timely manner. These items can be minor such as a shutter that has fallen off the house, missing shingles, or larger items such as water staining on the ceilings that indicate that roof repair or replacement is needed.
Deferred maintenance items should also be noted. These items can be taken care of later such as faded, not peeling, exterior paint that doesn’t need to be addressed currently but should be budgeted for next year.
Safety Issues
It’s important to verify that the property has the required number of operational smoke detectors and that there are no additional issues that could pose a safety risk to the resident or their guests such as loose or missing handrails, interior and exterior tripping hazards or any loose or peeling paint. Eliminating health/ safety risks at a rental property helps protect the resident and can potentially lower a property owners’ liability.
Occupancy Status
While at the property, it’s also important to verify that unauthorized occupants aren’t living in the home. This can sometimes be hard to determine, but this is typically done by counting the number of beds in the property and if each bedroom, that has a bed, appears to be actively used regularly.
Pets
Identifying if there are pets in the property and verifying the number of pets allowed per the lease is also critical during these evalutions. Sometimes this is easy to determine if pets are visible in the property during the evaluation. At other times, a resident may remove their pet prior to the evaluation so it is important to look for things such as pet toys, pet leashes, pet crates, pet food bowls and any pet damage to the property.
Our Process for Evaluations
While periodic property evaluations are important to ensure the proper upkeep of a rental property, it is important to note that these evaluations are not as comprehensive as a move-in/ move-out or onboarding evaluation and should not be considered an in-depth home inspection that is completed by a licensed home inspector.
During these evaluations, we attempt to note any lease violations, visible maintenance or upkeep items; however, we do not climb on roofs or enter crawl spaces or attics during property evaluations or run diagnostics on plumbing, electrical, appliances or HVAC systems.
After the Evaluation
Once a property evaluation has been completed it is important to act on any lease violations by notifying the resident of the violation and giving them a time frame to correct the violation. It is also important to complete work orders to have any maintenance items completed in a timely manner.
There are many benefits to periodic property evaluations such as ensuring a resident is complying with the terms of their lease and ensuring that the property meets health/ safety codes and is well maintained. These periodic property evaluations help protect a property owners’ investment, lessen liability risks and help ensure a resident will be happy in their home. Happy residents are more likely to renew their lease which is a win-win situation for both the property owner and the resident.
There are many benefits to periodic property evaluations such as ensuring a resident is complying with the terms of their lease and ensuring that the property meets health/ safety codes and is well maintained. These periodic property evaluations help protect a property owners’ investment, lessen liability risks and help ensure a resident will be happy in their home. Happy residents are more likely to renew their lease which is a win-win situation for both the property owner and the resident.
