Slide into Sin City! Between 2010 and 2020, rental household growth averaged 1.9% a year. If you want to make money, you should become a landlord in Las Vegas.
But you can't just buy an apartment building and offer some people the keys. You need to be smart and attentive to the needs of your tenants. An easy way to be attentive is to conduct inspections.
What types of inspections should you run? How can you work with your tenant to keep your property up to date? How can you determine damages to your property?
Answer these questions and you can conduct great inspections in no time. Here is your quick guide.
Pre-lease inspections are the inspections you do before a tenant moves in. This lets you evaluate the state of your property before you rent it out. Feel free to use a property inspection checklist so you are thorough.
But your focus is on any safety hazards that can hurt your tenants. Your inspection should investigate the structural elements of the house and the piping. Remove any sources of lead, including paint.
If you notice anything wrong, you should fix it immediately. Do not move any tenants in if there are significant structural problems, as you risk violating your city's building code.
Move-in inspections are another opportunity to evaluate the property before your tenant moves in. You should observe the pre-existing conditions, taking photographs and written notes.
You should compare your observations to the observations from your move-out inspection. Your tenant is responsible for any damage besides wear and tear. You can withhold their security deposit to pay for this damage.
You can conduct routine inspections whenever you want. You must follow rental property inspection laws before you go inside. You need to give your tenants a written notice two weeks in advance and give them opportunities to make repairs.
Try to avoid conducting an inspection while a tenant is on the property. Many tenants feel uncomfortable with inspections, and they may argue with you about your findings. But you can ask your tenant questions so you can order maintenance services.
Move-out inspections are inspections after a tenant has moved out. You evaluate if the tenant damaged your property and determine if they should pay for the damage.
It is okay if the paint has chipped a little or if the floor has scratches. You can repair this once your tenant has moved out. It is not okay if there are holes in the walls or if pieces of furniture are broken.
The Essentials of Landlord Inspections
Inspections are essential. You must look at the property from top to bottom before your tenant moves in. Correct any safety hazards you see.
Right before a tenant moves in, you should conduct another inspection so you have a baseline for property conditions. You can then do regular inspections so you see if your tenant has broken anything. A move-out inspection is your final opportunity to assess the property and withhold your tenant's security deposit.
You're not alone with your inspections. Avalon Realty and Oaktree Management serves Las Vegas landlords. Contact us today.