Property inspections are an essential aspect of your landlord responsibilities in Memphis.
Owning commercial property has challenges that residential property owners don't have to face. It's simply more complicated to rent space to small businesses that put a lot of wear and tear on the unit. At the same time, it's your responsibility as the property owner to handle maintenance coordination.
Today, we'll explain the importance of commercial property inspections for ensuring compliance and maintaining your investment. Keep reading and you'll know why you need inspections and how to carry them out.
What Property Inspections Entail
There are different kinds of property inspections. When you purchase a commercial property, you'll have an inspector go through the entire thing to identify problem areas that need fixing. Once these things are uncovered, it's your responsibility to deal with them before bringing in a new tenant.
Once small businesses are up and running in your commercial property, you need to perform the other type of property inspection. These should be done periodically to ensure your tenants are complying with your lease agreement and to identify any potential maintenance issues.
These inspections are much the same as the other kind of inspection. You tour the unit with an inspection checklist.
If there are any issues with lease compliance, bring them up with the tenant. When there are clear maintenance problems, the tenant might bring it up first. You'll need to inspect the problem area and have it dealt with promptly.
Why Property Inspections Are Important
Property inspections are important for many reasons. If you're a property owner, your main concerns are the happiness of your tenants and property value.
Not inspecting the property means that you're not properly maintaining it. If you're not performing the necessary maintenance, good tenants will leave and you'll have high vacancy rates. You'll also see the value of your investment dip as it falls into disrepair.
When you inspect the property regularly, you'll always find maintenance issues early on. This means you can fix them before they become major problems that cost large amounts of money to fix.
You'll also prove to your tenants that you have their best interest in mind. If you're concerned about lease compliance, inspections help you keep bad tenants in line.
If a tenant breaks the lease, an inspection will help you catch them in the act. At this point, you can make the move to penalize the tenants or get rid of them in favor of a better tenant.
How Property Management Helps With Property Inspections
Now that you know more about the importance of commercial property inspections, you can better protect your Memphis investment. It can be a lot of work to stay on top of inspections, maintenance, and governance. If you're having trouble, it might be time to hire a property manager.
At PMI Of Memphis, we're part of a top residential and commercial property management franchise in the country. We have a thorough inspection process that'll ensure the long-term stability of your commercial real estate in the Memphis area. Contact us today to learn more about how we can help you.
