Imagine being on a well-deserved vacation many miles from your commercial property in Bend, OR. Unfortunately, one of your commercial tenants called to tell you a plumbing pipe in your property has burst. Unless you fix that problem ASAP, your property could develop severe water damage.
That's only one of the many scenarios you may face if you fail to conduct regular property inspections.
To that end, we created this guide on commercial property inspections. So read on, as we've shared just how vital they are.
Uncover Issues Before They Worsen
A thorough property inspection helps uncover property issues before they worsen. Let's use a burst pipe as an example, which can cause thousands of dollars in water damage losses.
Burst pipes may occur due to freezing temperatures or a lack of plumbing maintenance. They can happen because of wear and tear, severe clogs, loose pipe joints, and minor leaks that gradually worsen. So, many cases are preventable with regular inspections and maintenance.
Spot Signs of Unlawful Activities
Hopefully, all your tenants have undergone comprehensive screening, including criminal background checks. These processes protect you, your property, other tenants, and the community from potentially dangerous activities.
But as helpful as tenant screening is, it's not foolproof. Someone may pass it with flying colors, only to conduct illegal activities once they become your tenant. If that happens, the law may hold you liable for your tenants' crimes.
So before any of that happens, conduct property inspections to spot signs of criminal activities on your property. If you find any (e.g., drug dealing), report it to the authorities immediately.
Discover Lease Violations
With commercial real estate inspections, you can verify if your tenants comply with their leases. They can help you discover signs of smoking, illegal subletting, or unauthorized pets on the property. Then, you can address the violation before it affects your property and rental income.
Maintain Property Value
Your property may look great outside, but its inside may be rife with issues, such as water or mold damage, failing systems, or pests.
Left unaddressed, all those problems can wreak havoc on your investment, driving its value down. They may even become so bad (e.g., severe pest infestations or electrical hazards) that they can make your property unsafe.
Regular property inspections allow you to stay on top of those issues. You can then address them immediately and keep your property safe and valuable.
Property Inspections Protect Your Investment
Inspections are vital to catching problems with your property early. They can also help you discover lease violations and maintain the value of your assets. So, never skimp on them; they can make or break your investments.
PMI Central Oregon can help with regular and comprehensive property inspections and management. We provide a full suite of solutions, including rental analyses, maintenance, rent collection, and lease renewals. We're also a proud member of PMI, a property management company serving tenants, landlords, and property owners throughout the U.S. for over 20 years.
So, call us today! We look forward to discussing how we can help protect your rental property and income.
