The interest of various investors and managers do vary in terms of property inspection. But the main and basic point is that inspection and protection of the asset value and properties are important so that maximum performance can be gained. Now the question arises that how the best out of these inspections can be achieved.
Things to keep in mind
During an inspection of a property, there are a number of important things that has to be kept in mind. The property inspection is based on a number of parameters that has to be fulfilled. The very first point is that the property inspection has to be done over the asset’s physical condition. Secondly, the property inspection has to be conducted in such way that it can check the quality of the management. Along with these two it is also important during the inspection to know about the market position of the property. Lastly, it is important to check whether the property is holding a good position in the neighborhood or not.
If the inspection of the property is done keeping all these points in mind that a proper result come out that fulfills the goal of inspection. If such parameters are not set, then different people will inspect the property in different ways, and thus different results will come out. Thus, to avoid confusion, a definite method and program is needed to be set. Among all these parameters, the widest one is the physical inspection.
Physical inspection of the property
The physical inspection of the property is the most important part of the inspection program. This covers a number of things that has to be checked properly.
Grounds, exteriors, lighting, landscaping and others have to be checked. It is ideal to have a check of these elements of the property in the daytime and then at night separately.
After the exteriors, it is the time for the checking of the interiors. You need to check various interior elements such as doors, floors, plumbing, steps, fixtures, electrical and others. Also, various other elements can be checked such as the air conditioning and the insulation of the property.
Also inspection has to be made of the common areas and other amenities of the property.
Other tasks in inspection
When the physical inspection of the property is done, a log has to be maintained. In it you have to mention about any kind of repair or any other analysis.
Other various inspection tasks consist of the customer care service, lease processing, accounting, records and others.
Also, it is important that neighborhood of the property should be approached to check the reputation of the property. Also inspection must be done about any crime record at that place, nearby schools and other amenities are available or not.
Apart from of these, the property must also be inspected and reviewed by comparing it with other properties of similar features. Also, other features that have to be reviewed are the rent, occupancy, and many others depending upon the property.