First inspection after leasing IP

Hi PC I would like to ask your advises again.

My new PM invited me to do an internal inspection of my IP. One friend says not to do it and just let the PM do their “job”. Is it better if I go there with my PM, I don’t mind as I won’t be working on the said date. Also, I know PMs are more knowledgeable and skilled with such things, anything should I keep an eye out during inspection if I were to go with them? Thank you!

 

You should absolutely take the PM up on their offer, there is probably a very good reason that they want you to look at the property. This will give you an opportunity to get to know how the PM operates. and for you to pick their brains and formulate a strategy going forward on maintenance and improvement of your property. It may also be a chance to get a realistic perception on your investment.

 

Always go and check out your property if you want to see it, and it's good the PM is inviting you to come along and be involved.

 

I too would go out with the PM - it's a chance to chat with the PM, get to know how they work, get/provide feedback, discuss long-term strategy and see your asset.

PMs like to see their clients as well as they're more important than tenants.

 

Go.

We always made a point of personally inspecting our IPs once a year. Just to get a “feel” of how the property is going, looking out for minor things that may need doing.

Also have an informal chat with the PM regarding market sentiment etc.

 

We always get an email knowing inspections are booked in, with an offer to attend.
I have been to a couple only.
Go if you want, but the agent will/should send you photos and a report anyway.
If it's a new agent and new tenant probably a good idea. That way you can see how things are done (or not done).

 

Can be good to go as a once off , if you bought the property unseen, if you haven't met the PM before, or if there's a long repair list. Otherwise let PM do their job.

 

My PM always sends a email inviting me to attend each inspection. They do it for everyone so it doesn’t mean anything’s wrong. I have attended 2-3 times. But mostly I don’t.

 

I'd go to the first and the last, and let the PM do the rest.

I say this because you might pick up something they don't - they're only human.

My lived example is a PM missed that an entire tap had 'disappeared' from the front yard of one of my IPs. Upon investigation I discovered the pipe that came up out of the ground had been bent over to close off below the surface. (And not fully, as the ground around it had sunk).

Google maps showed me a tenant had been parking their work ute on the front lawn, right next to where the tap was. Don't need to be Sherlock Holmes to work out what happened.

Unfortunately tenants had changed a couple of times before I visited and noticed the lack of tap, so impossible to attribute the damage.

 

There's no problem going to inspections if you want to Most Landlord don't go regularly, but I'd want to go at least once a year if I owned a property that someone was managing for me.

 

Thanks everyone for your advises. I attended the inspection and glad I met my PM and tenant. Both are lovely.

 

I vehemently disagree that clients (owners) are more important than tenants.

Without customers (tenants), there is no business. Without business, there are no clients.

Clients and customers are equally as important as each other.

 

They are both important in different ways:

A tenant is only a tenant IF you have properties under management, otherwise you have a waiting list & contact details.

Properties under management are your asset, your rent roll & a saleable commodity.

You can't sell tenants but you can sell your rent roll.

(Selling your tenants' details may also be a breach of the Privacy Act where applicable).

 

@Phoenix Pete and @Scott No Mates I think you're both right.

I think we need to treat Landlords and Tenants with the same amount of respect, so in that regard they are equal.

BUT- from a business perspective, a Landlord is a more valuable asset than a Tenant, so in that regard a Landlord is more important than a Tenant.

 

I would definatly attend if it was convenient!

It might even give you the chance to meet the tenant/s and discuss any matters of interest or concern.
As a tenant I'm always present for inspections (although I've never had one for the last three properties I've rented).

If you've had little to do with the PM it will be an opportunity to see how they work too.

None of the above is deal breaking stuff, but if you have the time and its convenient, then why not.