You are sitting in your office and all of the sudden you get the email…your annual inspection is coming up! What do you do first? Managing residential property on behalf of property owners is a big responsibility. Protection and preservation of the asset, along with minimizing liability and associated risks, should always be at the front of any manager’s mind.
Property inspections can take on many forms. Inspections can be done for improvement grants, financing compliance, state and federal affordable housing programs, and annual property insurance. Depending on the extent of the inspection required and the organization conducting the inspection, there are some universal best practices recommended to help you prepare. Whether it be a lender, HUD, or an asset manager, it is always a good idea to make sure the property is operating at it’s highest potential. Let's take a look at some areas to touch on when preparing for a property inspection.
Is there a checklist?
Depending on what kind of inspection there is going to be on your property, there is a good chance that you can form a checklist yourself, or find one from your local apartment association, lender, or the inspection organization themselves. This list is a helpful piece of information to have, especially for those newer to the multi-family management industry who have not been through a property inspection previously.
If you are able to obtain a copy of the guidelines for the inspection, you can identify and spot check exactly what to look for. Preparing for inspection well in advance is a critical step to a successful inspection, and it is better to be over prepared by leaving plenty of time for unforeseen challenges.
Where to start
If you are unable to obtain a checklist, there are plenty of ways to strategize and form a plan of action. First, look for safety concerns posing potential risk. Second, focus on maintenance issues or possibly even deferred maintenance elements that may exist. Bidders Access®, the newest edition to the Buyers Access® suite of services, can easily help you obtain bids for large capital projects.
Finally, examine every aspect of your asset for general cleanliness and appeal. Look at landscaping. Make sure shurbs are manicured and overgrown hedges are cut low to create good visibility. Pressure wash all concrete halls, staircases and/or decking. Ensure these surfaces are level and no trip hazards exist. Repair cracked stairs and rotten wood as needed.
Place orders now
The last thing you want to do when it comes to an inspection is to be concerned with whether your replacement windows and doors will come in fast enough to make required repairs. Talk to your Buyers Access® Account Manager or contact our Member Services team to place an order. Another great feature of the Buyers Access® program is help in finding hard-to-locate items. Leverage the Buyers Access® team to perform research and ordering support, thus maximizing your time to focus on other critical elements.
Exterior hazard control
Completing property inspection walks on a weekly basis and documenting any needed repairs is a best practice many management companies require of their on-site teams. Before an inspection, complete a thorough walk of the property and notate any siding, sidewalk, or parking lot damages. Research and negotiate product purchasing by using your Buyers Access® Account Manager and Member Services teams. Doing so will ensure you get the best supplier pricing and the correct items delivered.
Meet with your team
Inform your team of items on the pre-inspection list that caused concern. Hold a team meeting to review the pre and post inspection checklists, and inform them of the outcomes, items discussed, and any feedback. This empowers everyone on the team to play “offense” and tackle for-seen property needs as they arise. By learning what to look for teams can work together to ensure the property is always in great shape.
Property inspections are important to do on a regular basis to avoid situations where you have to scramble to prepare. Above we have reviewed some key pieces to the puzzle when prepping for property inspections. It’s always tough to get ready for an inspection on a moments notice, especially when unprepared. Maintaining company and industry inspection best practices can prevent your property from needing an overhaul when it’s time for an inspection. What ways do you prepare for a property inspection on your asset? Leave your ideas and methods in the comments!