There are so many terms to know in real estate, but knowing what the property condition form is and what it does will save you a lot of money in the long run. Oftentimes, when we take over properties from other property management companies, they don’t have this form.
It should be filled out before the tenant moves in. Once the tenant moves into the house, we give them a chance to make changes or amendments to the form based on what they’ve seen. After they move out, we walk through the property with the same form and match it up. If you don’t have the starting condition of the home documented, how are you going to know what was there before and what came after?
Damage issues have to be taken care of with the security deposit and you only have 14 days to find them after the tenant leaves. Then you need to give them an assessment, a bill, or estimate based on the damage and the quotes you’ve gotten. This is important to know as an investor or property owner because the manager earns their money at the beginning and the end of a tenant’s stay. That’s why we require it.
If you have any other questions about the property condition form or anything else related to managing your investment property, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.