Some investment property owners think it's enough to respond to the maintenance needs of their tenants, and not make any further investment in the property that may increase its value. Every property needs ongoing care, maintenance and upgrades, and the better condition a property is kept in, the longer it will retain its value for. Your regular tenancy inspection makes sure everything is in order, but it's also a great opportunity to investigate in more detail the condition of your property, with the goal of making improvements - investing in your investment if you like.
Beyond the basic checks that are routinely done, it's useful for your property manager to get specific when asking the tenant if everything's working ok. Asking things such as how the gas heater has been running, whether the air conditioning seems to be working ok, if there are any issues with light switches or fixtures, leaking taps, strange noises when the toilet is flushed and so on are worthwhile. Often a small prompt can be a reminder about something that has only recently happened or worse - it's been happening so long they now think of it as normal!
In addition to direct feedback, it can also be valuable to request photographs from your property manager of specific things - the carpet in a high traffic area for example (does it need replacing?), the progress of some gardening work or planting that was done some months before (is everything still alive?), or a more focused look at wear and tear on walls and surfaces (do they need repainting?).