Things Landlords Should Be Doing Every Year But Aren't

Owning rental properties is a lucrative investment, but it also comes with a significant responsibility. Many landlords put a lot of effort into finding and managing tenants, but essential annual tasks often go overlooked.

This guide will discuss ten crucial things landlords should do yearly to maintain their properties, ensure tenant safety, and protect their investments. Whether you're a seasoned property owner or just getting started, staying on top of these tasks is essential for a successful rental business.

Recalculate Fair Market Rental Value

Regularly recalculating your property's fair market rental value is a fundamental but often overlooked task for landlords. The rental market is dynamic, and various factors like economic conditions, neighborhood developments, and local demand can influence rental rates.

Failing to adjust your rental prices to align with current market conditions can result in missed revenue opportunities or potential overcharging of tenants, affecting tenant retention.

To avoid these pitfalls, conducting thorough research on comparable properties in your area is crucial to understand the current market trends and ensure your rental rates are competitive.

Renew Leases

Renewing leases annually is more than just a formality. It's a strategic move that promotes a healthy landlord-tenant relationship. Lease agreements serve as the foundation for your rental business, outlining the terms and expectations for both parties.

By renewing leases annually, you create an opportunity to revisit and update lease terms, ensuring they align with your property's evolving needs and market conditions. This process promotes clear communication and transparency, preventing misunderstandings or disputes between you and your tenants.

It also provides an opportunity to assess the current state of your property and discuss any maintenance or repair needs with your tenants, fostering a sense of partnership in maintaining the property.

Test the Smoke Alarms and Carbon Monoxide Detectors

Tenant safety should always be a top priority for landlords. Smoke alarms and carbon monoxide detectors ensure a safe living environment. Testing them annually is not just a legal requirement in many jurisdictions; it's a moral obligation.

Regular maintenance and testing of these devices ensure that they are in working order and that they work effectively in the event of an emergency. Beyond the legal aspect, educating your tenants on how to use and maintain these devices is essential, emphasizing their role in safeguarding lives and property.

Consistent testing and maintenance demonstrate your commitment to providing a secure and habitable living space, which can positively impact tenant satisfaction and retention.

Check Your Insurance Rates

Insurance plays a pivotal role in safeguarding your rental property investment. However, insurance needs can change over time due to fluctuations in property values, local risks, or policy coverage options.

Annual insurance policy reviews are essential to ensure your coverage remains enough to protect your investment. By consulting with an insurance agent, you can gain insights into any necessary adjustments to your policy, such as increasing coverage limits or adding additional protections like umbrella policies.

This proactive approach safeguards you from potential financial losses in unforeseen events, such as natural disasters or accidents. It provides peace of mind as you continue to manage your rental property.

Update Your Tenant's Contact Information

Over time, tenants may change their phone numbers, email addresses, or emergency contacts, making it challenging to reach them when necessary. Accurate tenant contact information is vital for communication during emergencies, maintenance requests, or lease-related matters.

It's your responsibility as a landlord to regularly verify and update this information, ensuring that you can contact your tenants promptly and that they can reach you for any concerns or issues that may arise during their tenancy. Effective communication fosters trust between landlords and tenants, creating a more positive rental experience for both parties.

Conducting Property Inspections

Regular property inspections are a proactive measure that saves landlords significant time and money in the long run. Conducting annual property inspections allows you to assess the condition of your property, identify potential maintenance issues, and ensure that tenants comply with the terms of their lease.

During these inspections, you can document any necessary repairs, maintenance, or upgrades, helping you prioritize and budget for these expenses. Moreover, it provides an opportunity to address any concerns or questions your tenants may have, reinforcing open communication and trust.

Check for Water Leaks

Water leaks are insidious and cause substantial damage to your property if left unaddressed. Regular inspections for leaks in plumbing fixtures, roofs, and foundations are essential to identify and rectify issues before they escalate.

If not addressed promptly, water damage can lead to mold growth, compromised structural integrity, and costly repairs.

By checking for water leaks annually, you can detect and fix leaks in their early stages, preventing extensive and expensive damage. Proactive water leak prevention protects your property and maintains its overall value, ensuring a safe and habitable living environment for your tenants.

Renew Your Rental License

Many local jurisdictions require landlords to obtain and renew rental licenses or permits annually. Failure to do so can result in legal consequences and fines. To remain compliant with local regulations, it's imperative to understand the specific requirements in your area and renew your rental license or permit promptly.

This ensures that you operate legally and can continue renting your property without interruptions or legal troubles. Keeping your rental license up to date demonstrates your commitment to following local regulations and maintaining the integrity of your rental business.

Clean the Gutters

While cleaning gutters may seem like a minor task, it can significantly impact your property's maintenance and longevity. Clogged gutters can lead to water overflow, damaging your property's foundation, siding, and landscaping.

An annual gutter cleaning helps prevent these issues and extends the lifespan of your property's exterior components. Neglecting this task can result in costly repairs down the road. Furthermore, clean gutters contribute to the overall appeal making it more attractive to potential tenants.

Bottom Line

In summary, successful property ownership hinges on proactive management. These nine annual tasks, from rent recalculations to gutter cleaning, are vital for safeguarding your investment, tenant safety, and a positive landlord-tenant relationship.

By staying on top of these responsibilities, landlords can boost rental income, prevent costly issues, and show a commitment to tenant satisfaction. For expert help in property management, consider McKenna & Vane Property Management and enjoy stress-free property ownership.