Things Landlords Should Be Doing Every Year But Probably Aren’t

As a landlord, effective property management requires you to take proactive measures to ensure the well-being of your tenants and your property. A crucial aspect of this responsibility involves conducting various tasks and assessments on an annual basis.

At Limestone Country Properties, we know that managing a rental property can be challenging. Our team has written this article to help you understand the annual tasks you should do as a landlord.

15 Things You Should Be Doing Every as a Landlord

1. Regular Property Inspections

Move-in and move-out inspections help you to determine whether tenants have damaged the rental beyond normal wear and tear and make any necessary deduction to the security deposit.

However, you should conduct several inspections throughout the year. These inspections help identify any maintenance issues, safety concerns, or lease violations that need attention. They further help ensure that the property remains in optimal condition and compliant with regulations at all times.

2. Seasonal Maintenance

Seasonal maintenance is crucial for preserving property value, preventing costly repairs, and ensuring tenant safety. By conducting maintenance checks before each season, you can ensure that all your property remains in good condition all year round.

3. Fire Safety Inspections

Scheduling annual fire safety inspections is essential to keep your tenants and property protected. At least once a year, you should ensure that all fire alarms, smoke detectors, and fire extinguishers are in proper working condition.

inspection-checklist

This proactive approach mitigates fire hazards, which will not only keep your investment protected but also ensure compliance with safety regulations.

4. Reviewing Security Measures

An annual review of security measures such as locks, security cameras, and lighting is vital for maintaining the safety and security of a rental property and its occupants. By addressing any vulnerabilities or outdated systems, you can enhance your property's security, which can go a long way in attracting and retaining tenants.

5. Legal Compliance Review

As a landlord, it is crucial for you to stay updated on landlord-tenant laws and regulations. Moreover, you must conduct an annual review of lease agreements, fair housing laws, and local landlord-tenant laws.

This proactive approach can go a long way in avoiding legal disputes and fostering a better landlord-tenant relationship.

6. Financial Review

As a landlord, you need to keep track of your income and expenses throughout the year to ensure you’re getting a good ROI. This includes conducting an annual financial review to assess the property's financial performance and spot any areas for improvement.

Analyzing this financial data can help you make more informed decisions and maximize the profitability of your investments.

7. Property Insurance Review

It is crucial to review your insurance policies at least once a year to ensure adequate coverage. This proactive approach safeguards the property against unforeseen risks and ensures financial protection in case of emergencies.

landlord-talking-on-phone

8. Conduct a Tenant Feedback Survey

In addition to communication with tenants, you should conduct a survey encouraging tenants to give any feedback on the property or your management style. Making changes based on tenant’s comments and feedback can go a long way in retaining tenants for the long term.

9. Energy Efficiency Assessment

Assessing the property's energy efficiency annually helps identify opportunities for energy savings, such as upgrading to energy-efficient appliances or improving insulation. This will not only reduce utility costs but also contribute to environmental sustainability.

10. Landscaping and Exterior Maintenance

Regular landscaping and exterior maintenance are vital for maintaining a property's curb appeal and overall condition. By scheduling annual inspections and maintenance tasks for landscaping, exterior paint, and outdoor amenities you can make your property more attractive for current and prospective tenants.

11. Pest Control Inspection

Pests not only drive tenants away but they can be incredibly costly to deal with. Scheduling an annual pest control inspection will help you identify pest infestations or potential entry points before it’s too late. This proactive approach can go a long way in keeping your investment protected.

12. Documentation Review

Landlords have to keep many documents on file to ensure their property remains compliant with local laws and regulations. To ensure everything is in order, you should review and update all property-related documentation once a year. This includes lease agreements, tenant records, maintenance logs, and financial records.

documents-on-a-table

13. Renewal Tenant Screenings

Renewal tenant screenings are vital for ensuring that your property is safe. By reassessing tenants' backgrounds and rental history, landlords can ensure they will continue to comply with rental policies.

That’s why you should conduct a renewal screening on long-term tenants once a year. This is also a good opportunity to review and revise the terms of the lease to ensure they still benefit both of you.

14. Renovation and Upgrade Planning

Renovations and upgrades can help you get more rent out of your property. After all, a newly renovated property will attract more tenants, allowing you to charge more competitive rental rates.

That’s why you should assess renovation needs and budget for upgrades at least once a year.

15. Invest in Property Marketing and Promotion

A good rental property marketing campaign can go a long way in attracting high-quality tenants. That’s why you should review and update your property marketing strategies once a year.

Even if your property is occupied, you should refresh online listings, update property photos, and explore new ways to advertise your property. This proactive approach will help you fill your vacancies quickly when needed.

Bottom Line

Landlords have so many responsibilities that it’s easy for some tasks to be overlooked. By conducting tasks such as seasonal maintenance tasks, renewal screening checks, tenant feedback surveys, and planning for renovations, you can increase the profitability of your rental property.

Need help managing your New Braunfels rental property? Contact Limestone Country Properties! Our team is ready to take over day-to-day and annual tasks for your rental so you can rest assured that your property is in safe hands.

Next Post Previous Post

Thank you Limestone staff for managing our 4 properties over the past 7+ years. Your professional service, prompt communication and attention to detail is greatly appreciated to ensure our properties are well maintained throughout the years. We are very glad to refer our friends to Limestone and look forward to many more years of continued support

Owner Review