Landlords have to juggle many tasks, from advertising their rental and screening potential tenants to coordinating maintenance tasks and rent collection. With so much to do and so little time, it’s easy to lose track of everything you should do to manage your rental.

To help you avoid overlooking essential annual tasks that can lead to costly problems down the line, the experts at East Bay Property Management have written this guide. 

From seasonal maintenance tasks to things to keep your renters happy, below are the 12 things you should be doing every year to keep your rental profitable.

1. Property Inspections

Regular property inspections can save you a lot of money on emergency maintenance and repairs. Even with just one full property inspection a year, you can ensure your property is in good condition and that there are no urgent issues such as repairs, pest infestations, or safety hazards. 

When it comes to property inspections, more is always better. So, try aiming for quarterly or seasonal property inspections! And don’t forget about move-in and move-out inspections.

2. Lease Renewals

If you’re renting out your home year-to-year, you must take the time to revise and renew your tenant’s lease agreement at least once a year. Otherwise, you can end up with holdover tenants, or your rental agreement will automatically convert to a month-to-month lease.

Take the time to review the current lease and make any necessary adjustments, such as increasing the rent price based on market trends and adding new terms or clauses to the lease. 

Once the document is ready, send it to your tenants at least 90 days before their lease expires. This will help you ensure all the paperwork is in order before the new lease begins. 

3. Rent Adjustments

The rental market can fluctuate significantly from one year to another. That’s why you must make rent adjustments at least once a year. Research how much similar rentals in your area are charging for rent and adjust the rent price accordingly. 

Doing this will help you ensure you’re not losing money due to inflation or increased maintenance costs.

4. Financial Reviews

Keeping track of your rental’s finances is an ever-going task. But it’s essential that you take the time to review your financial records at least once a year. This will help you understand how your company is performing and whether there are things you can do to increase your earnings. 

Additionally, this is a great time to review your budget and ensure you have enough money set aside for maintenance and repairs, property taxes, and additional expenses.

5. Seasonal Property Maintenance

In addition to staying on track with everyday maintenance tasks, you must perform seasonal maintenance. 

This includes checking that the heating, water, and electrical systems are working correctly before winter, cleaning the gutters before a new season starts, and inspecting the air conditioning unit before summer arrives. 

This will help you ensure your rental is in good condition all year round. 

6. Safety Inspections

Safety hazards put your tenants and your property at risk. That’s why performing at least one safety inspection per year is essential.  

This includes checking the smoke and carbon monoxide detectors, replacing used fire extinguishers, and ensuring all the emergency exits are clear and accessible.

7. Documentation Reviews

Paperwork is every landlord’s worst nightmare, but it’s unavoidable. Ensuring all the rental documentation you need is in order helps you comply with rental laws and avoid legal issues and disputes. 

So, at least once a year, take the time to ensure you have all the documents you need, from a copy of the lease agreement to invoices for repairs and general financial statements. 

This can save you from plenty of headaches down the road.

8. Insurance Evaluations

Insurance rates can fluctuate significantly every year. That’s why checking your insurance coverage and rates at least once a year is essential. 

It’s also a good idea to shop around to see if you can find cheaper insurance that still covers all your property’s needs.

9. Tenant Check-Ins

Keeping open lines of communication is a great way to improve the relationship with your tenants. By checking in with renters once a year, you can address any concerns or questions they have and avoid misunderstandings.

This will continue to improve your landlord-tenant relationship and can often translate into longer, more stable tenancies.

10. Pest Control

A pest-infected rental can make you lose tenants and your steady passive income in the blink of an eye. 

That’s why it’s crucial to take preventive measures to avoid pests in your rental by conducting a pest control inspection once a year. This way, you’ll be able to deal with issues before it’s too late.

11. Property Upgrades

Upgrades and renovations can significantly increase the value of your property. This, in turn, can help you increase your rental prices and retain tenants for longer. 

So, take the time to invest in minor upgrades at least once a year. This can include a fresh coat of paint, new flooring, new fixtures, or paying for landscaping services to boost your rental’s curb appeal.

12. Tenant Evaluations

No landlord wants to deal with problematic tenants or, worse, an eviction. While tenant screening can greatly help find good renters, evaluating your tenants’ behavior and adherence to the lease terms once a year goes a long way. 

This can significantly reduce the risk of tenant complaints, lease violations, and property damage. 

Tips for Staying on Track with Your Annual Responsibilities as a Landlord

Staying on top of your responsibilities as a landlord can be exhausting and time-consuming. 

But it doesn’t have to be this way. Here are three tips to help you ensure you’re not forgetting anything:

  • Create a checklist. A checklist or spreadsheet can help you track what you’ve done so far and what still needs to be done before the year ends.
  • Add it to your calendar. Adding important tasks to your calendar will make it easier to remember them. 
  • Schedule seasonal maintenance beforehand. Don’t leave seasonal maintenance tasks for when the new season begins. Instead, schedule these tasks up to a month beforehand. This will help you ensure you stay on track and will make it easier to coordinate maintenance with contractors. 
  • Hire a property management company. These professionals can handle most of the above mentioned tasks, including property inspections, seasonal maintenance, financial reviews, and pest control. By working with a seasoned property manager, you can rest easy knowing everything will be taken care of effectively. 

Bottom Line

Landlords have many responsibilities, making it hard to stay on top of tasks. Unfortunately, neglecting important annual duties, such as property inspections and pest control, can lead to loss of money and problems with tenants. 

By creating a detailed checklist, scheduling maintenance beforehand, and working with a seasoned property management company, you can avoid overlooking these essential annual tasks and keep your rental profitable all year round.Don’t have time for these essential tasks? Contact East Bay Property Management today! Our team of professionals is ready to help you ensure your rental property remains profitable and in good condition all year round.