Things Landlords Should Be Doing Every Year But Probably Aren’t
For property owners, maintaining rental properties involves more than just collecting rent. Annual upkeep and check-ins are vital to ensure properties are in top condition, tenants are satisfied, and financials are in check.
Limehouse Property Management put together this guide to help landlords understand which tasks often go overlooked but are essential to property management. While it might seem simple to skip these once-a-year tasks, they are crucial for long-term success, minimizing risk, and maximizing tenant retention.
This article covers the seven most important tasks that every landlord should complete annually but often don’t. Each section explains a specific task and how it impacts your property’s overall management. Following these steps each year can ensure your rental business stays efficient, compliant, and profitable.
Keep Tenant Contact, Emergency Information, and Lease Agreements Current
Regularly updating tenant information is a key aspect of responsible property management. Landlords should annually confirm tenants’ contact details and emergency information, ensuring readiness for urgent situations like fires or leaks. Along with this, reviewing and renewing lease agreements is essential, even if tenants plan to stay.
Renewals provide an opportunity to confirm tenant commitment, update leases with new regulations or property rules, and adjust terms such as rent increases to match market rates. Keeping tenant and lease information accurate enhances communication, ensures compliance with regulations, and streamlines daily management, offering peace of mind to landlords and tenants alike.
Confirm Market Rent and Insurance Rates
One crucial but often overlooked task is confirming that the rent amount aligns with current market rates. Over time, rents can shift with the local real estate market, making it essential to check that your rental prices are competitive.
Comparing your rental rates with similar properties in the area ensures you’re not charging too little (which could leave money on the table) or too much (which could make it hard to find tenants). Adjusting rent annually to reflect the market not only supports your bottom line but also helps maintain fair market value for your property.
Equally important is reviewing your insurance policy annually. Insurance premiums and coverage can change, and updating your policy each year helps protect your investment while avoiding unnecessary costs.
Ensuring your policy covers everything it should—such as liability, property damage, and any new risks associated with changes in occupancy or building codes—protects your property and tenants and can also provide coverage for unexpected repairs. Annual reviews prevent gaps in coverage and ensure you’re not overpaying for protection.
Inspect Smoke and Carbon Monoxide Alarms and Check for Water Leaks
Regular inspection of smoke and carbon monoxide alarms is a vital safety task that landlords sometimes overlook. These devices should be tested at least once a year to confirm they are working properly. Most devices have an expiration date, which often goes unnoticed, so checking that alarms are within their effective lifespan is key.
Fresh batteries and functional alarms are necessary not only for tenant safety but also to comply with local regulations, helping to avoid fines or penalties. Additionally, checking for water leaks can prevent costly damages down the road. Small leaks can become major issues if left unattended, causing damage to floors, walls, and ceilings and potentially leading to mold growth.
An annual inspection of plumbing fixtures, faucets, pipes, and areas prone to moisture—such as under sinks and around toilets—can catch minor problems early. Landlords should also inspect exterior areas, like roofs and gutters, to ensure water isn’t pooling or leaking into unwanted areas.
Test Entry Keys and Security Systems
A surprisingly simple but often forgotten task is testing all entry keys and security systems on the property. Entry points like doors and gates should have functioning locks and keys, not only for tenant convenience but also for property security. Over time, locks can become worn, and keys may warp or break.
Testing them yearly helps ensure that tenants aren’t struggling to access their homes and that the property is secure. If your property has any security systems in place, such as surveillance cameras or alarm systems, annual testing and updating is also a must.
These systems can degrade over time, or software may require updating. Ensuring that security systems are operational contributes to a safe environment, providing tenants with a sense of security and showing that you prioritize their well-being.
Replace Furnace Filters and Clean Gutters
Regular maintenance of furnace filters and gutters is essential for a property’s long-term health and functionality. Furnace filters help keep air quality high and HVAC systems running efficiently, which reduces energy costs and minimizes wear and tear.
Dirty filters can lead to higher utility bills and strain the furnace, so replacing them yearly, at minimum, can extend the system’s life and keep tenants comfortable. Gutter cleaning is equally important. Blocked gutters can cause water to overflow, which may result in leaks and water damage.
This simple preventative task helps protect the property’s exterior and foundation from long-term damage, particularly during seasons with heavy rainfall or snowfall. Scheduling both furnace filter replacements and gutter cleanings in a single annual maintenance day can simplify this process.
Renew Rental License
Maintaining a valid rental license is not just a formality—it’s often a legal requirement. Many municipalities require rental properties to be licensed to ensure that they meet local housing codes and regulations. Forgetting to renew a rental license can lead to fines or, in some cases, issues with tenant leases.
Each year, take the time to confirm that all rental licensing requirements are met, and submit renewals as needed. This is also a good opportunity to check if any new local regulations apply to your property. Keeping your license current demonstrates your commitment to lawful property management and reassures tenants that their residence is properly regulated.
Show Appreciation to Tenants
Expressing appreciation to your tenants is a small but effective way to foster a positive landlord-tenant relationship. A simple thank you note, holiday card, or small gesture of appreciation can show tenants that their residency is valued. Good tenant relationships can lead to higher tenant retention, reducing vacancy costs and ensuring steady rental income.
Annual tenant appreciation can also help open communication lines, making tenants more likely to report issues early and take care of the property responsibly. Whether it’s a thank-you note, a seasonal small gift, or just an email expressing gratitude, showing appreciation keeps your relationship with tenants positive and professional.
Bottom Line
Annual tasks like updating tenant information, confirming market rates, checking safety equipment, testing security, and maintaining key systems are essential for responsible property management. These actions help to avoid costly repairs, improve tenant satisfaction, and protect your investment over the long term.
Staying on top of these tasks may seem time-consuming, but the benefits make it well worth the effort. Limehouse Property Management specializes in supporting landlords with comprehensive property management services, including routine maintenance, tenant communication, lease management, and compliance.
Our team ensures that all these essential tasks are handled efficiently, giving landlords peace of mind and maximizing rental property performance. Contact us today to see how we can make managing your rental properties easier and more profitable.