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

Key Takeaways

1. Annual Maintenance Protects Your Investment – Seasonal upkeep and preventative inspections reduce costly surprises and keep your property in top condition.
2. Lease Reviews and Pricing Adjustments Improve Profitability – Updating rental terms and ensuring your rates match the market helps you stay competitive and compliant.
3. Partnering With House in Order Property Management Simplifies Ownership – From inspections to financial reporting, our team handles the details so you can enjoy stress-free rental success.

No one ever said that managing a rental property is easy. In fact, it’s as demanding and time-consuming as a full-time job. Landlords have a myriad of responsibilities, from managing day-to-day maintenance and making repairs to dealing with tenants' requests and bookkeeping. But that’s not all! There’s another side of property management that often gets overlooked.

Beyond the usual routine, there are seasonal and yearly tasks that are just as important for long-term success. From preventative maintenance to detailed financial reporting, these responsibilities play a huge role in protecting your investment, keeping tenants satisfied, and ensuring compliance with legal requirements.

Neglecting these tasks can lead to costly repairs, legal trouble, or financial strain down the road, which is why every landlord should make them a priority.

Want to learn whether you're missing any key tasks? Then, keep reading! In this guide, the team at House In Order Property Management will go over the top things landlords should do at least once a year, but most probably aren’t.

Tasks Landlords Should Be Doing

1. Assess and Adjust Your Prices

High prices are one of the top reasons why tenants leave a rental unit. If your property is on the higher-end range without offering any added value, you can’t expect tenants to stay for long. After all, why would anyone pay more if they can find a similar rental for way less?

On the other hand, pricing your rental low can help you attract and retain more tenants. However, you may end up with a negative bottom line or problematic tenants.

If you want your rental to stay profitable, you need to review your pricing strategy at least once a year. Take the time to browse rental listings online to get a sense of the market’s average. Then, factor in any upgrades and renovations you’ve made.

Another key thing to consider is the current demand. If, for example, there’s an oversupply of rentals, reducing rent can be the key to securing reliable tenants. By ensuring your prices are fair and competitive, you can make your property much more attractive to renters.

2. Inspect the Property

Property inspections are key to protecting your investment. A thorough inspection can help you spot maintenance issues before they escalate. Moreover, it can help you ensure tenants aren’t breaking the terms of the lease, especially regarding maintenance, subletting, and pet policies.

Many landlords inspect their properties only before and after each tenancy. While this is helpful when making deductions from the deposit, it’s not enough. Ideally, you should inspect your property once every quarter or every six months.

3. Weather-Proofing Your Rental

Extreme weather conditions, such as harsh winters, heavy rains, or scorching summers, can quickly wear down a building if the right preventative steps aren’t taken. Proper weather-proofing safeguards your investment, reduces long-term repair expenses, and helps keep renters happy. Here are some of the key seasonal maintenance tasks every landlord should tackle, according to the season:

• Winter: Inspect heating systems, insulate pipes, clean the gutters, and ensure walkways are safe from ice.
• Spring: Check the roof for winter damage, clean the gutters, service HVAC systems, and inspect for pests.
• Summer: Test smoke and carbon monoxide detectors, maintain landscaping to prevent overgrowth, and check the exterior’s paint and siding.
• Fall: Service heating systems, inspect windows and doors for drafts, clean the gutters, and prepare landscaping for winter.

The need for these seasonal tasks may change depending on the location of your rental. While some areas have a moderate climate year-round, others are known for their extreme winters or summers. But by staying ahead of seasonal threats, you can ensure your property stays safe and profitable year-round.

4. Review and Update the Terms of the Lease

Writing a solid lease agreement is crucial for keeping your investment protected. However, this doesn’t mean that you should use the same agreement year after year. In fact, it’s perfectly normal to make adjustments to your leases as time goes on. After all, what may seem good on paper may not be so great in real life.

Whether you rent your home on a short or long-term basis, you should take the time to review and adjust your rental policies once a year. This way, you can ensure that your lease adapts to the needs and conditions of your rental.

5. Assess Tenant Satisfaction

Happy tenants can make your life as a landlord a thousand times easier. Satisfied renters are more likely to take good care of the unit, report maintenance issues promptly, pay rent on time, and, more importantly, renew their leases. This can signify a reduced workload and a more stable income for you.

However, this won’t happen by sheer chance. You have to actively work to keep tenants happy. A great way to assess tenants’ satisfaction and determine what changes need to be made to enhance it is to send tenants an annual satisfaction survey.

It can be as short as asking how happy they are with the unit and your relationship, as well as asking for feedback or things they’d like to change. This will give you insights into how to become a more successful landlord.

6. Assess the Performance of Your Investment and Plan Ahead

A rental property is an investment. As such, you should be taking the time to assess its performance and make adjustments as needed. The easiest way to do this is by sitting down and reviewing your income and expenses throughout the year. This will help you identify areas of improvement, like expenses to reduce or new areas to invest in.

With this information, you can start planning for the next year. This should include budgeting for unavoidable expenses, such as ongoing maintenance, property taxes, vacancies, and emergencies. A good financial strategy can be the difference between a money drain and a profitable investment.

Bottom Line

Being a landlord is no easy task. Staying on top of regular responsibilities can be time-consuming, and seasonal or yearly tasks often add even more pressure. Still, these efforts are essential for protecting your rental property and ensuring long-term profitability.

That’s where House in Order Property Management makes all the difference. Our team handles ongoing maintenance, seasonal upkeep, and annual reporting with precision and care, so you don’t have to juggle it all alone. By trusting us to manage these critical tasks, you can safeguard your investment, maintain tenant trust, and enjoy the benefits of property ownership without the stress.