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Key Takeaways
- Proactive Management Protects Your Investment – Staying ahead of repairs, renewals, and maintenance prevents legal issues, reduces expenses, and keeps your property profitable year-round.
- Early Lease Renewals Reduce Vacancies – Reaching out at least 90 days before lease expiration helps ensure steady occupancy and gives you time to plan if a resident chooses not to stay.
- Regular Inspections Prevent Major Damage – From checking for leaks to testing safety devices, routine inspections help catch small issues before they become costly problems.
At Key Home Sales & Management, we know that procrastination is a disease that can hurt your rental investment. As a landlord, the last thing you’ll want is to wait for things to get worse before you fix them. This can be a recipe for problems, ranging from legal compliance issues to costly repairs.
As a savvy landlord, you’ll want to stay on top of things. If it’s repairs, fix them as soon as you are notified by the resident. If it’s the lease, don’t wait for it to expire to nudge residents to renew it. If it’s the rental rate, verify that the market can bear it.
If it’s… The list goes on and on…
Follow along, as we dive into overlooked yearly tasks all landlords should be completing to ensure a compliant and profitable investment property.
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Yearly Tasks Often Overlooked by Landlords
1. Renewing Leases on Time
Don’t wait until the lease expires to ask the resident to renew it. If you do this, you risk high vacancy rates. And as you probably know, vacancies are profit killers. Every day your property sits vacant is money down the drain.
To avoid that, always offer tenants a lease renewal option at least 90 days before their lease expires. This will help you plan your next course of action. If the resident plans to renew their lease for another term, great! However, if not, then the notice will allow you ample time to find the next resident.
That said, only consider renewing the leases of residents who are worthwhile. Those who pay rent on time, care of their rented premises, notify of issues, and abide by all rental policies.
In the lease renewal paperwork, include details of the current lease agreement and the terms of the renewal. For example, you may want to mention whether the rent will be going up, and by what amount.
2. Checking for Water Leaks
Water leaks can cost you tons of money if you fail to address the issue early. Besides spiking the water bill, water leaks could also lead to water damage to walls and floors. You may also have to deal with mold.
These issues could be costly to repair, especially if left unaddressed for several weeks or months. According to the Federal Emergency Management Association (FEMA), just an inch of water in a typical US home can cause up to $25,000 worth of damage.
When it comes to repairs, the sooner you fix them, the better it’ll be for you and your bottom line.
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3. Verifying the Rental Price
Every year, you should verify that you’re charging residents the right rental amount. The goal should be to ensure that what you’re charging is as close to the prevailing rental amount as possible.
Otherwise, undercharging tenants could mean throwing money out the window. Furthermore, if you’re overcharging tenants, your rental could be less desirable in the eyes of prospective tenants.
To verify the prevailing market rent, conduct a comparative market analysis. This can entail asking local property managers and landlords about what they are charging for similar units. Alternatively, just do a simple online search on reputable online rental sites, but ensure you’re using the appropriate filters for the appropriate results.
4. Testing Safety Devices
Most states’ safety standards require landlords to provide tenants with functional smoke and/or carbon monoxide detectors. Whether you’re in such a state or not, make sure to test them each year to ensure proper functioning.
The primary function of a smoke detector is to alert occupants to the presence of smoke, which can signal a fire. As for the carbon monoxide detectors, they help monitor dangerous concentrations of carbon monoxide gas. Resultantly, these devices can help prevent fatalities and reduce property damage.
Unfortunately, some residents can throw away these devices once they begin beeping rather than replacing the batteries. You’re responsible for this as the property owner unless your lease explicitly transfers that responsibility to the tenant.
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5. Inspecting the Property
Being proactive with repairs and maintenance is key, but preventing them altogether is essential for successful landlording.
Every year, ensure that you go around the property inspecting it for issues. The inspection should focus on the unit’s safety, structural integrity, and preventative maintenance. Work with a professional who knows where to look and how to find the underlying causes.
Ideally, you should conduct four key types of inspections throughout the year. This includes a move-in inspection to document the property’s condition, seasonal inspections to catch maintenance issues early, periodic drive-by inspections to ensure the exterior is being cared for, and a move-out inspection to assess wear and tear and plan for any necessary repairs.
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Bottom Line
Successful landlording calls for more than offering a property to rent. You’ll need to invest time, effort, and money to realize an optimal ROI. Luckily for you, now you know what tasks you should be completing every year.
Key Home Sales & Management can provide you with tailored property management solutions that meet all the needs of your Northern Virginia rental. Get in touch to learn more about our services!
