Property Management Blog

As a landlord, you have a lot of responsibilities from collecting rent to ensuring that the property is in habitable condition. While day-to-day tasks such as addressing maintenance requests and tenant complaints are crucial, there are several annual responsibilities that landlords often overlook. 

Annual tasks such as property inspections and seasonal maintenance contribute to the long-term well-being of your property. Moreover, they also help you foster positive landlord-tenant relationships. 

In this article, the experts at SGI Property Management Phoenix will go over the 13 things you should be doing at least once to ensure your property’s good condition throughout the year.

1. Conduct Annual Property Inspections

Regular property inspections are one of the most important aspects of property management to keep your rental property protected. They allow you to ensure that tenants are taking good care of your property and identify issues before it’s too late.

However, if you are a long-distance landlord and cannot inspect your property several times throughout the year, conducting one yearly inspection is recommended. You should schedule the inspection well in advance and send your tenants the required notice beforehand. 

When conducting the inspection, remember to take detailed notes and as much photographic evidence as you can. This proactive approach can help you prevent minor problems from turning into major repairs while keeping record of everything.

2. Review and Update Lease Agreements

As a landlord, you must review and revise the terms of your lease agreements to ensure compliance with current legal standards and regulations. Moreover, annually reviewing and updating the lease provides you with an opportunity to clarify any ambiguities and address concerns that tenants may have, protecting your property beforehand. 

3. Evaluate Rent Prices

As a landlord, you should review your local rental market trends at least once a year as the rental market is subject to change. This will help you ensure that your current prices are competitive and in line with the current market conditions. Also, this practice will help you attract and retain quality tenants while maximizing your property's income potential.

4. Energy Efficiency Audits

High energy bills can quickly add up to your property expenses. That’s why you should assess your rental property’s energy consumption at least once a year. By identifying any issues or areas of improvement beforehand, you can address them promptly. This will only result in long-term cost savings for both you and your tenants.

5. Insurance Coverage Review

Landlord’s insurance is a great investment for you as it helps you cover unexpected costs such as property damage and repairs while keeping you protected from liabilities. However, your insurance coverage may fluctuate over the years due to factors like changes in property value and renovations.

By reviewing your insurance once a year, you can guarantee that you’re adequately protected against potential risks. Also, by looking into the various options of insurance can help you find good insurance at better market rates.

6. Conduct Safety Inspections

As a landlord, you are legally required to ensure that your property is in safe, habitable conditions throughout each tenancy. You should conduct annual safety inspections to ensure compliance with safety regulations.

This includes checking smoke detectors, carbon monoxide detectors, and fire extinguishers, as well as making sure there are no safety hazards on the property. This will not only keep your property safe but also demonstrate your care to your tenant’s well-being.

7. Refresh the Curb Appeal

Curb appeal is another crucial factor for attracting and retaining tenants. Scheduling an annual landscaping maintenance will boost your rental’s appeal, further increasing your property’s value. This should include trimming trees and shrubs, addressing any lawn issues, and maintaining a clean and welcoming appearance.

8. Pest Control Inspections

Pest infestations can cost you thousands of dollars in repairs. So, you should schedule at least one pest control inspection per year to identify any potential problems and eliminate pests before they become a bigger problem. 

9. Financial Review

As a landlord, you should take the time to review your yearly rental income and expenses. This will help you identify areas for cost savings and ensure that financial records are accurate and up to date, which can come in handy during tax season. 

10. Appliance and Equipment Maintenance

Appliances and equipment such as HVAC systems, water heaters, and kitchen appliances, require regular maintenance for optimal performance. By conducting annual inspections and servicing to prevent breakdowns, you can extend the lifespan of equipment and minimize the inconvenience to your tenants.

11. Tenant Satisfaction Surveys

Keeping your tenants happy typically translates into longer, more stable tenancies. By conducting annual tenant satisfaction surveys, you can receive valuable feedback from your renters and identify areas for improvement. This will help you address concerns and problems early on and foster a positive landlord-tenant relationship.

12. Legal Compliance Check

As a rental property owner, you must stay up to date with your local landlord-tenant laws and other regulations. By conducting an annual legal compliance check, you can ensure that your property still adheres to all relevant laws as they might change over the years. .

13. Seasonal Property Maintenance

In addition to everyday maintenance tasks, you must perform seasonal maintenance regularly. This includes checking that the heating, water, and electrical systems are working correctly before winter. In addition, cleaning the gutters before the rainy season starts and inspecting the air conditioning unit before summer can help you ensure that your rental is in good condition all year round.  

Bottom Line

Effective property management goes beyond the routine tasks of rent collection and regular property maintenance. By incorporating the tasks mentioned in the guide above, you can ensure that your property remains profitable all year round!

Need help with the yearly operations of your rental property? Contact SGI Property Management Phoenix today! Our team can help you with anything from tenant screening to seasonal maintenance and annual property inspections.

Contact us today to learn more!