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

Key Takeaways

1. Annual Reviews Prevent Costly Mistakes: Regularly reviewing rent prices, insurance coverage, and lease terms helps landlords stay competitive, compliant, and profitable.
2. Proactive Maintenance Saves Money: Routine inspections and tracking maintenance costs reduce long-term repair expenses and protect the property’s condition.
3. Tenant Satisfaction Drives Retention: Simple actions like updating listing photos and conducting satisfaction surveys can lead to happier tenants and fewer vacancies.

Managing a rental property isn’t just about collecting rent or handling repairs, it’s about staying proactive and strategic. While most landlords manage the day-to-day well, many overlook key annual tasks that can boost profitability, reduce risk, and improve tenant satisfaction.

These tasks often don’t feel urgent, which makes them easy to skip, but ignoring them can lead to unexpected costs or legal issues. Taking time each year to review your pricing, update lease terms, inspect the property, and check insurance coverage can make a big difference.

In this article, the team at Redsail Property Management shares 9 often-overlooked tasks that can strengthen your rental business and set you up for long-term success.

Reviewing Rent Prices

Many landlords set a rent price and forget about it, ignoring that the market can fluctuate significantly over time. New developments, economic fluctuations, and changes in demand can affect local rates.

If, for instance, market rates go down but you don’t adjust your pricing accordingly, you run the risk of driving tenants away due to the high price. On the other hand, if prices go up but you don’t adjust your pricing strategy, you could be missing out on significant gains.

You should reassess your pricing strategy once a year, ideally when the current lease is about to expire.

By researching the local market, economic trends, and whether there are any upcoming developments in the area, you can set competitive but fair rates and ensure your property is generating optimal income.

Conducting Regular Property Inspections

Most landlords conduct only two inspections per tenancy: one before the tenant first moves in and one after they leave. This can be helpful to assess the condition of the property and make any necessary deductions from the deposit. However, two inspections are not enough.

Ideally, you should aim to conduct thorough property inspections once every four to six months. Regular inspections are key to catching early signs of wear and tear, leaks, or safety issues before they escalate.

This can help you keep your rental in good condition, as well as ensure tenants are caring for the space as agreed.

Updating Lease Agreements

Rental laws and policies can change a lot over time, and your leases should reflect that. Reviewing and updating the lease terms can help you avoid legal trouble and keep expectations clear for tenants.

If you’re renting your property on a short-term basis, whether week-on-week or month-to-month, you should aim to review and adjust the lease terms once or twice a year. For year-on-year leases, the renewal process is the perfect time to do this.

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Refreshing Property Photos

Outdated photos in your rental listing can drive tenants away. After all, tenants may feel lied to if your property looks different in real life.

To avoid this, it’s a good idea to photograph your property every year. Even if the property is currently leased, getting updated photos can help market it more effectively during vacancies.

Checking Insurance Coverage

Insurance is a must when renting out a property. While some landlords request that tenants get renters’ insurance, landlords’ insurance offers more protection.

However, to ensure that your property is fully protected, you must review your insurance coverage at least once a year. This will help you ensure you have the right protection. If you believe the coverage is not enough anymore, consider shopping around to find a more suitable alternative.

Auditing Maintenance Records

Maintaining a rental property in good condition is not cheap by any means. While it may not seem like a lot, you can spend thousands a year on maintenance and repairs.

To avoid overspending, you should take the time to look back on what you spent on property upkeep throughout the year. This will help you identify patterns and plan strategically for the upcoming years.

Budgeting for Capital Expenses

Managing a rental property involves plenty of expenses, from regular maintenance to unexpected repairs and renovations. To avoid dampening your cash flow, it’s important to set aside funds to be prepared for big-ticket repairs or replacements down the line.

Ideally, you should be saving a small part of your monthly earnings for unexpected expenses, but if that’s not possible, you can try saving a small amount whenever possible.

Surveying Tenant Satisfaction

Keeping renters happy is the key to more stable, longer tenancies and fewer turnovers. After all, satisfied tenants are more likely to renew leases and treat the property well.

Conducting a short annual satisfaction survey can uncover issues before it’s too late and provide valuable insight into what you can do to retain tenants for longer.

Reviewing Your Finances

Maintaining a rental property is not cheap. As a landlord and investor, you should always be on the lookout for ways to reduce your expenses.

At least once a year, you should take the time to sit down and go over your income and expenses. By getting all organized, whether on a spreadsheet or a piece of paper, you should be able to identify any areas of opportunity and adjust your strategy accordingly.

Bottom Line

Successfully renting out a property is all about planning. While it’s easy to focus only on what’s urgent, the most successful landlords prioritize what’s important.

Taking the time to complete yearly tasks like assessing your pricing strategy, budgeting for next year’s repairs, and checking your insurance coverage can help you prevent bigger problems down the line and reduce tenant turnover.

Whether you manage one unit or several, staying proactive pays off. Set a reminder, build a checklist, and treat these annual actions as essential habits. Your future self and your bottom line will thank you.

If you need help completing any of these tasks, contact Redsail Property Management. Our team of dedicated property managers will help you make the most out of your Hampton Roads rental!