As a landlord, you must be intentional with your career to succeed. Treat it just like you would any other business and aim to be as professional as possible.
Property management is in the service industry. And how well you treat your tenants will usually directly impact your bottom line. If you treat them well, you can expect repeat business and vice versa.
The following are some of the things you should be doing every year but probably aren’t. Keep reading this article to learn more!
Sign Long-Term Leases
Lease and rental agreements can either be fixed-term or periodic. With periodic leases, the tenancy auto-renews every pay period.
For instance, if the periodic tenancy is month-to-month, then it’ll keep on renewing automatically every month until either party cancels it.
However, short-term leases have their own fair share of cons. The frequent tenant turnover can result in high operating costs. Rental income will also be inconsistent.
By opting for longer-term leases, you can stabilize your income and increase income without raising rent, ensuring a more predictable cash flow.
For financial stability, consider re-upping your tenants to year-long leases. This can especially be beneficial to your bottom line if you already have a great tenant that you’d wish to keep long-term.
Then every year, remind the tenant to sign a lease renewal at least 90 days before the expiry of their current lease.
Keep Up with Market Rents
The rental market is dynamic. As such, every year, make sure to verify that you are charging tenants the right rent amount. This is key to ensuring your property remains as competitive as possible.
You can verify the prevailing market rates by interviewing local landlords or property managers. Go for ones renting out similar units as yours.
That is, the units should be comparable in terms of square footage, amenities, and number of bedrooms and bathrooms.
Another way to go about the process is to browse the internet for reliable rental listing sites in your area. These can help you narrow down your search to your specific requirements.
When you charge the right rent, it ensures that your rental property remains competitive in the local market space. Consequently, that may mean low vacancies and optimum return on investment.
Check for Water Leaks
This is another thing that you should be doing every year but probably aren’t. And just like other maintenance issues, unaddressed water leaks can prove to be detrimental to your bottom line.
Generally speaking, water isn’t cheap. The leaks can cost you a pretty dollar every month in unnecessary bills. But even worse, they can damage walls and floors, which can result in a costly repair bill.
Being a proactive landlord can help you avoid such unnecessary bills. As such, in addition to responding to tenants’ repair and property maintenance requests on time, ensure to inspect the unit at least once every year.
The following are some of the things you should check during the inspection:
- Inspect all the fixtures, such as toilets, faucets, and showerheads for leaks or worn-out parts.
- Look for signs of leaks, corrosion, or water damage around pipes or joints, especially in basements or under sinks.
- Check for leaks in the dishwasher, washing machine, refrigerator, or other appliances.
- Check for missing or damaged roofing materials, such as missing or damaged shingles or tiles.
- Look for signs or damage on walls or ceilings, such as stains, discoloration, or peeling paint.
Ensure you have Property Access
As a landlord, you have a right to access the property for legitimate reasons. Such as, to inspect the unit, respond to a repair or maintenance request, or respond to an emergency, among other reasons.
Generally speaking, it’s usually illegal for a tenant to change locks without the landlord’s permission. However, the tenant may only know about the rule if it’s clearly mentioned in the rental agreement.
Otherwise, you may find yourself locked out for failing to provide clear and detailed communication.
Nothing can be frustrating like having the maintenance personnel, who are billing per hour, show up for work, only to realize they can’t access the unit.
It also goes without saying that you should always notify the tenant before entry. A 24-hour notice usually suffices. You should also remember to state the specific reason and time for the entry.
Update your Contact Information
It’s common for people to change their phone numbers now and then. After a couple of months, you may realize that the phone numbers the tenant gave you no longer go through.
As such, make it a habit to always update the tenant’s contact details once every year. In addition to gathering their phone numbers, make sure to also get their emergency contacts and email address as well.
This will ensure you have multiple options for contacting them should one method fail, helping to maintain a positive landlord-tenant relationship.
Clean the Gutters and Downspouts
Out of sight out of mind, right? Clogged gutters and downspouts can cause significant water damage if left unaddressed.
Over time, gutters will get clogged up by leaves and debris, roof shingle granules, or even nesting animals like birds.
The clogging will then obstruct normal water flow from the roof down through the downspouts and onto the ground below.
And when water isn’t flowing down, it can back up to the roof, causing damage to shingles and potentially leading to leaks.
Overflowing gutters can also direct water to the home’s foundation, which can lead to structural damage.
Mold and mildew can also grow, posing health risks and damage to the home’s structure. Downspouts are equally important in directing water to the ground. Unclog them by removing any visible debris inside.
Conclusion
While the list is anything but exhaustive, these are some of the things you should be doing every year but probably aren’t. If you find these responsibilities arduous, don’t fret! Mark Thomas Properties PM can sort you out.
We provide property owners in Durham, NC, with quality property management solutions. Get in touch to learn more!
