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

Key Takeaways

• Annual reviews protect your investment. Landlords should conduct thorough property inspections, reassess lease agreements, and review rental rates each year to stay compliant, competitive, and proactive against costly issues.
• Stay updated on financial and legal obligations. Regularly reviewing insurance policies, tax strategies, and local housing laws ensures landlords remain protected, maximize returns, and avoid legal or financial setbacks.
• Preparation strengthens tenant relationships and business stability. By maintaining updated vendor contacts, confirming tenants’ insurance, and ensuring clear communication, landlords demonstrate professionalism, safeguard their properties, and support long-term rental success.

Owning rental properties requires certain daily and monthly tasks like collecting rents, performing repairs and maintenance, satisfying legal obligations and enjoying some profits. Aside from these activities, you have some essential responsibilities to perform annually.

Because of the sometimes hectic nature of running a rental business, some landlords can forget essential activities they should be performing every year. If you want to keep your rental property legally airtight, protect your relationship with renters, and generate solid returns, then you should carve out time to be doing these tasks every year.

In this article, we at TJC Real Estate and Property Management will cover some of the essential things landlords should be doing every year!

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Perform an Inspection of the Property

Some landlords only perform the basic walkthrough inspection only when renters move out or in. Only very few take time to conduct thorough inspection once a year. Before performing this inspection, you will have to send a notice to your tenant and schedule a convenient time for both parties.

During this thorough annual inspection, you may spot some minor issues that have potentials of escalating into costly problems. During the inspection, you want to look out for:

• Excessive damages
• Unusual wear and tear
• Functionality of carbon monoxide and smoke detectors
• Leaks near water heaters or under sinks
• Signs of pest infestation
• Cracks on walls or foundation
• Presence of  water damage
• Signs of mold or mildew
• Broken latches or locks
• Roof and gutter issues

These inspections protect your investment and send a signal to your renters that you care about their comfort.

Reassess and Update Your Lease Agreement

Laws keep changing, tenant protection keeps shifting and of course your rental policies will have to evolve with time. An annual review is, therefore, essential to help you stay up to date. Make your lease a living document that requires a reassessment and upgrade every year. Doing so will ensure that your lease is:

• Compliant with state and local landlord-tenant laws
• Clear on tenants’ obligations, and your expectations concerning maintenance issues, guests, pets, etc.
• Updated with recent policies that reflect changes in the market.

Review Your Rents

As an investor, setting rental rates is not a one-time decision. The market is dynamic, shaped by inflation, changing neighborhood conditions, and shifting demand, so it’s essential to review your pricing regularly. It’s recommended that landlords consult local agents, monitor comparable listings in your area, and leverage rent estimate tools to stay competitive.

When adjusting rent prices, ensure any increase is fair, compliant with local regulations, and communicated to tenants with proper notice. In many cases, rent adjustments are best tied to property improvements or upgrades. Failing to review rental rates annually can lead to two costly outcomes: undercharging tenants and missing out on income, or overpricing and discouraging quality renters.

Get Updated on Your Insurance Policies

Do you know exactly what your landlord insurance covers? Many landlords assume they are fully protected, until an unexpected incident reveals gaps in their insurance coverage or outdated limits that haven’t kept pace with inflation.

This is also a good time to confirm that your tenants maintain up-to-date renters’ insurance. As a best practice, it’s recommended that you review your insurance annually to:

• Compare policies across different providers.
• Reassess your coverage limits.
• Ensure you carry sufficient liability protection.
• Check for changes in deductibles and premiums.

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Check Up on Your Tax Strategy

One of the greatest advantages of owning rental property lies in its tax benefits. For self-managing landlords, it’s essential to track all expenses throughout the year, whether through a spreadsheet or a dedicated app, to simplify tax season and maximize deductions.

Your approach to taxes can make the difference between a thriving rental business and one that struggles. It goes beyond simply handing receipts to a CPA and hoping for the best; annual tax reviews are critical.

A thorough review may uncover valuable opportunities, such as:

• Planning strategies for future 1031 exchanges.
• Evaluating the benefits of transitioning to an S-Corp or LLC.
• Accelerating depreciation for greater tax efficiency.
• Identifying overlooked deductions (e.g., home office use, legal fees, travel, mileage, and more).

Update Maintenance Info and Emergency Contact

A rental property emergency is not the time to be digging through old emails for outdated contact information. At least once a year, it’s important to:

• Confirm that vendor contact details are current.
• Update essential emergency numbers for utilities, gas, and fire services.
• Ensure tenants know who to contact in the event of an emergency.
• Identify backup contractors in case a primary vendor becomes unavailable or retires.

Review Local Regulations and Laws

Housing laws keep evolving. As the landlord, it’s your responsibility to remain informed of landlord-tenant, security deposit, eviction, and Fair Housing laws at all times. For that reason, once every year you should read updates from your local housing authorities and even consult a real estate attorney where necessary.

Bottom Line

Your responsibilities as a landlord involve a lot of time and effort. It also entails protecting your investments and creating a safe home. Find time every year to ensure you tackle all the tasks on this list.

If you need help managing your rental properties consider the benefit of working with our experts at TJC Real Estate and Property Management. Contact us now for information about our trusted services!

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