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

Are you staying on top of everything your rental property needs, or are there a few important tasks slipping through the cracks? Many landlords focus on collecting rent and handling maintenance requests, but there are several crucial tasks that often get overlooked, ones that can save you time, money, and headaches down the road. A proactive approach isn’t just about keeping your property in good shape; it’s about protecting your investment and ensuring long-term success.

At Action Properties, Inc. , located in Downtown Mountain View, we understand the challenges landlords face. We proudly serve Mountain View and surrounding areas, including Palo Alto, Los Altos, Sunnyvale, Cupertino, Santa Clara, San Jose, and more. Whether you own a single rental or a growing portfolio, there are things you should be doing every year to keep your properties running smoothly, but chances are, some of them aren’t on your radar.
Let’s dive into eight essential yearly tasks that can make a difference in your rental business.

Reviewing Lease Agreements for Necessary Updates

Lease agreements should reflect current laws, market conditions, and property policies. Reviewing them annually ensures they stay up to date and legally sound. Small details, such as rent adjustment clauses or updated maintenance responsibilities, can prevent future disputes.

Conducting Annual Property Inspections

Routine property inspections help catch minor issues before they escalate into expensive repairs. Landlords should check for water damage, HVAC efficiency, electrical concerns, and structural wear. Even well-meaning residents may not report small maintenance problems, which can worsen over time.

A yearly inspection also provides an opportunity to assess general property conditions and confirm that residents are following lease terms. Proper documentation of these inspections can be useful in case of disputes. Addressing maintenance proactively extends the lifespan of the property and reduces long-term repair costs.

Checking for Unreported Maintenance Issues

Not all residents report minor maintenance concerns, often assuming they aren’t serious enough to mention. However, small leaks, ventilation problems, or pest issues can become costly if left unattended. Scheduling a yearly check allows landlords to identify and resolve these hidden problems before they worsen.

A quick evaluation of plumbing, roofing, appliances, and insulation can help maintain the property’s condition and prevent unexpected expenses. Keeping a record of maintenance assessments also demonstrates responsible property management and ensures compliance with safety and habitability standards.

Assessing Rental Rates Based on Market Trends

The rental market is constantly shifting due to economic changes, demand fluctuations, and neighborhood developments. Reviewing rental rates annually ensures landlords are charging a fair price that reflects current market conditions. Setting rent too low results in lost income, while overpricing can lead to high turnover and vacancies.

Researching local rental trends, comparing similar properties, and considering any property upgrades can help determine a competitive rate. A well-balanced rent price attracts quality residents while maximizing profitability, making this yearly evaluation essential for long-term financial success.

Evaluating Property Insurance Coverage

Insurance policies should be reviewed yearly to ensure they provide adequate protection against potential risks. Property values, local regulations , and coverage options may change over time, making it necessary to update policies accordingly. Landlords should confirm that their insurance covers liability, natural disasters, property damage, and loss of rental income.

Inadequate coverage can lead to significant financial setbacks in case of emergencies. Comparing policies and consulting with an insurance provider helps ensure the best coverage for the property’s specific needs, providing peace of mind and financial security.

Testing Safety Features and Compliance Standards

Annual safety checks are essential to protect residents and maintain compliance with local regulations. Smoke detectors, carbon monoxide alarms, and fire extinguishers should be tested to ensure they function properly. Electrical systems, stair railings, and emergency exits should also be inspected for potential hazards.

Some states require landlords to provide updated safety certifications, so staying ahead of these requirements prevents legal issues. Ensuring all safety features are in working order not only keeps residents secure but also reduces liability risks. A well-maintained property is a sign of responsible management and helps attract long-term residents.

Budgeting for Repairs and Upgrades

Unexpected repairs can be financially draining, which is why landlords should set aside funds each year for maintenance and improvements. A proactive budget allows for timely repairs, avoiding more expensive issues down the line. Planning for property upgrades, such as energy-efficient appliances or fresh paint , also helps maintain rental value and attract quality residents.

Regular maintenance extends the lifespan of major systems like plumbing, roofing, and HVAC, preventing costly replacements. Allocating a portion of rental income toward repairs ensures that maintenance costs don’t become a financial burden when urgent fixes arise.

Reviewing Vendor and Service Provider Contracts

Landlords rely on various service providers, including maintenance teams, landscapers, and cleaning crews. Reviewing vendor contracts annually ensures they are still cost-effective and meet property needs. Comparing rates and negotiating better terms can lead to savings without sacrificing service quality.

It’s also a good time to assess vendor reliability and seek new providers if needed. Clear contracts prevent disputes and ensure consistent maintenance, ultimately protecting the property’s value. Staying on top of these agreements helps landlords manage expenses efficiently while keeping the property well-maintained.

Stay Ahead with Smart Property Management

Owning rental properties requires ongoing attention, and neglecting key tasks can lead to costly problems. By staying proactive, landlords can protect their investments and ensure steady income.

However, managing everything alone can be overwhelming. That’s where Action Properties, Inc. in Mountain View, California, comes in. Our team helps landlords stay on top of inspections, lease updates, maintenance, and more. Reach out today to discuss your options and see how professional management can make rental ownership easier and more profitable.