As a landlord, it is crucial for you to prioritize your tenant’s needs to ensure tenant satisfaction. It is important to conduct maintenance checks to ensure the working of your appliances and good condition of your property.
Further, attending to property issues promptly helps you save on major repair fees later on. In this article, Blue Door Realty will guide you through annual practices that will help you preserve and protect your property value throughout the year.
What is the current rental demand?
Rental rates are always fluctuating due to the change in market demand. As a landlord, you need to research the rental data to get updated information. Once you have the right data, you can adjust the rental rate and make informed decisions about your property.
Additionally, you should study the rental pricing online for similar properties, ensuring your rate remains competitive. Setting it too high can end up in vacancies while setting it too low can reduce your income flow.
If you are renting out to short-term renters or those who signed a month-to-month lease with you, you can quickly adjust the rental fee to match the current demand of the market.
Are there water leaks you need to address?
Knowing the damage that water leaks bring, you need to respond promptly when faced with this issue. Aside from this, you should conduct maintenance checks to ensure all the utilities and appliances are working efficiently hence increasing your property value.
It’s recommended to inspect your home systems thoroughly, considering the massive amounts of repair fees you’ll pay for the resulting damage. Be vigilant when you see wet spots and even minor leaks should be fixed right away.
Where to spot hidden leaks?
- Water heater
- Faucets
- Air conditioning unit
- Appliances, such as washing machines, dishwashers, and humidifiers
Are the gutters clean?
While good weather provides a serene living space to your renters, you need to be meticulous with cleaning up your outdoor area. When the autumn ends or after a windy storm, take time to do a gutter cleanup to remove the dead leaves and debris.
It is essential to get rid of the fallen leaves and dirt on the gutter so that the water flow won’t overflow. You can also engage the services of professional cleaners. Additionally, make sure to be clear about assigning the responsibility of exterior maintenance on the lease agreement to prevent potential conflicts with your renters.
Are your tenants’ leases up for renewal?
If you are renting out an investment property, you need to be aware of when the tenancy of your renters expires. You should provide an acceptable time frame for your renters to decide and for you to find new renters in case the renters won’t renew.
Offer a renewal letter 90 days before the lease ends. You can drop by your tenant’s unit, talk in person, or email them for a renewal notice. You also need to be clear if you are increasing the rental rate and updating your rental processes or property policies.
Did you test smoke/carbon monoxide detectors and inspect the smoke alarm?
Since fire outbreaks can occur and their damage is massive, make sure to run periodic tests and regular inspections. Smoke and carbon monoxide alarms are a must for your tenants’ safety. You should also provide working batteries by replacing them every six months.
It’s recommended to test alarms at least once a month as it often helps you avoid future lawsuits and costly damage caused by fire incidents and ensure safety of everyone.
Are your rental keys working?
You should have a master key for your properties to access the units easily for maintenance and emergencies. Renters can sometimes be away and a property problem needs to be fixed. So ensure you have the correct key under your safekeeping.
Do you have updated contact information for your renters?
The contact number of your renters may have changed while staying in your rental space. So, it is important to know the current contact information. During a rental renewal, request your renters to answer a form where they will input their contact information. It will help keep your communication lines open.
You can also call and email them regularly to easily find out that the information has not changed. This is a good practice so in case there’s an emergency, you can reach them immediately and provide guidance.
Did you thank your tenants?
Since the success of your rental business lies a good deal with the type of renters you have, you need to express your gratitude, especially when you have long-term renters who always pay on time and treat your rental space with respect.
You can offer holiday cards and give little tokens of appreciation during special occasions to your tenants. Creating a good impression is vital when welcoming a new tenant. Show hospitality by showing them around as they are adjusting to living in your neighborhood.
Bottom line
It is important to prioritize the well-being of your renters by delivering safety through consistent property inspections. If renters have a positive experience staying in your rental space, then they are bound to renew and stay for a long term.
If you need help with property management, consider hiring a reliable property manager, such as Blue Door Realty to oversee your rental unit and keep it in excellent order. Contact us today to learn more about our services!