Things Landlords Should Be Doing Every Year But Probably Aren’t
Key Takeaways
- Stay Proactive: Annual tasks like lease renewals, rent adjustments, and inspections help protect your ROI.
- Prioritize Maintenance: Routine upkeep, fixing leaks, cleaning gutters, and replacing HVAC filters, prevents expensive damage.
- Review Coverage: An annual insurance policy review ensures proper protection and cost-effective coverage.
As a landlord, do you find yourself waiting until the last minute to act? If so, it could be hurting your return on investment (ROI).
Procrastination is bad for business—delaying action often turns small problems into major, costly ones. For example, a minor leak left unchecked can quickly lead to water damage and mold, requiring expensive remediation.
In this guide
Keller n’ Jadd Property Management, we’ll walk you through 6 essential things you should be doing every year but probably aren’t—each of which can protect your ROI.
1. Lease Renewals
Vacancies drain your profits. Every day a unit sits empty is money lost. One of the best ways to maintain steady occupancy is by renewing lease agreements on time. If you have a reliable tenant who pays rent promptly, takes care of the property, and follows the lease terms, prioritize keeping them, even if it means offering incentives.
Simple adjustments, like relaxing a pet policy, allowing a wall repaint, or reducing parking fees, can go a long way in retaining quality renters.
Additionally, if a great tenant is on a short-term lease, consider transitioning them to a long-term agreement. This not only secures consistent income but also helps reduce turnover and operational costs.
2. Charge the Right Rent
The rental market is constantly shifting due to economic conditions and supply-and-demand fluctuations.
As a result, rental rates inevitably change over time. For this reason, it is important to review your rental pricing annually to ensure it aligns with current market conditions.
Setting rent too high can lead to extended vacancies, while pricing it too low may reduce your overall return on investment (ROI). One effective way to assess market rent is by comparing your property with similar units in the area.
Speak with other landlords to learn whether they have increased, maintained, or decreased their rents. The objective is to strike the right balance—charging a competitive rate that attracts tenants while protecting profitability.
In addition, online research can provide valuable insights. Platforms such as Zillow, Trulia, and Rent.com allow you to review prevailing rental prices for comparable properties. Be sure to apply the appropriate filters to ensure an accurate comparison.
3. Monitor Water Leaks
Water leaks, if left unaddressed, can significantly reduce your return on investment (ROI). Even minor leaks add up quickly—a faucet dripping just 10 drops per minute wastes nearly one gallon per day, or about 29 gallons per month.
Over time, this can result in hundreds of dollars in unnecessary costs each year. Addressing issues early is far less expensive than waiting until they escalate into major repairs. This is why conducting regular property inspections is essential to protecting your investment.
During these inspections, carefully examine all water-using systems and appliances, including water heaters, air conditioners, dishwashers, and washing machines, to ensure no leaks are present.
If a leak is detected, it is critical to engage a qualified contractor immediately to prevent further damage and minimize costs.
4. Review and Update Your Insurance Policy
As a landlord, it’s important to have the right insurance policy for your investment property. This can help protect you from costly repair bills that can arise from an issue that you could have potentially insured and cost you nothing.
Other than getting the right
insurance policy, you’ll also want to ensure that you review it every year to ensure you get the best bang for your buck.
Get quotes from at least 2 to 5 providers and do some comparisons. And not just based on the premiums, but also on coverage inclusions, exclusions, deductibles, and even the insurer’s reputation for handling claims.
5. Maintain Gutters
Blocked gutters can cause serious water damage to your home!
When gutters are blocked by debris, water is unable to drain properly.
And when that happens, there can be potential damage to your home’s structure and foundation. The overflowing water can seep into walls, roof, and foundation, leading to leaks that can compromise your property’s structural integrity.
Ideally, make sure you inspect your gutters and downspouts (the extensions beneath) at least twice a year. This should be during the spring and fall.
6. Inspect and Replace HVAC Filters
HVAC filters need to be swapped out quite often. And while this responsibility is often the tenant’s, it’s likely that they may not be doing it diligently. And when that happens, it could impact your home’s air quality, comfort, energy bills, and even the rental unit’s lifespan.
Ideally, have the furnace filter inspected at least once a month, especially during peak heating or cooling seasons when the system is running frequently.
Bottom Line
As a landlord, building a successful and long-lasting rental business requires being proactive on every front—from routine maintenance and tenant retention to market research and financial planning.
Staying ahead of issues not only protects your investment but also maximizes your return over time. However, managing all of these responsibilities can often feel overwhelming and time-consuming, especially if you own multiple properties or live far from your rental.
That’s where partnering with an experienced property management company can make all the difference. Keller n' Jadd Realty & Management has been serving Las Vegas rental property owners for over 30 years, delivering reliable, full-service management solutions designed to simplify ownership and boost profitability.
Whether
it’s finding and retaining great tenants, handling maintenance, ensuring compliance, or optimizing your rental income, our team is here to protect your investment and give you peace of mind.
