A landlord has so many tasks; some may be more important than others. There are errands needed to be done every day or once a week and there are those that need only be done at least once a year, but still as essential.

Do these things annually to make sure your rental housing business stay in good standing:

Monitor your fire alarms and other machineries found in your properties

Do not wait for an unfortunate event to happen before checking alarms. Sometimes we do not notice that certain equipment is already on the verge of damage which may cause harm to your tenants. Check your fire alarms if they are still functional. This will ensure your tenants’ safety and put everyone at ease. Their well-being should be a top priority always.

Related article: Appliances to inspect before the next tenancy

Monitor insurance rates

Insurance rates may change anytime and you should keep track of any changes because they may increase or decrease. Watch out for other insurance companies that may have better offers. Do not jump on the first thing that comes around. You never know, you’ll find something that would work better for you.

Check the locks on your properties

You might not notice that some tenants have changed the locks on their rented houses or apartments. They may have a perfectly good reason to change their locks, especially if it concerns their safety. But still, you as a landlord should be able to get into any of the properties because you own/manage them and it is important in case there is an urgent need to get inside.

Execute an annual check-up on their locks but make sure that they are aware of this. They should know that changing locks are not allowed unless they ask for your permission. In case you do catch someone doing this, you should charge them penalty fees as it is a violation on their part. Purchase another lock for them that you have keys to.

Check the rental rates

Rental rates on properties can change over time and you should be updated on this. You might be charging more or you might not be charging enough. Compare your rates to others because you might be losing money and you don’t even know it.

If potential tenants find other properties that cost much lesser, then you wouldn’t be able to receive an application from them. Adjust your rates based on the present market rates.

Decide on your charges based on what other rental houses offer, create your property listings at Padleads.com, and be ready to discuss rent with interested applicants who will contact you.

Monitor your plumbing for leaks

You can avoid spending a lot of money by doing this. Normally, a tenant would complain for any water leaks in their units which can be acted upon immediately but some leaks are not noticeable and will create a huge problem one day. You can do this annually and it will save you from a potential financial problem.

Have an updated list of your tenants’ contact numbers and their emergency contacts

It’s easy to change your number nowadays. A tenant may lose their phone which could mean that aside from getting a new phone, they may get a new number. A tenant can also opt to change their contact details for personal reasons.

Although, they might forget to inform you. Knowing your renter’s number is a must as you might need it in case of emergencies or if you need to inform them of anything related to your property or their leasing agreement.

Once a year, compile an updated list of your tenants’ contact numbers and also the details of their emergency contacts so that you would know who to call in case something happens to them.

Related article: The How’s of Cultivating a Healthy Communication With Your Tenants

Renew your license to operate

One requirement for you to rent out your properties is to register for a rental license and it is usually renewed annually for you to continue your business. You only have to do this once a year so do not ever forget. They might charge you for a fine if you renew your license a little later than you should. You do not need the added expense, so just make sure it’s on top of your annual to-do list.

This is not a long list and some of these are pretty simple tasks that you only need to do at least once a year. Fail to remember to do these things and you might face bigger problems and suffer financial burdens that could have been avoided.