There are several duties associated with being a landlord. With everything involved in property management, it’s possible to overlook some crucial responsibilities. Don’t worry Real Canadian Property Management Solutions is here to help!
We’ll go over some of the duties and inspections that every landlord ought to be performing in this blog post. You’ll have a list of duties to remember by the end of the article, enabling you to ensure the correct maintenance of your tenants and property.
Research Current Market Trends
Given the dynamic nature of the rental property industry, rental fees are subject to market fluctuations. Staying informed and aligning your rates with industry standards is crucial for optimal returns.
Maintaining competitive pricing is essential; setting rates too low can lead to missed earnings, while rates above the market average may result in vacancies and potential damages. Active research is advised to establish the right rental price, preventing the discouragement of potential renters and ensuring maximum earnings.
Confirm Tenant Contact Information.
People change their phone numbers every now and then. As such, the contact details you had at the beginning of the year may be different several months down the line.
As a landlord, it’s important to have accurate contact details in your file. That’s why you should always confirm your tenant’s contact details every year. And as you verify the tenant’s phone number, also make sure to get their emergency contact information and email address as well.
This will ensure that you can get hold of the tenant whenever an issue arises.
You should provide your tenants with a 90-day notice to renew their lease as part of your renting process. You can meet with the tenant in person or send them an email or letter along with the documentation needed to renew the lease.
When presenting the tenant with a renewal offer, all information pertaining to the original document’s modifications, including price increases or new rental policies, should be made apparent. It is advisable to carry out a screening check for renewals prior to making this offer to tenants.
Ensuring the well-being of your investment necessitates an annual property inspection. While landlords commonly inspect during the beginning or ending of a tenancy, conducting a thorough evaluation of the property’s condition at least once a year is equally crucial.
Regular inspections unveil potential maintenance issues that might otherwise escape notice, averting their escalation into expensive repairs. These assessments serve to validate the effectiveness of safety measures and ensure ongoing compliance with local building standards and regulations.
During the yearly routine maintenance, be sure to include the following:
We understand the repercussions of water damage stemming from leaks, including increased utility costs and wasted water expenses. These leaks can result in interior property harm to walls, ceilings, and floors, necessitating additional expenditures for repairs.
For landlords, adopting a proactive approach through preventive maintenance and regular checks for leak indicators is more cost-effective. Promptly engaging plumbers to address pipe issues translates to long-term savings. Here’s a checklist of areas to inspect for concealed leaks:
- Water heater
- Air conditioning unit
- Water-utilizing appliances like washing machines, dishwashers, and humidifiers
- Ceilings and roof
If there are trees around your rental property your gutters are probably prone to accumulating leaves, particularly on windy days. Regularly inspecting and cleaning the gutters is crucial, and you may consider hiring someone for this task.
Clogged gutters, filled with leaves and twigs, can lead to rainwater being diverted to unintended areas, resulting in leaks and flooding within the rental home. If your lease designates you as responsible for outdoor maintenance, ensuring clean gutters becomes a primary duty as a landlord.
Smoke and Carbon Monoxide Detectors
Landlords are advised to examine smoke and carbon monoxide detectors once a month and to change the batteries every six months because these devices provide tenants with safety. Here are some common areas where smoke and carbon monoxide detectors are found:
- Sleeping areas
- Elevator shafts
Tips to Streamline Your Annual Landlord Responsibilities
Keeping up with landlord duties can be overwhelming, but it doesn’t have to be. Here are three strategies to ensure nothing slips through the cracks:
- Create a checklist: Use a checklist or spreadsheet to monitor completed tasks and identify pending ones before the year concludes.
- Calendar reminders: Input essential tasks into your calendar for easy recall.
- Pre-schedule seasonal maintenance: Avoid the rush by planning seasonal tasks a month in advance, facilitating better coordination with contractors and staying on track.
Consider hiring a property management company like Real Canadian Property Management Solutions to handle inspections, maintenance, financial assessments, and pest control. Relying on seasoned professionals ensures comprehensive and effective management of your property, offering you peace of mind.
Regardless of how busy your schedule or how big your rental investment portfolio is, caring for your property should come first. This guide will enable you to minimize your losses and maximize your potential rental income.
For expert services in managing your property seamlessly, consider reaching out to Real Canadian Property Management Solutions. Their seasoned professionals can handle inspections, maintenance, financial assessments, and pest control, offering comprehensive and effective property management.
Contact Real Canadian Property Management Solutions for expert guidance and peace of mind in managing your investment today!