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

As a smart landlord, the recipe for success lies in staying on top of things. Being proactive will keep your property in great condition and ensure renters remain happy and comfortable. And when renters are satisfied, they are more likely to stay longer, giving you maximum return on investment.

Unfortunately, this is an area where many landlords fall short. This is often the case with self-managing landlords who do not yet have much experience.

Out-of-state investors or owners juggling multiple rental properties also tend to overlook important details. Missing even a few yearly tasks can quickly eat into your profits.

Our team at Compass Property Management wants to help you through the process. Here are five things you should be doing every year but probably are not, along with the reasons why skipping them could be costing you money.

1. Failing to Renew Leases on Time

Nothing hurts your bottom line faster than a vacancy. Without a renter in place, not only do you lose rental income, but you also continue paying out of pocket for expenses like mortgages, property taxes, utilities, and upkeep like boosting curb appeal.

To avoid unnecessary losses, always send renewal notices at least 90 days before a lease ends. This gives renters time to decide whether they will stay, and if they will not, you have enough time to market the unit and secure a new renter.

Early planning helps minimize vacancies and keeps cash flow steady.

2. Not Keeping Up with Prevailing Rent Prices

The rental market is constantly shifting. If you are not reviewing rents at least once a year, you risk charging too much or too little when you decide to rent out your house.

If you overcharge renters, they may leave and your property could sit vacant for longer. If you undercharge, you are essentially leaving money on the table.

To stay competitive, compare your rates with similar rentals. Local property managers can provide accurate insights, or you can browse sites like Zillow, Trulia, Craigslist, or Apartments.com. The goal is to keep rents fair for renters while still maximizing income by getting more rent for you property.

3. Not Inspecting Smoke and Carbon Monoxide Detectors

Providing a safe, habitable property is not just good practice, it is a legal obligation. Yet, many landlords overlook annual safety checks.

Some renters may even disable detectors when they beep instead of replacing the batteries. This leaves both the renter and your property vulnerable to disaster.

As the landlord, you are generally responsible for making sure detectors are working properly. You can assign battery replacement to renters through the lease, but be sure to educate them on how and when to do it. This helps avoid confusion and ensures everyone’s safety.

4. Not Checking for Water Leaks

Water damage is one of the most expensive maintenance issues landlords face, and it often starts small. According to the U.S. Environmental Protection Agency, the average household’s leaks waste more than 10,000 gallons of water each year, which equals about 270 loads of laundry.

Left unchecked, leaks can damage walls, ceilings, and floors, which can be very costly to repair. It is far cheaper to conduct regular inspections than to fix major problems later. Make it a yearly habit to check for leaks, or better yet, bring in a professional for a thorough assessment.

5. Not Changing Furnace Filters

Neglecting furnace filters can shorten the lifespan of your HVAC system, increase electricity costs, and even pose a fire hazard. Old or poorly fitted filters force the system to work harder than necessary, which drives up maintenance expenses.

Make it standard practice to replace furnace filters according to the manufacturer’s schedule. You can also delegate this responsibility to renters in the lease agreement, provided you clearly explain how to do it correctly.

Bottom Line

This list is not exhaustive, but it highlights some of the most overlooked yet critical tasks that can make or break your rental property’s profitability. Being proactive about inspections, lease renewals, and maintenance not only saves you money but also keeps renters happy and long-term.

At Compass Property Management, we help landlords across Grand Rapids maximize ROI by handling these details and more. From timely lease renewals to professional property inspections, our services are designed to protect your investment and grow its value.

Get in touch today to learn how we can simplify property management for you.