Staying organized and business savvy is crucial to running a successful rental empire. From routine rental maintenance to administrative tasks and checking in with your tenants, it’s important to stay on top of your game. Whether you’re a novice landlord or seasoned veteran, here are five things Brevard County landlords should aim to do yearly.
Renew Expiring Leases
To be safe, you should opt to provide your tenant with a lease renewal around 60-90 days before the existing lease expires. This can be as simple as sending a quick email with the updated lease renewal contract or handing it over at your annual property check.
If you don’t renew your lease before it ends, don’t worry—an annual lease reverts to a month-to-month lease in most states if not renewed. If the lease is set to begin in winter, you might want to opt for a six-month renewal rather than a year. Why? Because the property lease will be up for renewal in the summer, which is one of the easiest times to rent if you need to find a new tenant.
Analyze the Local Rental Market
Like everything else in real estate, the rental market is sensitive to change. It’s essential to periodically look at the local Brevard County rental market and reassess what it can bear. Failing to do so may cause you to throw away potential rental profit!
Matching the local market rent helps ensure your rental property is competitive on the market and attractive to prospective renters. If you aren’t sure how to verify market rent, reach out to a Brevard County property manager who can provide a detailed analysis.
Check Rental Insurance Rates
It’s always wise to shop around for better insurance rates at least once a year. Put simply, sometimes it pays to switch! There are many ways to save money on your landlord’s insurance, from special promotions to introductory deals and combining products.
Start your search online or ask your property manager for a trusted local insurance agent recommendation to find the best prices. Of course, switching your insurance can sometimes be a lot of work, so make sure the savings are worth the effort!
Test Smoke Alarms & Carbon Monoxide Alarms
Every landlord should test their unit’s smoke alarms at least once a year.
Unfortunately, some tenants would rather remove their beeping smoke detectors or carbon monoxide detectors than replace the batteries.
For safety and legal reasons, landlords must ensure all smoke and carbon monoxide detectors are in working order. Not only will this keep your tenants safe, but it will also minimize the risk of fires and damage to your rental property. Your property manager can help to ensure annual smoke alarm and carbon monoxide alarm tests are carried out.
Clear the Gutters
If your property has trees and foliage nearby, the gutters will likely need clearing of leaves and debris at least once per year. Backed-up gutters can impede the clear flow of water away from your property, causing water to pool near the foundation of your house, leading to damp, moldy environments.
Routinely clear away leaves and debris before they have time to create a blockage in your gutters, chimneys, and downspouts. By regularly maintaining your gutters, you’ll reduce the risk of costly water damage. It’s important to note that, unless “exterior maintenance” is explicitly listed as the tenant’s responsibility in your lease agreement, the task of clearing gutters is left to the landlord.
Managing Your Brevard County Rental Property
Here at Rent In Brevard Property Management, we understand that being a landlord can be challenging and time-consuming. Because we care about your success as much as you do, we are dedicated to helping you establish a solid and long-lasting rental business by focusing on your needs. From marketing your property and screening potential tenants to ensuring your investment is protected, our experienced property managers can handle it all. Get in touch today to discuss your property management needs.