.jpg)
Key Takeaways
A proactive annual checklist can prevent costly repairs and legal issues.
Lease updates, vendor lists, and insurance coverage should be reviewed yearly.
Fireside Property Management can streamline your landlord responsibilities through expert property oversight.
Rental properties don’t run on autopilot. Even with responsible tenants and steady cash flow, small issues can snowball into major expenses if left unchecked.
At Fireside Property Management, we’ve helped landlords like you stay ahead of the curve by implementing structured annual planning. Proactive measures, rather than reactive fixes, are what separate thriving investments from those that bleed money and time.
This annual checklist for landlords is designed to help you spot red flags early, boost your rental income, and ensure your property stays safe, compliant, and profitable all year long.
TAKE ADVANTAGE OF A FREE RENTAL ANALYSIS
Free Rental Analysis
1. Revisit Lease Terms
Landlord-tenant laws change more often than you might think. What was acceptable last year may now need updating. For instance, California has updated regulations in recent years around rent caps, just-cause evictions, and how security deposits must be handled.
.jpg)
If your lease doesn’t reflect these updates, you could be in violation of various state or local laws. Here are some key lease clauses to check:
Security deposits: California law regulates how deposits are collected, stored, and returned.
Late fees and grace periods: Ensure terms comply with local rent control ordinances.
Maintenance responsibilities: Clarify who handles minor repairs and how tenants should submit requests.
Pet, smoking, and subletting policies: Update restrictions as needed based on your risk tolerance.
Bonus Tip: If you haven’t updated your lease template in a few years, now’s the time to run it by a property management company or real estate attorney.
Fireside Property Management offers professional lease reviews as part of our full-service management, ensuring your paperwork stays ironclad while you stay protected.
2. Update Your Emergency and Vendor Contact List
Having an up-to-date vendor list saves you stress when things go wrong. Each year, confirm that your go-to contacts are still active, reliable, and licensed. You should also verify emergency contact numbers posted at the property or shared with tenants are still accurate.
Note: Fireside Property Management provides tenants with 24/7 emergency response so you don’t have to scramble during a crisis.
3. Plan for Long-Term Improvements
Use your annual review to budget for future upgrades. These don’t need to happen immediately, but planning ahead keeps your property competitive and appealing.
When inspecting your rental, check for the following:
Is the flooring showing signs of wear?
Are the kitchen appliances outdated?
Is the landscaping boosting curb appeal or dragging it down?
These upgrades may also improve your insurance rating, reduce maintenance calls, or justify higher rent.
4. Issue Any Required Tax Forms
If you paid contractors or any independent vendors $600 or more during the year, you may need to send out IRS Form 1099-NEC by January 31. This applies even if the worker was only used once. Other tax-time prep you should get out of the way includes:
Reconcile rent payments, late fees, and expenses.
Organize receipts and invoices by category.
Review mileage logs (if applicable).
Prepare depreciation schedules for improvements.
.jpg)
If you’re unsure what’s deductible or how to report your expenses, consult a tax professional or leverage a property management company’s accounting services during tax season.
5. Review Your Insurance Coverage
Your rental property is a major asset, and your insurance coverage should reflect its current value and risk exposure. A lot can change in a year.
Construction costs may rise, local risks may increase (especially in wildfire or flood-prone areas), and your property may undergo upgrades that impact your coverage needs.
Reviewing your policy each year ensures you are not overpaying for outdated coverage and helps you avoid being underinsured when something goes wrong.
CONTACT US TODAY FOR MORE INFORMATION
Contact
6. Update Rental Pricing
If you haven’t raised the rent in a while, you may be undercharging. But if you increase it too aggressively, you risk pushing out good tenants or creating a vacancy. Weigh your current pricing against the existing market rates and update accordingly.
However, note that if you decide on an increase of rent, you must follow legal notice requirements to inform your tenants of the change. Fireside Property Management can provide up-to-date rental comps and guidance on how to implement rent increases appropriately.
7. Test Safety and Compliance Items
Ensuring the safety of your rental property for tenants is a legal obligation. Laws vary by state and municipality, but some requirements are universal. Federal laws require the provision and regular testing of:
Smoke alarms in every bedroom and common area.
Carbon monoxide detectors in properties with gas appliances.
Proper handrails and stair safety.
GFCI outlets in kitchens, bathrooms, and laundry areas.
Emergency exits and fire extinguishers (if applicable).
It’s also important to double-check that your rental unit is compliant with local building codes and habitability standards.
8. Conduct a Property Walkthrough
Even if your tenants aren’t complaining, an annual property inspection helps catch issues that may not be visible from a distance. Over time, wear and tear can quietly build up. Doors may stop closing properly, caulking may peel in bathrooms, or minor leaks may go unnoticed under sinks.
.jpg)
Use this opportunity to inspect for:
Signs of water damage, mold, or leaks.
Pest activity or access points.
Exterior wear (roof, gutters, paint, fencing).
Trip hazards or cracked pavement.
Functioning windows and locks.
Evidence of unauthorized pets or smoking.
Be sure to give tenants proper notice before entering the property, following California’s 24-hour minimum entry notice rule.
9. Touch Base With Tenants
Besides annual inspections, a check-in call can go a long way in building trust and improving tenant retention. This doesn’t have to be formal or time-consuming. A simple message or phone call to ask how things are going shows your tenants that you care about their comfort and satisfaction.
You can also use this opportunity to:
Remind tenants of rules or seasonal maintenance (like how to handle heat waves or rainstorms).
Ask if anything in the unit needs attention.
Gauge whether they intend to renew their lease when the time comes.
10. Improve Your Property Management Strategy
Finally, take a step back and assess your role as a landlord. Are you spending too much time chasing vendors or handling paperwork? Are you achieving the kind of return you want from your investment?
If the day-to-day responsibilities are cutting into your personal time, it may be time to hire a professional property management company. A good team, like Fireside Property Management, can:
Maximize your rental income.
Handle maintenance issues.
Ensure legal compliance and reduce your liability.
Provide bookkeeping and tax prep support.
Improve your tenant satisfaction and retention ratings.
LEARN MORE ABOUT OUR TEAM
About
Bottom Line
Proactive, yearly planning is one of the best ways to protect your investment and keep your rental property running smoothly. From lease reviews to safety checks, each task on this list can help you stay ahead of issues and maximize returns.
If you're ready to take your rental strategy to the next level, Fireside Property Management is here to support your success.
