Landlord Annual Checklist

By
Real Estate Broker/Owner with Gibson Management Group, Ltd.
http://actvra.in/JZG

For rental property owners and landlords who think property managers are paid to collect their tenants' monthy rent check and little else, I divised this calendar several years ago so that owners can see that landlording is a hands-on/24*7/job and realizing it sooner rather than later is beneficial in being a success in the business.

January

prepare 1099s * mail by 1/30

copy tenant's Jan rent check

gather mortgage interest 1099

gather prior year tax info

 February

determine current market rent

determine property value

submit 1099s to IRS by 2/28

send tenant renewal notice

March

do full property inspection

determine interior repairs

put property on rental market

arranger spring HVAC servicing

April

update check-out procedures

update ext property photos

clean gutters

arrange for interior repairs

May

 spray trees/mulch scrubs

initiate web marketing

perform drive-by inspection

install FOR LEASE sign

June

verify tenant departure date

continue web marketing

perform drive-by inspection

perform check-out inspection

July

update property

update interior photos

continue/update web marketing perform check-in inspection

August

perform final interior repairs perform drive-by inspection

calculate tenant deposit return

organize new tenant lease file

September

update tenant contact info

perform drive-by inspection

arrange fall HVAC service

check property tax billing

October

provide tenant winterization info

perform drive-by inspection

schedule gutter cleaning

perform driveway/gravel repairs

November

perform roof inspection

perform driveway/gravel repairs

update insurance coverage

double check hoses are removed

December

verify tax assessment amounts

perform drive-by inspection

send tenant seasonal notice

archive prior residents' file

JANUARY *

 

An accordion file with monthly pockets for less than $20 will help at tax preparation time. For bills with personal and rental expenses, copy the invoice and put it in your rental file. Keep your year end mortgage interest, insurance, real estate tax statement as well as all repair invoices. Copy your tenant's January rent check for the bank information. Also pay attention to vendor payments in excess of $600 annually. Download IRS form W-9 from www.irs.gov and make sure that you have tax ID information for all vendors who are not incorporated......1099s must be mailed to service providers by the end of Jan and the IRS copy and re-cap form mailed to the IRS by the end of February.

 

FEBRUARY *

 

Check your property's re-sale value in February. Don't rely on your tax assessment statement for its value....ask a Realtor or check current comparable listings at www.mycaar.com.

 

This is the time to think about renewing your tenant's lease. Waiting until April or May will put you behind the curve in your re-renting efforts.

MARCH *

 

Now is the time to do a full property inspection - inside and out. When you give notice to your tenant, ask that any repair items be put in a note and left on the kitchen counter. Check for leaks, evidence of mold, carpet wear, tenant caused damage and any need for upgrades. Arrange for the HVAC system to be serviced. Shop for this service as there is a great difference in prices for this task. If your tenant is leaving, put your property on the rental market ASAP.

 

APRIL *

 

update exterior photos of the property. This is important in internet marketing so having good, exterior photos is a must. Arrange for the gutters to be cleaned and schedule for repairs and upgrades for when the tenant vacates.

 

MAY

 

* arrange for spraying of trees and scrubs as well as mulching of plants. If necessary, take additional exterior photos.

 

Write tenants about how to return property keys, provide property cleaning instructions, arrange to utility transfer.

JUNE *

 

Do a drive by inspection prior to the scheduled tenant inspection. Verify tenant's move-out date. Update your tenant check-out procedures.

 

JULY *

 

Update interior and perform repairs. It is advised to remove any wallpaper from bathrooms and kitchens that could cause moisture to be trapped and mold to grow. Replace old appliances. Remove washer and dryers that are old and which may break during the next tenancy. Replace Fluidmasters in all toilets and make sure faucets have no leaks. Check batteries in smoke detectors.

 

AUGUST *

 

In VA, landlords have 45 days to return tenant deposits and send an itemization of any deductions. Perform final interior repairs and organize your new tenant file with application on each adult, executed lease with any executed disclosures and copies of initial checks.

 

SEPTEMBER *

 

Update current tenant information with contact phone numbers and e-mail addresses. Arrange for fall HVAC service and perform a drive-by inspection

 

OCTOBER *

 

Provide tenant with winterization information - disconnect hoses from exterior faucets, place covers on in-window AC units, etc. Schedule gutter cleaning.

 

NOVEMBER *

 

Perform roof inspection as well as driveway/gravel repairs. Check property insurance coverage and update.

 

DECEMBER *

 

Verify real property tax assessment, do a drive-by inspection and send tenant a "seasonal" message.

 

 

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Virginia Albemarle County Charlottesville
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Landlord Issues
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Rental Agents and The Single Family Rental Market
VIRGINIA
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Show All Comments
Rainmaker
781,274
Richard Weeks
Waller Group - Dallas, TX
Realtor, Associate Broker - Manager Business Development

Wallace,

Great information.  I love that the items are broken down by month.  Thanks for sharing.

August 23, 2009 09:46 AM #1
Rainer
156,491
Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI

Very complete "plan of action".  I don't do property management for my clients and one of the reasons is made clear by your posting.  In order to do a good job, the manager must devote a lot of time to the task.  The financial reward probably isn't worth the effort unless you're doing it on a large scale.  Thanks for a most complete list.

August 23, 2009 10:40 AM #2
Rainmaker
1,078,377
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Thank you for your kind words.....sometimes good property managers make our job look "TOO EASY" and it is when you have the best resources, knowledge and experience....Wallace

August 24, 2009 05:53 AM #3
Rainmaker
183,742
Sheila Moran
RE/MAX Access (Garden Ridge, San Antonio, New Braunfels) - New Braunfels, TX
SanAntonioSheila.com, RE/MAX Access, 210-32

Wallace,

Oh, the details, the details!

 

August 24, 2009 06:57 PM #4
Rainer
227,568
Diane Rice
Diane Rice, Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - South Holland, IL
SFR, SRES, CNC

An excellent informational post you've shared here Wallace.  We in the Property Management Group appreciate you!  Thank You Very Much!

August 25, 2009 10:01 AM #5
Rainmaker
571,099
Michelle Cooks
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Hi Wallacea, thanks for sharing this valuable information as it will help me get a plan together as well. Have a great weekend. 

March 28, 2014 08:14 PM #6
Show All Comments
Rainmaker
1,078,377

Wallace S. Gibson, CPM

LandlordWhisperer
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