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

Key Takeaways

• Review leases annually to stay compliant with updated laws and tenant needs.
• Inspect the property yearly to catch maintenance issues before they become costly.
• Reassess rent rates to ensure you're aligned with current market conditions.
• Stay proactive to protect your investment and build better tenant relationships.

The position of being a landlord entails responsibilities which many people do not anticipate. It is not a job of receiving rent and plugging up leaky faucets. There are things that seem to get overlooked every year, but missing them can cost you money, tenants or even worse.

The positive news? The majority of them require less time than you might assume, and a good property manager can perform all of them on your behalf.

In this guide, we’ll walk you through the essential tasks every landlord should be doing annually—but probably isn’t.

1. See Your Lease Agreements

The conclusion of leases should not be a one-off affair. Laws change. The tenant requires a change of mood. What was well done three years ago may no longer pass muster.

Make sure that you:

• Confirm that your lease is in compliance with the local and state regulations (rental policies are frequently changed in California).
• Remove outdated clauses or illegal terms.
• Add anything new—like rules around smart devices, subletting, or pet policies.

2. Schedule a Property Walkthrough

When you are not hearing about complaints, it is so easy to think that everything is okay. However, not all the issues reported by tenants are reported because not all of them do this in case they do not consider it an urgent matter.

This is why an annual walk-through is important. What to look for:

• Signs of water damage
• Pest activity
• Smoke detector status
• Filter replacements
• Wear and tear

This gives you a chance to catch small problems before they become expensive repairs. It also shows tenants that you care, without being intrusive.

3. Run a Rent Price Check

Renting below market without realizing it? You’re not alone.

Every year, take 30 minutes to:

• Compare your unit to nearby rentals
• Talk to a local property manager about current rates

Need help calculating what your rental should bring in today? Our team at American Dream Property Management offers free rental evaluations based on Bay Area trends.

4. Evaluate Your Vendors and Contractors

The plumber you called three years ago might’ve done a decent job, but is he still the best option?

Check in with your vendors at least once a year:

• Are they licensed and insured?
• Are their rates still competitive?
• Do they offer emergency support?

You don’t want to find out they flaked after a Saturday night leak.

5. Send a Tenant Satisfaction Check-In

Once a year, reach out to your tenants with a short message:

“Hi! Just checking in—how’s everything working in the unit? Anything you’d like us to look into?”

This simple gesture:

Builds trust

• Encourages early maintenance requests
• Reduces surprise complaints later

Even better? It helps prevent turnover. Happy tenants stay put longer, saving you thousands on vacancy losses.

6. Check Your Insurance Coverage

You already have a landlord policy. Great. But when’s the last time you read through it?

Each year, take a fresh look at:

Coverage limits — Have your property or rents increased in value?
Liability protection — Do you have enough to protect yourself legally?
Loss-of-rent coverage — If a fire displaces your tenant, how much income are you covered for?
With inflation and rising rebuild costs, outdated coverage can leave you underinsured.

In the event you do not get a $100-200 increase in premium per year, you will save a fortune in the future.

Visit the resources offered by the Department of Insurance in the state of California or consult with a licensed insurance agent dealing with rental property.

7. Review Your Financial Records

Tax season doesn’t have to be a nightmare. But if you’re not reviewing your books throughout the year, you’re probably scrambling every April.

What to check:

• Are all expenses categorized correctly?
• Are receipts saved for write-offs?
• Are you tracking depreciation?
• Even one missed deduction could mean hundreds of your refund.

Not a spreadsheet fan? We handle owner reports, income summaries, and maintenance tracking at American Dream Property Management, so our clients are always prepared come tax time.

8. Inspect and Refresh Safety Equipment

California rental laws require working:

• Smoke detectors
• Carbon monoxide detectors
• Secure locks and deadbolts

But laws aside—this is about protecting lives.

Make a checklist and test:

• Each detector and alarm
• Entry locks and window latches
• Exterior lights and motion sensors

If something’s off, fix it fast, not just for legal reasons, but for peace of mind.

9. Clean Up Landscaping and Exterior

First impressions matter—even in long-term rentals. A home that looks neglected from the outside can cause tenant pride (and care) to fade over time.

Each year:

• Trim back overgrown trees
• Refresh mulch or ground cover
• Power-wash walkways or siding
• Repair loose boards, railings, or mailboxes

Not only does this improve curb appeal, but it also helps preserve your property’s value.

10. Revisit Your Exit Plan

Maybe you plan to sell it in five years. Maybe you’re in it for the long haul. Either way, revisit your plan yearly.

Ask yourself:

• Are you still making the returns you want?
• Have your goals or lifestyle changed?
• Could a 1031 exchange or refinance help you grow?

A quick gut check each year keeps you on track—and helps you adjust before surprises hit.

Final Thought: It’s Your Business—Treat It Like One

Owning rental property isn’t just a side hustle. It’s a real business. And like any business, success depends on routine maintenance, strategic thinking, and consistency.

Most landlords miss these yearly steps—not because they’re lazy, but because life gets in the way.

At American Dream Property Management, we handle all of this and more, so you can enjoy the income without drowning in details.

Contact our team and let’s talk about how we can make your rental run smarter.