With the end of the year approaching, it’s the perfect time to evaluate your Southern Maryland rental property—or any investment property—to ensure peak performance and minimize liability in the new year. A thorough year-end review with your property manager is essential for planning strategic changes and improvements.
Financial Strategy & Market Positioning
Market Rent & Lease Terms: Given current area rental statistics and economic trends, what is the optimal rental rate we should target, and are there any beneficial changes we can make to the lease terms upon renewal?
Lease Renewal Timeline: When is the current lease scheduled for renewal, and what is the latest date I can communicate changes to the lease agreement?
Risk Management & Compliance
Insurance Review: Do I have adequate insurance coverage for potential risks like flood, frozen pipes, and loss of rent, and is the policy sufficient to cover potential code compliance issues?
Tenant Insurance Verification: Can you confirm the current tenants have renters insurance and provide a copy of the current certificate of coverage?
Compliance & Licensing: Do I need to register my property with the city or county, or are there any necessary licenses or permits that require renewal before the end of the year?
Maintenance & Tax Preparedness
What maintenance, repairs, or upgrades would you recommend to increase the property’s revenue potential, improve tenant retention, or ensure immediate code compliance?
Have all receipts and invoices for maintenance, repairs, and capital improvements been organized and provided to me for my year-end tax preparation?
Review of Property Manager Performance & Fees
Can we review the property’s financial performance over the last year, including vacancy rates, tenant turnover time, and an evaluation of your management fees to ensure we’re getting the best value?
Tenant Relationship and Future Retention
How is the current tenant relationship, and what are the specific steps we can take to maximize retention and minimize future turnover costs?
By addressing these questions now, you’ll establish a comprehensive strategy for financial health, risk mitigation, and compliance, ensuring a successful new year for your rental property investment.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
