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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