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Year End Review: 7 Questions to Ask Your Property Manager Before Next Year

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With the end of the year coming soon, now is a great time to evaluate your rental property as you would other investments. A year-end review of your investment is a smart idea to assess any changes or improvements to make. Here are seven questions to ask yourself and discuss with your property manager before the end of the year.

  1. Is there room to increase the rental rate or change the lease terms, given area rental statistics and economic factors?
  2. When will the current lease be up for renewal and when can I make changes?
  3. Do I have adequate insurance coverage for flood, frozen pipes, code compliance, or loss of rent?
  4. Do the current tenants have renters insurance, with a current certificate?
  5. What maintenance and upgrades should I make in the next year to increase revenue or to ensure code compliance?
  6. Do I have all of the receipts needed for tax preparation for maintenance and improvements?
  7. Do I need to register my property with the city or county, or renew any licenses?accounting

By taking the time to address these questions now, you’ll be better prepared for a successful new year owning your rental property.

What would you add to this list?

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  1. Yes, every property investor should ask these 7 questions to their property manager in order to make an investment deal wisely.

  2. Very helpful post. I guess a great property manager presents recommendations for improvement before property owners ask for them.

    1. Absolutely! Thanks for the comment 🙂

  3. Good questions to start the year right with the property manager and the investment property. Great site!

  4. Great New Year reminder! Property owners should bear in mind that they are still liable for any mistakes their property manager make so asking questions such as these will ensure that everything goes smoothly all year through.