Winters mean more than just colder temperatures for rental owners. They need to undertake several end-of-year activities to prepare their rental properties for another year of income. Here are the three important things that rental owners need to bear in mind:

Fill in the vacancies
Vacancy rates are at their worst during winters. So, even if you are planning to get your tenants to move out of the property, do not do it until the end of winters, because it is not easy to find new tenants during winters.

If your rental property is lying vacant during winters, try offering incentives such as gift certificates to lure tenants. An important thing to ensure is that your rents are fair and competitive. You might have to be a little more flexible on terms and duration of lease.

Year-end reviews, Preparing for tax payments

You don’t have to file your tax returns before April, but end of year is the time when you can work on a strategy to accelerate your rental property expenses and minimise your tax burdens. It is a good idea to set up a meeting with an accountant and work out your tax strategy. You can pay expenses that are due next year so that you can minimize your tax burden.

It is also important to conduct year-end reviews as well as revaluate rental regulations and insurance policies, if you don’t have a property manager handling everything for you. Make sure you are following all federal and state laws such as landlord-tenant statute and fair housing rules.

Plan for the next year
Now is the best time to make new plans concerning your rental property. Review lease agreement template and house rules. You must also revisit the rents, and see if you want to give it a hike. Make advance plans for any major repair or maintenance tasks that you may want to undertake in your rental property.

If you are a rental property owner seeking advice on any issue related to managing your property, you can get in touch with experts here at REAL Star Property Management.

Our property management firm can be reached by phone at (254) 935-2392 or in person at our office locations, 1506 Paseo Del Plata, Ste. 200 in Temple, TX, and 3901 E. Stan Schlueter Lp., Ste. 100 in Killeen, TX.