End of the Year in Rental Management:

our Advices

As a property manager, you have a lot to do at the end of the year. You must prepare renewal notices, post vacancies, prepare RL-31 slips, draw up financial statements and more.

Here’s a checklist, plus some tips, to help you optimize your time and get everything done as efficiently as possible.

Dos for Year-End Property Management

The list of things to do for this time of year can be extensive:

  • Update your lease forms and other documents, such as:

      • Renewal notices;
      • building regulations;
      • pre-authorized payment notices, etc.

  • Review tenant files;

  • Prepare RL-31 slips;

  • Complete government payroll form;

  • Carry out the end of the year balance sheet;

  • Prepare for the tax return;

  • Post vacant apartments;

  • Carry out control visits.

There’s a lot to do before the holiday break and there will be plenty on the way back. Be sure to plan ahead!

It’s a good time to take a step back and get an overview of the real estate you manage. By taking the time to organize and plan your work, you can avoid any last-minute rush and ensure that all your tasks are completed on time.

Adopting good practices for each of the elements will allow you to offer a better management service as owner/manager, in addition to maintaining a high level of satisfaction on the part of tenants.

Here are some things we encourage you to focus on now for a more productive and efficient 2023 !  

Analyze Property Occupancy Rates and Post Vacant Apartments

It is important to analyze your properties’ occupancy rate to ensure that each of them is as profitable as possible. The occupancy rate within your real estate portfolio is indeed a good performance indicator. It is interesting to pay particular attention to this at the end of the year.

This will also be an opportunity to rent out vacant apartments and thus reduce the vacancy rate of real estate from the beginning of the year.

Inspect your Buildings and Plan the Necessary Work

This is not a year-end task in itself; however, it is a good time to have your buildings inspected. You will be able to check that everything is in order or plan the necessary work if there is some. By performing preventive maintenance, you will avoid small problems to turn into big problems during winter.

Remember to schedule time for visits and credit inquiries.

Year-end and Lease Renewals

As a property manager, you need to make sure you send out lease renewals three to six months before your tenants’ leases end. If your leases end on June 30, you must therefore send renewals between January 1 and March 31. You must also examine tenant files and carry out control visits to ensure that each one complies with the conditions stipulated in their lease.

In Quebec, the law prohibits landlords from increasing the price of rent or changing the terms of the lease at any time. A residential lease is therefore automatically renewed under the same conditions as when it expires. If you wish to change the terms of said lease, you must send written notice to the tenants.This is the case for example for a rent increase, a change in the duration or in the level of access to certain services.

The renewal notice must contain the following:

  • Tenant’s name;
  • Rented apartment address;
  • Details of the proposed changes to the lease, including the amount of rent or other lease terms;
  • Time period available to the tenant to refuse said changes;
  • Date and signature of the owner or agent.

Using property management software is a great way to optimize your year-end. 

 

Good software can help you automate many tasks, such as preparing RL-31 slips. It can also help you keep track of your tenants’ files and be proactive about maintaining your buildings.

 

In addition to carrying out your year-end tasks more easily, you will be able to get ahead and enter proactive mode to exceed your customers’ expectations in 2023.

Learn more!