How to wrap up your year with confidence—and set your property up for success in the new year
As the year comes to a close, most people are focused on holidays, colder weather, and winding down. But for multi-family property owners, it’s one of the most important times to lean in.
Year-end is the perfect opportunity to review performance, catch up on maintenance, tighten operations, and start the next year strong. Whether you self-manage or work with a property manager, closing out the year the right way can make a huge difference for your tenants—and your bottom line.
Here’s a practical end-of-year checklist to help you finish the year like a pro.
✅ 1. Review Your Financials
Start by reviewing your full year of financial performance. Pull together:
- Rent collected (vs. rent due)
- Total operating expenses
- Maintenance costs
- Vacancy rates
- Late payments and write-offs
- Capital improvements
Compare these numbers to your projections from earlier in the year. Where did things go right? Where did costs climb unexpectedly?
As Gus Grimstad puts it, “You can’t grow what you don’t track. Year-end is the time to get clear on what your building actually earned—and what it truly cost to run.”
Don’t forget to flag any expenses that can be written off before tax season.
✅ 2. Schedule Preventative Maintenance
Cold weather, especially in northern states, can wreak havoc on multi-family properties. Pipes freeze, furnaces break, and parking areas become slip hazards.
Before things get worse, schedule:
- Furnace/HVAC inspections
- Roof and gutter checks
- Plumbing system reviews
- Snow removal planning (if applicable)
- Fire/smoke alarm and CO2 detector tests
Preventative maintenance now can save you thousands in emergency repairs later. Tenants will also feel more secure when they see you taking care of seasonal issues proactively.
✅ 3. Communicate with Tenants
A short end-of-year message goes a long way. Send a letter, email, or notice that:
- Thanks tenants for a great year
- Shares any holiday maintenance schedules or office closures
- Offers reminders about parking, snow removal, or heating use
- Provides emergency contact info
Simple communication shows professionalism and helps reduce unnecessary tenant calls during the holidays.
According to Gus Grimstad, “When you stay visible and responsive—even during the slow season—it builds trust. Tenants notice the effort.”
✅ 4. Inspect Common Areas and Shared Systems
Hallways, stairwells, laundry rooms, and shared outdoor spaces often get overlooked throughout the year. Now’s the time to walk your property and check for:
- Lighting issues
- Dirty or worn flooring
- Safety hazards (like loose railings or ice buildup)
- Old signage or outdated notices
Also inspect shared HVAC units, water heaters, and fire suppression systems if applicable. A quick walkthrough can identify issues that, left alone, might lead to complaints or costly repairs.
✅ 5. Review Your Vendor Contracts
Look at the agreements you have with your vendors:
- Snow removal services
- Landscaping companies
- Cleaning crews
- Pest control providers
Are you satisfied with their service this year? Are prices increasing next year? Do you need to renegotiate or explore new options?
Managing vendor relationships at year-end helps ensure better service—and better pricing—going into the new year.
✅ 6. Check Your Leases and Renewals
Go through your lease schedule. How many tenants are due for renewal in the first quarter of next year? Now’s the time to:
- Offer renewal options to good tenants
- Plan for potential move-outs
- Adjust rents if appropriate for market conditions
The more you plan ahead, the less stressful Q1 becomes.
Gus Grimstad often reminds owners, “Early renewals are a win for everyone. They reduce turnover stress and give tenants peace of mind.”
✅ 7. Organize Your Records for Tax Season
Tax deadlines might still be a few months away, but now is the best time to start preparing. Make sure you have:
- Updated profit & loss statements
- Receipts for repairs, materials, and services
- Depreciation schedules
- 1099 info for any contractors
Organized records not only make filing easier, but they also help ensure you capture every deduction you’re entitled to. If you use a CPA, they’ll thank you for getting a head start.
✅ 8. Set Goals for Next Year
Before you wrap up the year, take a moment to look ahead. Ask yourself:
- What do I want to improve about this property next year?
- Can I increase rents, reduce costs, or improve tenant retention?
- Do I want to expand my portfolio or renovate existing units?
Write down a few clear goals. Even one well-executed improvement—like upgrading common areas or automating rent collection—can have a major financial impact over 12 months.
As Gus Grimstad says, “You don’t have to do everything next year—but you should do something intentional. Growth comes from small, consistent steps.”
✅ 9. Revisit Your Insurance Policies
It’s easy to let insurance auto-renew without reviewing the details. But as your property changes, your coverage might need to change too.
Take time to review:
- Landlord liability coverage
- Loss-of-rent protection
- Flood or natural disaster coverage
- Deductibles and premiums
Speak with your insurance provider if you’ve made upgrades, added units, or had any claims this year.
✅ 10. Celebrate What Went Right
Finally, take a moment to acknowledge your wins. Did you reduce turnover? Stay fully rented? Complete a big upgrade or repair? Improve your relationship with tenants?
Owning and managing a multi-family property isn’t easy, and the year-end checklist isn’t just about what needs fixing. It’s also about recognizing progress.
Gus Grimstad puts it best: “At the end of the year, don’t just look at the numbers—look at the people. If your tenants are staying, your building’s improving, and your systems are getting stronger, you’re doing it right.”
Final Thoughts
Closing out the year as a multi-family property owner doesn’t have to be overwhelming. With a clear checklist and a little planning, you can enter the new year organized, stable, and ready to build on what you’ve already achieved.
Focus on the core areas: finances, maintenance, tenant relationships, and forward planning. And if you’re feeling stretched thin, consider whether hiring a property manager might be your next smart move.
The end of the year is more than a wrap-up—it’s a launchpad for what’s next.