Here are a few property management tips to help you protect your investment property
You want to keep your investments safe, and these property management tips are all about protecting your rentals from theft. Read on to stay secure.
Invested in a property and on the lookout for property management tips?
You’ve come to the right place.
We know that investing your hard-earned money in property is not a decision that you take lightly. But, once that decision is made, the return on your investment can be impressive.
When done correctly, with comprehensive screening processes in place, renting out your property can provide a continuous stream of passive income.
But, there are some things that you need to protect in order to keep your investments safe. Property management tips are all about protecting those investments.
Property Management Tips and Theft
Unfortunately, because of the world we live in, theft is an area of concern for most people. For property investors, that concern is ramped up a gear.
Because property investors have two types of theft to consider: Losses that may occur when the tenants are occupying the property, and losses that may occur at the hands of bad tenants.
Need some property management tips on how to keep your investment safe?
We’ve got you covered.
How to Prevent Theft: Property Management Tips
Prevention is Better Than Cure
As a landlord, you have some degree of legal responsibility to protect your tenants from crime.
What is the best way to protect yourself against liability for losses from crime?
Preventing those crimes from ever taking place at all.
How can you do this?
1. Meet and Exceed State Safety Laws
In most cases, a residential rental property must have a locking doorknob and/or a deadbolt, good lighting and window locks.
Limit your liability here by ensuring that you have everything required, and more.
2. Assess the Property and its Surroundings
It’s important to assess the property and the surrounding area for security concerns. It’s then equally important to take reasonable steps to protect your property.
Can you install security systems? What about alarms? Would bars on accessible windows make a difference?
Often, securing your property is cheaper than you would imagine. Trimming back landscape and providing additional lighting won’t break the bank and could actually save you much more money further down the road.
3. Maintain the Property
Maintaining the property is essential.
Conduct regular inspections to assess any security issues.
Communicate with your tenants and educate them about security. They may then have concerns or issues about security that they want to bring to your attention.
Should tenants have any concerns about security, ensure that you handle those problems immediately. Failure to do so may increase your legal liability and you certainly don’t want that.
4. Theft and Tenants
There are steps that you can take to protect your investment from unscrupulous, careless or criminal tenants.
Here are some things you may wish to do:
- Have a comprehensive tenant screening process – check references, etc. This is imperative.
- Prepare an inventory of items within the property. Take photos.
- Conduct regular inspections.
- Know the neighbors and nearby property owners. Give them your contact details and have a trusting relationship with them. They can be your eyes and ears.
- Always report tenants who commit crimes to appropriate law enforcement. Always pursue them in court.
Protect Your Investment
Need any more property management tips?
If so, reach out to us and let’s protect your investment together.