Top Tips to Keep Your Home and Investment Safe

Owning rental property is a significant investment that comes with the responsibility of maintaining a safe and secure environment for tenants. As a landlord, protecting your investment goes beyond just financial security; it also involves ensuring the well-being of your tenants.

Here are the key strategies to help you keep your home and investment safe:

Regular Maintenance

As a landlord, making sure that your property remains in its best condition is crucial in maintaining its value and preventing costly damages. Additionally, you need to maintain the upkeep of your property to ensure that it remains safe and secure for your tenants.

Here are the things you can do:

Routine Inspections: Schedule regular inspections to catch and address potential issues early. This includes checking for structural damages, plumbing issues, and electrical system integrity, and ensuring all safety devices like smoke detectors are functional.
Preventative Maintenance: Implement a preventative maintenance plan. Regularly servicing major systems like heating, ventilation, and air conditioning can prevent costly emergencies down the line.
Seasonal Checkups: Implement seasonal maintenance routines. For example, gutter cleaning in fall and servicing air conditioning units in spring and summer.
Responsiveness to Tenant Reports: Encourage tenants to report maintenance issues and respond promptly. This keeps the property in good shape and builds a positive landlord-tenant relationship.

Energy Efficiency Checks: Regularly assess and upgrade insulation, windows, and appliances for energy efficiency, which can prevent hazards and reduce costs.
Professional Assessments: Occasionally hire professionals for in-depth assessments of the roof, foundation, and pest control.

Enhancing Security

One of the best ways to increase the value of your property is to invest in security measures that ensure tenant safety. You want to keep your rental home protected from any potential intruders, including theft, burglars, and squatters.

Consider the following:

Install Good Lighting: Make sure the entire property is well-lit, paying particular attention to entry points. Motion-activated lights have the potential to effectively discourage trespassers.
Invest in Security Systems: Investing in a good security system, including cameras and alarms, can be a significant deterrent to criminal activity.
Consider Smart Home Technology: Utilize smart home technology like Wi-Fi-enabled cameras, thermostats, and smoke detectors for remote monitoring and management.
Install Access Control Systems: For multi-unit properties, consider installing access control systems to monitor and control who enters the building.
Secure Entry Points: Install quality locks on doors and windows. Consider smart locks for enhanced security and convenience.

Encourage Community Engagement: Encourage a neighborhood watch program and foster a sense of community among tenants for collective security.

Tenant Screening

A safe and well-maintained rental home can only be possible with trustworthy tenants. To ensure that your property is protected against damage that’s not part of normal wear and tear, you need to be selective when choosing tenants. When screening tenants, make sure to perform the following:

Background Checks: Conduct thorough background checks, including criminal history, credit checks, and past rental history.
Employment Verification: Confirm the tenant's ability to pay rent by verifying their employment and income.
Contact References: Ask for and follow up on references from previous landlords to gauge the tenant's reliability and behavior.
Consistency in Screening: Apply the same screening criteria to all applicants to avoid discrimination and ensure fairness.

Legal Compliance

As a landlord, you need to stay in compliance with the law to avoid any legal issues. It is your responsibility to provide a habitable and safe living environment to your residents. Make sure to understand the habitability standards in your local area and seek help from a professional property manager if you are in doubt.

Landlords should do the following:

Understand Local Laws: Familiarize yourself with local housing laws and regulations to ensure compliance, especially regarding safety standards.

Craft Comprehensive Lease Agreements: Ensure that lease agreements are clear, fair, and enforceable, outlining responsibilities for both landlord and tenant regarding property safety.
Stay Informed: Keep abreast of changes in laws and regulations that might affect your responsibilities as a landlord.

Partner with a Professional Property Management Company

Working with a professional property management company provides several benefits in ensuring the safety of your investment property, including:

Maintenance Coordination: Property management companies can coordinate maintenance and repairs more efficiently and at potentially lower costs than individual landlords can achieve on their own.
Tenant Relations and Retention: These companies are experienced in managing tenant relations, which includes addressing complaints, conducting move-in and move-out inspections, and managing lease renewals.
Legal Compliance and Risk Management: Property management companies stay up-to-date with changing housing laws and regulations, reducing the risk of legal issues.
Emergency Response: With a property management company, landlords have the reassurance that emergencies will be handled promptly, regardless of the time or day.
Expertise and Efficiency: A professional property management company is skilled in areas such as tenant screening, maintenance coordination, and legal compliance.

Conclusion

Ensuring the safety and maintenance of your rental property is a crucial task that requires diligence, foresight, and a proactive approach. Use the tips mentioned above to protect your investment and foster a safe living environment for your tenants.