Owning an investment property is a profitable venture, offering the potential for passive income as well as long-term wealth growth. However, this doesn’t mean that property ownership doesn’t come without risks.
Keeping an investment property safe requires plenty of proactive management and strategic planning. At Property Specialists we want your real estate investment to thrive.
That’s why we’ve written this comprehensive guide to help you understand the essential tips and best practices for keeping an investment property safe and secure.
11 Ways to Keep Your Investment Safe
Invest in a Security System
Installing a comprehensive security system is one of the best ways to safeguard your rental property. Invest in a system that includes features such as motion sensors, door and window sensors, and surveillance cameras.
This not only deters potential intruders but also provides you with peace of mind knowing that your property is being monitored at all times. Additionally, modern security systems often come with remote access capabilities, allowing you to keep an eye on your property even when you’re not physically present.
Conduct Regular Inspections
Regular inspections of your property are crucial for identifying any potential safety hazards or maintenance issues that require urgent attention.
So, make sure to schedule periodic inspections and check for things like faulty wiring, plumbing leaks, or structural damage. Addressing these issues promptly can prevent accidents or costly repairs down the line and enhance tenant satisfaction.
Install Adequate Lighting
Proper lighting can significantly enhance the safety and security of your investment property. Installing bright outdoor lighting around entrances, walkways, and parking areas will deter intruders and improve visibility at night.
Motion-activated lights and cameras are particularly effective as they can startle potential trespassers and alert you of any unusual or suspicious activity. Additionally, You should ensure that interior areas such as stairwells, hallways, and common areas are well-lit to prevent slips, trips, and falls.
Secure Doors and Windows
Strengthening the entry points of your property is essential for preventing unauthorized access. If necessary, install sturdy deadbolt locks on all exterior doors and consider reinforcing door frames and hinges to make them more resistant to forced entry.
Similarly, ensure that windows are equipped with secure locks or even additional security bars or screens for added protection.
Screen Tenants Thoroughly
One of the most effective ways to keep your rental property safe is by selecting reliable and trustworthy tenants. So, make sure to implement an effective screening process that includes background checks, credit checks, and references from previous landlords or employers.
By carefully vetting prospective tenants, you can minimize the risk of renting to individuals who may pose a threat to the safety of your property or other tenants.
Establish Clear Rental Policies
Drafting a solid lease agreement will help you keep your rental property safe throughout tenancies. By clearly outlining your expectations and rules for tenants, you can ensure that tenants understand their responsibilities in maintaining a safe living environment. Moreover, a well-written lease can greatly reduce the likelihood of disputes or misunderstandings later on.
Create a Maintenance Schedule
Regular maintenance is key for keeping your property in good condition and minimizing safety risks. Develop a comprehensive checklist that outlines routine tasks such as HVAC servicing, plumbing inspections, and roof maintenance, as well as seasonal tasks, such as cleaning the gutters before the rainy season.
By staying proactive with maintenance, you can prolong the lifespan of your property and provide a safe and comfortable living environment for tenants.
Create an Emergency Preparedness Guide
Even with regular inspections and maintenance, emergencies are unavoidable. That’s why it’s crucial that you equip your tenants with essential information and resources to handle emergencies effectively.
Create an emergency preparedness guide that includes contact information for local emergency services, evacuation procedures, and instructions for shutting off utilities in case of leaks or short circuits. Additionally, consider conducting regular drills or simulations to ensure that tenants are prepared to respond appropriately in the event of a crisis.
Take Care of Landscaping
Regular landscaping not only enhances the curb appeal of your rental property but also plays a role in its safety and security.
Keeping shrubs, trees, and bushes trimmed can eliminate potential hiding spots for intruders Additionally, regularly removing debris such as leaves or branches can help prevent fire hazards or impede access to the property.
Invest in Insurance
Adequate insurance coverage is a great investment for landlords and real estate investors. In addition to standard property insurance, you can purchase liability insurance to protect yourself from potential lawsuits resulting from accidents or injuries that occur on the property.
Review your insurance policies regularly to ensure that they provide sufficient coverage based on the current value of the property and any changes in risk factors. It’s also a good idea to consult with a qualified insurance agent to explore additional coverage options that may be beneficial for your specific situation.
Partner with a Property Management Company
Managing an investment property can be challenging. After all, you never know when an emergency may arise. By partnering with a professional property management company like Property Specialists, you’ll have the peace of mind of knowing that your investment is in good hands.
They’ll take over all day-to-day operations of your rental, including maintenance coordination, rent collection, legal compliance, and addressing tenant requests.
Bottom Line
There are many risks associated with owning an investment property, from property damage and safety hazards to loss of rental income and liabilities.
By taking proactive measures, such as implementing security systems, conducting regular inspections, and maintaining clear rental policies, you can mitigate risks and prioritize the safety of both your property and tenants.
Need help keeping your Arlington rental safe? Contact Property Specialists today! Our team of expert property managers is ready to take over all preventive measures to keep your investment protected, including screening tenants, conducting regular inspections, and drafting a solid lease agreement.
