As any landlord knows, when it comes to owning a rental property, there are a lot of things that can potentially go wrong. From huge repairs and problem tenants to accidents and even break-ins, the list of things that could happen to your property seems to be endless.
The fact is, owning a rental property is a huge investment, and every huge investment needs to have appropriate protections to make sure that you, your tenants, and your rental property are safe.
If you are a new landlord, you may be confused or anxious about how best to protect your property. We understand! It can be difficult to predict these unfortunate situations and prepare for them.
That’s why in this blog post, we have detailed all of our top tips and tricks for ensuring that your rental property is kept safe at all times. So, keep reading, and by the end of this post, you will hopefully feel more secure in your plan to protect your property long-term.
Know Your Area
This tip begins before you even purchase your rental property. When shopping around for your big investment, it is crucial to make sure that your rental property is in an area that will work for you on a long-term basis.
In short, choose an area that will always be desirable to tenants. The location of your property is often one of the most crucial pillars of its long-term success!
After you have purchased your rental property, you will also need to familiarize yourself with both the good and the bad that come along with the neighborhood your property is in. This will prove to be incredibly useful as you decide which safety measures and maintenance routines to put in place.
Take every detail of your property’s location into account. Is it generally considered safe? What is the weather typically like? Is there heavy traffic in the area, or is it more secluded? Is there a train close to the property? Are there break-ins or car thefts reported in the area? Is there a hospital or school nearby?
All of this can help you make informed decisions about how to keep your property safe and well-maintained, in addition to helping you market the property effectively to your target demographic.
Always Prioritize the Safety of You and Your Tenants
As a landlord, it is absolutely crucial that you always consider the safety of your tenants to be your top priority. This is especially true when it comes to the security measures that you will put in place for your property.
We recommend taking every precaution necessary in order to make your tenants feel as safe as possible. Always change the locks in between tenants. Test fire alarms and carbon monoxide detectors on a regular basis.
If your rental property is in an area that has a higher risk of break-ins, go the extra mile and invest in some higher-tech security systems. By doing this, not only will you be doing a better job at keeping your property and your tenants safe, but your tenants will appreciate your dedication to their safety and most likely stay at the property longer.
Enlist the Help of a Professional Property Manager
If you are a newer landlord, you may want to handle your rental property on your own in order to save money. However, we highly recommend enlisting the help of a professional property manager.
A good property manager will be able to take care of any issues that may come up with your rental home. From avoiding legal trouble and thoroughly screening tenants to ensuring that your property always remains in top shape, property managers are experts in their field, so you can trust that they will take the time to ensure that everything is running smoothly.
Choose Your Tenants Wisely
When you are choosing a new tenant to occupy your rental property, we recommend taking the time to thoroughly screen them. This is to reduce the risk of having a tenant damage your property, fail to pay rent, or cause any other issues with your rental property.
When screening a new applicant, there are a few things we recommend doing. First, you need to run a background check and a credit check. Then, you should verify their employment to make sure they are financially ready to commit to paying their rent for the duration of their lease.
Finally, we recommend going the extra mile and getting in contact with their previous landlord. This can give you a more clear insight into what they are like as a renter.
Do they have a history of paying their rent on time? Do they treat the property as if it is their own? If they own pets, are they responsible pet owners? Are they quiet and respectful of neighbors? These are all important questions to ask your applicant’s former landlord in order to prevent future issues in your rental property.
Invest Time and Money into the Regular Maintenance of Your Property
One of the most effective ways to keep your property in top shape is to introduce a regular maintenance schedule. By conducting frequent inspections, you will be able to identify small problems in the home and repair them quickly.
This can prevent larger, more costly issues down the road, and you can rest knowing that you have minimized the risk of any surprise maintenance issues popping up in the future.
Never Skimp on Insurance
Now, let’s say you have done your due diligence in maintaining your property. Even so, you must be prepared for the worst at all times. When it comes to your rental property, your insurance is your safety net to save you from any unexpected disasters that may occur. This should not be skipped!
Make sure that your insurance coverage will take care of any damage or destruction that can possibly happen to your rental property. Read the fine print of any insurance plan before you commit to it so that you know you are protected in any given situation. We also recommend requiring your tenants to get renter’s insurance once they sign their lease agreement.
Securing a Rental Property: Bottom Line
As a landlord, you always want to make sure that you, your rental property, and your tenants are all being protected. By following the tips listed in this blog post, you will be able to do just that! If you have any more questions on how to protect your investment property, contact our team at Blanket today. We would love to help you!
