It’s no secret that owning rental properties can provide long-term income. Property owners can generate enough revenue to fund other obligations, needs, and life goals depending on the rental rate, monthly mortgage, and associated expenses. Although the outcome sounds like a win-win situation, several factors can impact a landlord’s ability to turn a profit. For starters, the property must be safe and secure.
You’ll never retain long-term tenants if they don’t feel safe. Robberies, home invasions, vandalism, data breaches, and more can convince a tenant that it’s time to relocate. As such, landlords and property managers must prioritize safety and security. Below are some suggestions on how to proceed.
Complete Background Checks On All Tenants
It’s essential to be mindful of who you allow to reside in your rental property. While it’s natural to want to fill the vacancy, overlooking a background check could put you, your property, other tenants, and the neighborhood at risk.
Landlords must run background and criminal checks on all potential tenants. You should also ask for references to understand the person’s character, behavior, and credibility. If you notice any red flags that give you pause, it may be best to wait until you’ve found a suitable tenant.
Install A Security System
A residential or commercial security system can enhance the safety of your rental property. You can use security systems to deter criminals and keep an eye on your property. Fortunately, there are various options to suit your needs. A single-family home would require a residential alarm system with a keypad, emergency alert or panic button, motion detectors, security lights, and cameras.
A multi-unit or apartment complex will need additional features like security codes to access the building and an intercom system with a buzzer. It is important to note that you cannot invade tenant privacy. Therefore, you should never install cameras in the units or restrooms.
Parcel Lockers
Online ordering has increased over the past few years, resulting in multiple packages being delivered to properties every day. As you might imagine, this has increased the number of thefts as criminals steal packages left unattended. While package delivery can be managed in-house, it’s a multi-faceted and time-consuming task for landlords and property managers.
Automated parcel lockers provide a practical solution. Where are parcel lockers located? Property managers can install units in a common area or outside the premises for easy access. Delivery drivers can place the package in the locker using a unique access code provided by the property manager. Tenants receive a text, email, or mobile app notification that the package has arrived with an access code to retrieve their belongings.
Property Management Software & Virus Protection
Landlords and property managers must maintain mountains of paperwork to keep the business running smoothly. While paper documents and filing systems were standard, it’s challenging to manage and easy to get lost or stolen. Ultimately, investing in property management software is ideal. These systems can keep track of everything from tenant applications and lease agreements to maintenance requests and vendor account details, saving you a lot of time and improving productivity.
Although property management software saves time and streamlines processes, there are some safety concerns. One of the most common is data breaches. Data breaches can cause significant problems for landlords, property managers, tenants, and vendors. If personal details get into the wrong hands, they could be used for malicious purposes, costing you thousands of dollars to resolve. Ultimately, investing in high-quality virus protection is essential to keep data safe. It will ensure that cybercriminals can’t easily access critical data, providing peace of mind for everyone involved.
Owning an investment property has significant advantages. Of course, landlords must ensure they maintain their obligations to reap the benefits. Safety and security are some of the most essential responsibilities for landlords and property managers. As tenants wish to live somewhere safe and owners want to protect their assets, using the tips above can reduce your vulnerabilities and increase your earnings potential.
