Rental properties are an excellent form of investment. You can lease your units and earn regular revenue from your renters. Once your property increases in value, you can also choose to sell it at a higher price. This is the very reason some investors choose this type of investment.
If you already own a rental property, then one of your priorities will be to keep it and your tenants safe. Here are some of the best ways you can improve the security of your investment:
Improve fire safety
Fires are one thing every property owner should be wary of. Make sure to comply with the local fire regulations of your state. Watch out for fire hazards such as faulty electrical equipment. Invest in quality smoke detectors and fire extinguishers. Consider adding a firefighter pump inside the building. Make sure that your sprinkler system works and is not damaged in any way. You will also need to craft an evacuation plan that is easy to follow in case a fire breaks.
Install proper lighting in and out of the property
Proper lighting can help ward off crime and improve the safety of your tenants. Make sure that the property is always adequately lit during the dark hours. It will be best to invest in motion-activated lighting as your outdoor lights. If you find any burnt-out light bulbs, make sure to replace them asap.
Invest in security cameras
Security cameras allow you to have that extra pair of eyes in case you need to know who has gone in and out of the property. Install cameras in common areas, the hallways, as well as the front and back entrance of the property. This can help ward off trespassers and thieves from entering your property. You also get to attract more tenants and increase your rental fee if you offer additional security to your renters.
Consider hiring a security guard
If you have many rental units, then it makes sense to hire a security guard for your property. You and your renters will also get that sense of peace of mind knowing that they can always count on someone anytime. You have a reliable person who can monitor the activities in your property and restrict access to maximize safety in the area.
Screen your renters
One should also be vigilant when letting people you don’t know rent your property. Make sure to take the time to screen your tenants before allowing them to rent the property. You don’t only want to make sure that they can afford their monthly lease. You will also want to check if they are good people with no criminal history. You will also want to check with their previous landlords about the history of your future tenant before allowing them to stay in the property.
Get the right insurance
As with any business, you’ll need to buy the right type of premium as a means of protection against damages and liabilities. You will need to purchase landlord insurance that fits your needs. You will also need to make sure that you update your insurance policy every year.
Protecting your assets is one of the best ways to invest in your property. You get to secure the area and have that peace of mind, knowing that your renters and property are in good hands. You get to retain your tenants and even attract more renters as safety is also one of their priorities. Don’t take your investment for granted. Safeguard your assets with this short but effective list.