Protecting your rental property is one of the most important duties as a landlord. Whether from natural disasters, severe weather, or internal damage caused by tenants, there are many steps you can take to safeguard your investment.
One of the most important ways to protect your property is by screening potential tenants and conducting regular property inspections. Additionally, implementing security measures and enforcing penalties for tenant damage can also help prevent costly repairs.
- Install Security Cameras and Alarms
Improved security is a key aspect to attracting renters for monthly and vacation rentals. Whether it’s a property in the suburbs or an urban area, installing cameras deter burglars and trespassers. However, it’s important to note that landlords must abide by state and local laws regarding surveillance. Generally, cameras may not be placed in areas that tenants have a reasonable expectation of privacy such as bathrooms and tenant apartment units.
Another affordable and effective security measure is to install timers on lights, TV, and other electronics in the property. This way, if a thief is casing the property, they will never be able to pinpoint an exact schedule. Additionally, implementing door and window sensors that alert the property owner of any openings will deter crime.
- Schedule Regular Property Inspections
If you want your tenants to feel safe and secure in your rental property, it is essential to conduct regular inspections of the property. This will allow you to identify and address maintenance issues before they become serious problems. It is also important to carefully screen tenants before renting out the property to minimize the risk of damage and late rent payments.
Tenants who feel that their landlord cares about the safety of the property are more likely to respect it and take better care of it. Ensure that your tenants are aware of your routine property inspection schedule and give them adequate notice prior to the inspection. This will prevent them from feeling like you are invading their privacy and will benefit your relationship with them.
- Enforce Penalties for Tenant Damage
If a tenant is not willing to pay for damages caused by them on your rental property, you have several options. First, you can deduct costs from their security deposit. Alternatively, you can take them to small claims court if the damage is too extensive or has gone beyond what normal wear and tear would have covered.
Another important step is to implement a detailed tenant screening process. This can include a credit check, background check, and landlord reference checks. You should also set clear boundaries on what constitutes normal wear and tear and what
damages you’re willing to cover. This way, tenants are incentivized to take care of your property. If they don’t, you can use your legal rights to evict them from your property.
- Make Sure the Property is Well-Maintained
A well-maintained property demonstrates to tenants that their comfort and safety are a landlord’s top priority. Performing regular maintenance helps prevent problems from occurring, such as clogged drains and broken fixtures. This can save landlords money in repair costs and reduce tenant complaints.
Landlords should also encourage tenants to use appliances properly and not put foreign items in the drains, such as grease and soap scum build-up, as these can damage plumbing fixtures. Landlords should schedule regular inspections to identify and address issues before they become major problems, such as leaking roofs or heating units. Systems protect home warranty which in turn protect a landlord or the homeowner.
Tenants who are happy with their rental home are more likely to stay longer, which can reduce vacancy rates and costly turnover fees for the landlord. Proper screening of applicants is essential to help avoid renting to unreliable and dangerous tenants.