Property owners are faced several daunting tasks as they rent condos, homes, and other types of dwellings. How do you protect these spaces against break-ins and vandalism during vacancy periods? This is of particular concern if you don’t live near a property, since you can’t easily check on the security. Hiring a property manager can be costly, and eat into your bottom line. Take a look at these four techniques to increase the security and value of your rental property.
Invest in a Leakproof Insurance Plan
Accidents, natural disasters, and burglaries can cause significant damage to a vacant rental space, and you want to make sure you’ll be covered. Work with your insurance broker to purchase a plan that is appropriate to the climate and location of your property. Shop around and see what various insurance companies have to offer. If you own a property in a multi-dwelling building, be aware of other residents. If an adjacent unit floods or has a fire, you’ll want to make sure that your insurance will help during these incidents.
Conduct Regular Inspections
This is critical for the continued maintenance and upkeep of a property. If you are unable to visit your property in person, consider outsourcing the task to a trusted loved one or hiring someone to check in on a property. There are so many elements that can affect the quality of a rental – new pests or broken facilities are just a few things to worry about. Create an inspection checklist, so that you can assure prospective renters that these facilities have been tested and examined. These inspections also help you establish the condition of a rental unit before tenants move in, so that you can separate pre-existing issues from conditions the tenants are responsible for.
Get Emergency Sensors
If there’s a flood in a vacant property, it can be days or even weeks before anyone discovers the damage. Letting these issues sit over time can dramatically affect the level of property damage, and it can even change the amount an insurance company is willing to cover. If a property will be vacant for any period of time, you should consider installing emergency flood and break in sensors. These devices can alert property owners if water levels have risen in a property, or if an unauthorized person has entered the premises. These should be tied to a centralized security system for maximum efficiency. Also make sure to test your smoke and fire alarms regularly and change the batteries if they’re dead.
These techniques will boost the quality of your rental property. An attentive landlord will impress prospective renters and make them feel comfortable living in your dwelling. Make sure to keep it in top condition!