Renting a property can be a great way to make a little extra income – but the situation can propose a unique set of security risks. Whether a large apartment building or a single-family house, you are at least partially responsible for the security of the property, even if you live hours away from it. How can you ensure the security of your investment?

Whether you own or simply manage the property, you’ll want to be cautious about who you rent to. Most prospective tenants are used to filling out credit checks and a variety of background check forms. Take advantage of these credit checks to ensure that prospective tenants have a good track record with previous landlords. The biggest danger for landlords is revenue lost when a tenant fails to pay rent. You can also ask prospective tenants to provide a letter of reference from a previous landlord – which will help you ascertain the reliability of a prospective tenant.

Other security concerns might include potential damage to property. By doing a careful “walk-through” of the property prior to signing the lease, you can document the condition of the property prior to rental. Document any existing damage carefully, and feel free to take photographs. Once the condition of the property is careful documented have your tenant sign a document that shows he or she agrees to the current condition of the apartment. Asking tenants for a damage deposit (as well as the last month’s rent) is fairly standard practice in most areas.

In addition to completing the necessary paperwork, you will also want to change the locks between each tenant. Although many areas do not require landlords to change locks between tenants you can increase the security of your building by changing out locks between each renter. Also, make sure all windows lock securely and that fire alarms are functioning. Making sure the rental property is safe provides you additional security and protects you from any legal implications in the case of fire or theft.

Standard security practices can be just as useful for rentals as for the home you occupy yourself. Keep hedges and plants trimmed to increase visibility around the property; adequate lighting can also help prevent break-ins and vandalism. Repairing damages, vandalism and graffiti promptly will also help decrease any future vandalism to your property. If your property has secured access, make sure that the gate or door closes securely and that tenants only let in people that they know. Consider installing surveillance cameras at entrances and exits to monitor traffic and activities around your property.

Lastly, if you live on-site or nearby, be sure to check out the property frequently. This is especially true for large apartment buildings, as you can walk around the common areas without giving your tenants notice that you’ll be entering the property. In most cases, you will need to give them advance notice if you want to enter any apartments, but simply walking around the property will establish your presence and help you keep in touch with your tenants. If you live off-site, consider selecting a property manager that can keep an eye on things for you.

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Category: Real Estate
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