Improve Your Investment Property Security - Building Safer Rentals in 2023
If you rent out a residential property, one of your primary concerns is undoubtedly the safety of your tenants. It would be best if you safeguard your investment against annoying tenants, theft, burglary, arson, and a variety of natural disasters.
Most of your residential tenants are likely to be concerned about investment property security, if not more so. If tenants do not feel safe in your building and do not feel like their personal items are safe, they are less likely to renew their leases or refer friends and family to rent from you in the future.
Did you know that by implementing improvements to your investment property security, you can increase your property value and potentially get more money back on a refinance? To learn more about how this is possible, click the link below to book a free strategy call with our team at LendCity.
Everyone's safety is crucial
Securing your rental property is relatively simple. Small changes can bring a huge difference to your investment property security and the safety of your tenants. You can encourage renters to improve the safety of their space within your property if you collaborate and engage with them. The best and most practical approach to ensure the safety of your investment property is to start with the people who live there.
Several provinces and municipalities require particular safety and security measures for all operating rental units. If you are unsure about your jurisdiction's safety regulations, talk to other investors or a real estate attorney in your area.
You can utilize your safe, secure building as a marketing tool if it has modern access control and a professional security system. Making simple efforts to increase your investment property security can help you command a higher rental rate. Everyone wants to live in a safe and secure environment!
Improvements to increase your investment property security
You would be shocked at how many simple property modifications you can make to boost your investment property security instantly. The following are a few of the most common, inexpensive, and effective options:
Invest in locking windows
Some provinces and municipalities mandate the installation of locking windows. Even if it is not a legal requirement in your area, there are numerous advantages to locking windows that you should consider. Even if the windows are shattered, locking them makes it more difficult for would-be burglars to get access. Installing locking windows on your rental property will help you protect your investment and the renters that live there.
Install outdoor lighting
Burglars and thieves like dim lighting. Any portions of your property that are immersed in darkness are considerably more likely to draw unwelcome attention in the evening. Outdoor floodlighting can help you make your property less appealing to burglars and criminals while also providing a sense of protection and security to your occupants.
Invest in access control
If you live in a decent area, your rental building should have a reliable access control system. Depending on your individual requirements, a variety of access control methods are available. Some may, for example, allow you to issue a specific number to each tenant, enabling you to monitor possibly suspicious behavior closely and preventing non-residents from getting entrance to the property.
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Invest in a high-quality security system
Investing in a high-quality security system is another guaranteed approach to enhance your investment property security. Many people may be skeptical about the idea of putting a security system in their rental property. It is, however, frequently the most effective strategy to safeguard the safety and security of your property. The majority of security systems are interconnected to police departments, ensuring a quick response to any potential alarms.
Remove low-lying shrubbery
If your investment property has many low-lying shrubberies around the entryways, get rid of it. This shrubbery may attract thieves and burglars since it provides good protection. Instead, plant a privacy shrub along the fence around the boundary of your property, and always keep the planted portions well-lit. Maintain a safe distance between high tree branches and windows, as well as keeping them well-trimmed.
Collaborating with Renters to Improve Investment Property Security
You can encourage your tenants to adopt tiny behavioral changes to enhance your investment property security in addition to property renovations. Check out a few things that you can do to persuade your tenants to adopt better security habits:
Obtain renter's insurance
Renter's insurance is one of the essential things your residents can do to protect their possessions. If the worst happens and something they own is stolen while they are staying with you, your insurance coverage will cover the expense of replacing it. It is common to practice including renter's insurance in your lease agreement.
Meet your neighbors
Host events to encourage your neighbors to get to know one another. They will be more likely to see strange people in the building if they are familiar with the other occupants. Furthermore, they will be more inclined to work together to keep the building safe. A tight-knit community watches out for one another!
Consider installing interior security cameras and alarms
While installing cameras or alarms inside your renters' units would be a breach of privacy, you can convince them to do so on their own. A variety of smart security systems are built specifically for homeowners that may be appropriate for your residents.
Review protocol
Before signing the lease, double-check that your tenants are aware of the safety and security measures mentioned in it. This could include actions like not making duplicate keys or allowing non-tenants to enter alone. It may also entail informing them of emergency and non-emergency phone numbers to call in the event of suspicious conduct. To keep your tenants secure, arm them with information.
Working with your renters and implementing minor capital changes can substantially improve your rental property's safety and security. Prospective renters will be more interested in a safer apartment complex.
Consider measures to improve the safety of your rental asset if you are seeking a guaranteed approach to protect your tenants and get the most out of your real estate investment. A little indeed goes a long way!
If you would like to learn how to use your existing home equity to increase the value of your investment property and improve you investment property security, click the link below to book a free strategy call with our team at LendCity today.