Our blog topic today is safety, crime and risk management. These are important topics for landlords, and we want to share a few tips with you that can help you keep your property and your tenants safe.
When you’re showing homes, it’s important to be careful. Do not allow the door to be closed at the entrance when you’re showing a rental unit to a potential tenant. Keep it open and easily accessible. You also want to make sure that no one is able to get between you and the door so that your exit would be blocked. If you don’t feel comfortable being alone with an applicant, bring someone with you. There is safety in numbers, and you’ll feel better if another person is there. Invest in an alarm device such as a whistle or a small siren. This is something you can keep close just in case something does happen.
It’s imperative that you understand the various types of insurance policies that apply to property and how you are affected when you manage a rental home. Take some time to read over all your insurance policies. This is a great time to read the fine print. You need to know exactly what is required to keep your property covered. Put an emergency action plan into place that will cover you in case there is a natural disaster, like a flood or a hurricane. Address how you plan to protect your property in such situations. Decide where you want to store your important documents, like leases and insurance policies. You have to keep these things somewhere safe in case your home is damaged.
You need to be vigilant against crime in and around your rental property. Provide your tenant with safety tips as well as emergency phone numbers. Keep track of local crime. You need to know what’s going on in the neighborhood where your rental property is located. Check the local police website or crime statistics. Never tolerate criminal activity of any kind by your tenant. Correct any such situation right away. The tenant needs to know that criminal behavior is not permitted in your property.
When you minimize your risks, you keep your investment safe. If you have any questions, or you’d like some additional tips on managing your security and risk, please contact us at Cape Shore Property Management.