Tips to Keep Your Home (and Investment) Safe

Renting out your house in Winston-Salem can be a rather profitable venture, providing you with a steady stream of income. Additionally, you can rest assured that your property will appreciate over time, helping you grow your equity in the long term.

As a landlord, you should be aware of potential dangers and risks including property damage, problem tenants, and legal liabilities. Our team of experts at TE Johnson & Sons have written this article to help you prevent these problems altogether, protecting your investment property.

The Risks of Owning a Rental Property

To keep your rental property safe, you must understand the potential dangers and risks associated with this type of investment such as:

  • Property Damage and Neglect: A poorly maintained rental property will lose its appeal and value over time. Moreover, neglect or damage beyond normal tear and wear often result in costly repairs, which will ultimately affect your bottom line.

  • Legal Liabilities: You can face costly fees or legal disputes if your property doesn’t meet safety standards and local regulations. For instance, failing to respond to maintenance requests can lead to potential legal disputes along the line.

  • Safety Hazards: Your rental should comply with health, safety, and building codes. Failing to abide by these regulations can result in fires, structural damage, and other concerns that can put your tenants’ well-being and your investment at risk.

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  • Rental Scams: In recent years, rental scams have become more and more common. Typically, scammers will pose as tenants to deceive landlords out of money or into renting them their homes. Falling for any of these frauds can lead to a loss of money and even a ruined reputation.

  • Problematic Tenants: As a good landlord, you want to ensure that only quality tenants occupy your rental. Problematic tenants pose significant risks such as potential property damage, violating the terms of the lease, nonpayment of rent, and disrupting the neighborhood.

8 Ways to Keep Your Rental Property Safe

1. Screen Tenants Thoroughly

One of the best ways to keep your rental property protected is screening tenants effectively. This includes conducting background, credit history, and reference checks so that you select qualified tenants for your property.

By conducting this process, you can ensure that only the best tenants will occupy your rental who will also take care of your property.

2. Conduct Regular Property Inspections

Conducting regular property inspections can help you ensure that your tenants are complying with the terms of the lease regarding property upkeep. Additionally, these inspections allow you to identify and address potential issues before they escalate.

This proactive approach can prevent major damage and ensure that the property is well-maintained and your tenants are happy.

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3. Invest in Security Measures

As a landlord, your tenants and property’s security should be your priority. To ensure this, you can take proactive measures such as investing in quality locks, adequate lighting, security cameras, and even an alarm system.

4. Emergency Preparedness

Despite the regular property inspections, you cannot prevent emergencies altogether. Whether it’s a frozen pipe or a fire, it’s important that you and your tenants know how to act in case of an emergency.

You should develop an emergency response plan that includes contact information for local emergency services and clear instructions for tenants in case of an emergency.

5. Invest in a Good Insurance Coverage

As a landlord, landlord insurance is a great investment. Even with quality tenants and regular inspections, your rental property may never be completely protected against risks such as property damage or liability claims. Luckily, you can rest assured knowing that your insurance will help you in these cases.

You should shop around to find the best insurance coverage for your and your rental’s needs. Moreover, you must regularly review and update insurance policies to ensure they align with the current value of your property and protect it from potential risks.

6. Educate Tenants

Property upkeep is a joint responsibility between landlords and tenants. By clearly outlining tenant responsibilities, you can ensure that your property remains in good condition all year round.

Moreover, by educating tenants on safety measures and emergency procedures, you can ensure that your renters and your investment are always protected.

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7. Foster a Good Relationship with Neighbors

Building a positive relationship with your neighbors can go a long way. For instance, you can ask neighbors to keep an eye on your property when it’s vacant. Additionally, they can inform you of any suspicious activity when it’s leased.

This will not only help you keep your property protected but also foster a sense of community in the neighborhood!

8. Partner with a Professional Property Management Company

Managing a rental property can be time-consuming as a full-time job especially if you own several properties. To streamline the property management process, you can consider partnering with a reputable property management company like TE Johnson & Sons.

Our team of experts can take over the day-to-day operations of your rental, including maintenance coordination, rent collection, legal compliance, and addressing tenant complaints. This way, you can rest easy knowing your investment is safe and your renters happy!

Bottom Line

Owning a rental property comes with its share of challenges and risks. However, using proactive and informed measures, you can mitigate these issues. By screening tenants, investing in security measures, having good insurance coverage, you can ensure that your investment is always safe!

Need help managing your North Carolina rental? Contact TE Johnson & Sons today! Our team of experts will help you streamline the property management process, helping you make the most out of your rental property.

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