Leasing out a rental property can be a lucrative side hustle, but like any investment, it comes with several risks that all landlords should be aware of before listing their available property. From crummy tenants to pests and destructive pets, it’s essential for property owners to take careful precautions to protect their property and themselves from these potential threats.
In this article, we’ll share some tips on how you can keep your rental property safe and in the best position for profit.
Approve great tenants
One of the most important things you can do as a landlord or property manager is find stellar tenants. Responsible, reliable tenants are not only more pleasant to work with, but they also alleviate many of the stressors you have about keeping your property secure and your income stable. They’re more likely to take good care of the interior, be communicative, and pay their rent on-time. We really can’t stress the importance of quality tenants enough, but how do you ensure that an applicant is who you hope they’d be?
Unless you have some psychic property management powers, you probably can’t guarantee that a renter is going to be perfect but there are several things you can do to narrow your options to the best of the best:
1. Post your rental on reputable sites such as
a. HotPads
b. Zillow
c. Trulia
d. Realtor
2. Run a comprehensive background check
a. This should include a check for criminal records, rental history, and a landlord tenant credit check.
3. Provide clear expectations upfront
a. Your rental listing, application, and lease agreement should all outline your guidelines for the property as well as processes the tenant should be aware of.
Create a defined lease agreement
As we mentioned, a lease agreement is an important piece of succeeding in a landlord and tenant relationship. Not only does it demonstrate your expectations for renters and rules of the property, but it also protects you in case you have issues with rent payments, move-outs, or other policies later on down the road.
To create a thorough lease agreement, you should first be aware of your state and local jurisdiction’s regulations on rentals so that you can operate in compliance. Then create your lease agreement using these guidelines as well as policies specific to your property.
When any new tenant signs a lease agreement, be sure to provide them with a physical and digital copy for their own records.
Safeguard your property
Another way you can maintain the security of your property is by installing a home alarm system that will help ensure that your tenants and your property are protected from malicious trespassers. Emergency backup lighting can also be helpful. Not only will this measure make your tenants feel safe and protect your property from being vandalized, but it can also be used as a selling point when you list your property for rent! Be sure to add this feature to your rental listing when your property becomes available and mention it in any tenant interviews that you have. This will show that you’re a responsible and caring landlord and hopefully entice quality tenants to move in.