One of the most important part of owning a rental property is safety.  This includes the safety of your renters as well as the security of your property and everything inside it.  There are many things you can do to keep your property safe including changing the type of lock you use on the doors.  If you are tired of having to change the locks constantly, consider one of these types of locks.  They can help keep your property secure from renter to renter and are much easier to deal with.

We’ll cover a few types of locks, but certainly do your research on each type before selecting it for your home or property.  This is only a small amount of information on each type of lock.  You should fully understand all the pros and cons of each lock before you make a decision for your rental property.

Keyless Entry

Keyless entry locks are typically a keypad where you can select a series of numbers to use as the pass code. These locks are increasingly popular for all residences. They can be changed as many times as possible and some allow the use of dozens of codes.  So, you can keep one code for you and change the alternative codes as renters come and go.  Most run on a battery so as long as you regularly change the batteries, there is typically not many issues with this type of lock. Depending on the model, some support the use of a key and some are truly keyless. For the times when the battery does die, you’ll still have access to your home if you use a model that also allows the use of a key.  For the versions that are completely keyless, the lock is inoperable if the battery dies.  Some true keyless entry models solve that by installing battery contacts on the outside of the lock.

Newer models of keyless entry locks offer an auto-lock option.  This engages the lock automatically after a certain amount of time after being unlocked. The amount of time is typically determined by you.  This helps to give you peace of mind that your home is always secure, even if you are not residing in it.  You’ll feel safer knowing your home is always locked even if someone forgets to lock it.

Smart Locks

Smart locks are keyless entry locks boosted up a bit.  Take all the benefits of keyless entry locks and push them up to the next level. Smart locks can be operated through an app on your phone and sometimes coordinate with smart home technology. So, with these locks, there are typically multiple ways to unlock them. One is the keypad code like in the keyless entry locks.  Next, some smart locks employ the use of voice commands or fingerprints. Lastly, the option to open it via the web or from an app.  These locks can then be unlocked remotely.  Now you do not need to be present to exchange keys or let renters into the home.

A smart lock that operates with fingerprints is a relatively new technology.  Some users report that the reader had trouble consistently reading their fingerprint.  Many users solve that issue by programming their print multiple times at different angles. Even with some minor glitches, there are many positives.  Some of these locks can be programmed with up to 99 fingerprints and are widely appreciated for their long battery life. This easily allows for either a wide range of people or just a select few to be approved depending on your situation.

Rekeying Locks

At the bottom level on the technology scale is a lock which you can rekey.  You do still need to purchase new keys often, but these locks do save you the hassle of changing out the entire lock.  Most of these types of locks are relatively easy to use and take only a couple minutes to rekey.  Being on the bottom of the technology scale isn’t the only place these locks come in last.  They do not offer the same level of security as a keyless lock.  Locks that require keys are easily breached by thieves. However, they do offer the security that even if a copy of your key was made, it will not work in the lock any longer.

Jersey Shore Rental Property Security is Important

Not only do you need to think about the security of your property and belongings, but you also need to consider the safety of your renters and tenants.  You want anyone that is staying in your rental to feel safe and secure.  By providing higher-level security features, you are letting renters know that their security is important to you.

No matter which type of lock you decide on for your property, there are a few things you should make sure your lock does have.  Ensure that it has some level of anti-drill protection.  Drilling is a destructive, but quick and effective way to get past a dead bolt. Any lock worth its price needs to have anti-drilling properties.  Next, check for anti-bumping qualities if you are going with a lock that uses a key.  Bumping works by using a special key that helps to jump the pins inside the lock up.  By doing this and turning the special key at the same time, this is a quick and non-destructive way for people to get around a keyed lock. This breach tactic reveals no signs of a break-in.  As for smart locks, anything that relies on technology fails when there is an issue with that technology.  Biometric readers can fail, smartphone batteries can die, and databases can be hacked. That being said, smart locks are a lot harder to breach and are much better at securing the safety of your home.

There is so much to consider when it comes to rental property security.  Type of locks is just one part.  When you invest in a property, whether rental or primary residence, you need it to remain secure.  If you ever have any questions about recommendations when it comes to security options for your Jersey Shore rental property, contact an agent anytime.

The summer season can be a stressful time for owners of rental properties at the shore, a time when the added income of summer rentals is matched by the stress of maintenance, problems at the property, and generally keeping what amounts to a side business up and running.

Once the summer is behind you, it becomes time to take stock and consider what changes you can make to ensure next season is better than the last.

Presumably you are working with a professional to help manage your listings – it goes without saying that we recommend this approach – but even if you’re handling matters on your own, the following advice will be helpful.

First, you want to treat your summer rentals like a business. Whether you want to go as far as forming an LLC and handling rental business through that is a personal choice, but at the very least opening a separate checking account strictly for your rental is a good idea.

Medium reports, “Separating your business into its own checking account helps you to properly record and report your income and expenses. It can also help you to maximize your tax advantages. You may also want to use a different bank or credit union than you use for your personal purchases.”

Further, doing this can help you avoid comingling funds, giving you a better idea of what kind of money you have on hand for maintenance, repairs, and other expenses related to your rental.

Secondly, having a formal rental agreement is essential for both your peace of mind and your renters’. This agreement should outline what you provide and what comes with the rental, as well as your expectations of your guests: rules, behavior, things they are and are not allowed to do, and so on. Also include specific details about financial responsibility for damage, fees for rule-breaking, and so on.

This is an area where trying to be nice can backfire on you. Be thorough, be detailed, and most of all, ensure you are protecting yourself and your property.

Of course, you won’t have any renters at all if you don’t have a good listing. Most listing advice we can offer is common sense, frankly – have accurate and up to date listings, provide all the necessary details, etc. – but there are a few areas where most people can do better.

One area is in selling the neighborhood. Remember that people aren’t just renting your house, they are renting easy access to the sights, sounds and activities of the Jersey Shore.

Consider these questions Sally Walker at Styleblueprint suggests potential renters ask themselves, and understand that people want to know this information: “What’s your travel style? Taxi or public transportation? Quiet neighborhood or entertainment district? Make sure the neighborhood you’re considering has what’s important to you, whether it’s proximity to nightlife, a grocery store or boutique shopping.”

Another big item to get the most from your listings – and this is where it helps to work with a professional – is to have professional photos taken. Even if you’re handling everything yourself, go ahead and spend the money to have professional photos taken. It can make a world of difference both in the response you get and in the rental fees you can command.

Finally, communicate, communicate, communicate. Good communication before, during and after the rental not only ensures you are on top of things and can stop problems before they materialize, you can also ensure people have a good experience so they return next season.

If you have questions about how to be successful with your summer rental, call us at (732) 793-3333. We’ll be happy to help.