Protecting your property from fraud can be challenging, especially if you don’t have the resources to hire security professionals. Luckily, there are simple steps that you can take at home to make it more difficult for criminals to target your property, and this guide will show you how to do it! In addition to checking the locks on your doors and windows regularly, being aware of common scams that are preying on unsuspecting property owners, and keeping an eye out for anyone or anything suspicious around your property, you should also consider these four additional tips.
Don’t Let Them In
Many property owners overlook a simple but effective solution to prevent fraud: changing locks. This may be a last resort for some, but it’s often an easy solution that helps provide peace of mind that your rental unit won’t be burglarized and have items stolen. If you choose to go through with changing all your locks, ask for a professional estimate from your local hardware store or locksmith before beginning.
Ask the Right Questions
As a property owner, you probably deal with dozens of potential renters every month. But are you asking enough questions? If they say they made $50K last year, are you asking how much of that was earned hourly? Did they report it all accurately on their taxes? Did they do any side hustles to bring in extra cash? These are just a few simple questions that will help prevent fraud at your properties. Think of your screening process as a treasure hunt for deadbeats and scammers; don’t stop searching until you find what you’re looking for!
Keep an Eye Out for Red Flags
Don’t assume that your current process of screening applicants is enough to prevent fraud. In fact, there are often red flags an experienced owner will see right away (such as incorrect spelling on resumes or unrealistic job descriptions). Once you become familiar with common warning signs, make it a habit to check for them before each new employee starts work. It’s much easier and less expensive to catch potential problems early in the process than to fire someone later because they stole from you or scammed other employees out of money.
Educate Your Tenants About Security Risks
One easy way to protect your property from fraud is to educate your tenants about their potential vulnerability. Knowing that they are at risk of being scammed may encourage them to be more skeptical and cautious in all of their interactions with agents, vendors, and even you, as a property owner. One way to help them understand these risks is by having a security checklist available so that tenants can see if there are any areas where they could be targeted for a scam.
Know Where Your Leads are Coming From
Understanding where your leads are coming from will help you to manage and prevent fraud. If you’re receiving a high volume of leads from a certain source, it’s likely that some percentage of them will be fraudulent or dead ends. Utilize call-verification services as an extra check against these types of leads. By limiting your exposure to bad leads at their source, you protect yourself against an increase in claims and bad debt on your properties.
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