Apartment Complex - Loss Prevention Tips
When it comes to owning an apartment complex, there is always the potential of damage occurring at your property. Claims are unavoidable as they will happen sometime, but as an owner there are some precautionary steps you are able to take to prevent or reduce significant damage occurring on your property.
Tenant Caused Fires
As the #1 cause of residential structure fires, cooking fires are going to continue. When spring season begins and nicer weather is the normal, tenants will bring out their grills onto the balcony or grass area nearby their unit. There are a few different ways you as a landlord can prevent tenant caused fires from happening in the complex.
Enforce all grills in use a minimum of 10 feet from a building or build a grilling area a safe distance from any nearby buildings.
Put in place a no smoking policy.
Install stovetop suppressors above oven units to prevent kitchen fires from growing.
Conduct periodic checks of all heating equipment to catch anything before damage is done.
Preventing Vandalism
Intentional damage done to your property by someone else can include anything from destroying mailboxes and breaking windows to spray-painting graffiti on the buildings. To prevent vandalism from being a recurring event, here are a few recommended projects to complete.
Install bright security lights outside the property.
Plant bushes and shrubs close to the property to make it harder to approach.
Put in cameras around the property to provide evidence of the culprit.
Sewer Backups
Sewer backup damage can be very severe to a unit or an entire building. Most often caused by the age of the systems in place, tree roots, and sanitary main blockages, damage can get into the floors, walls, furniture, electrical units, and more. To prevent any major damage through a sewer system, enact these steps.
Inform residents on disposing of grease, hair, and paper products to avoid clogging.
Cut tree roots and replace the lines with new plastic pipes.
Repairing Parking Lot and Sidewalks
Over time and usage from vehicles and tenants, parking lots and sidewalks will begin to deteriorate and can create problems for landlords. Uneven pavement, large potholes, or cracks can lead to someone tripping or falling on the property, resulting in large medical costs. Here are a few ways to reduce the risk of incidents from pathways in and around your property.
Mark uneven surfaces, potholes, or large cracks and then repair as soon as possible.
Visible paint on all speed bumps or tire stops.
Provide more outdoor lighting for nighttime.
Check that stable handrails along any steps are in place and secure.
Snow and Ice Slips and Trips
When the summer and fall seasons end, winter brings about its own unique challenges for landlords. Any snow covering a portion of a sidewalk or parking lot can create severe hazards for residents and guests. Anyone walking on an untreated path that you as a landlord are responsible for can end up costing you thousands of dollars.
Create and apply an Ice and Snow Removal plan to keep track and be on top of any winter weather.
Inform residents of the management’s plan of action ahead of any weather storms.
These tips are all practices and steps you can take to prevent damage to your properties which will help your insurance rate stay low and, in the end, increase your NOI to maximize your returns as owners and to any investors. These steps will provide a safer community for the residents, less risk of incidents happening on the complex, and in turn less headaches for you as the owner. No one task is more important than the other as each vary depending on the time of year and where the property is located.
