As a landlord, you have an obligation to maintain and contribute to the upkeep of your investment property. Did you know that you also have another obligation – one that many landlords fail to realize? You also have an obligation to invest in the neighborhood that surrounds your real estate investment. Since the community around your property has a lot to do with its value, it pays to put in some effort to ensure it’s a thriving one. Here are five ways you can invest in the surrounding neighborhood.
1. Do Your Part To Support Neighborhood Watch Programs
Whether you’re a local landlord or one that lives in a different state than your investment property, you can still support the local neighborhood watch programs that work to keep your tenants safe. You can encourage your tenants to become active members, and contribute physically (if you can) and financially to the cause.
2. Sponsor Local Youth Programs
If you have long-term goals as a landlord, you need to do your part to support the youth in the surrounding community. Look for local boy and/or girl scout troops to donate financially to or contribute to an after-school program in the area. The benefits of supporting and encouraging today’s youth go far beyond increasing the value of your investment.
3. Take To Social Media
You don’t need to spend hours upon hours tweeting on Twitter or posting on Facebook, but every once in a while, it’s nice to share good news about the community with the people who care. As a landlord, it’s your job to encourage your neighbors and share the news that affects them most.
4. Take Care Of Your Front Yard
How your property looks to others is almost as important as the amenities you offer inside. When your front yard is well-manicured, it shows your tenants and your neighbors that you care as well as increases the security of the property. If you don’t have the time it takes to maintain the curb appeal of your rental property, it’s a wise and financially sound decision to hire a professional for the job.
5. Don’t Ignore Neglect
If you notice obvious signs of neglect in the surrounding neighborhood, don’t ignore it. Speak up and let the right people know about it. Even if it’s just a burnt-out street light or an overgrown lawn, make sure it’s taken care of so the rest of the neighborhood doesn’t follow suit.
When you own an investment property, your obligation doesn’t end at the curb. The surrounding neighborhood plays a big role in the value of your property, so it’s also your obligation to put effort forth to encourage and foster its growth. Use the tips above to build equity by investing in the community surrounding your property.