GUEST OPINION: If home ownership is one aspect of the American Dream, rental property ownership ups the ante.
Buying one or more investment properties can be part of a strategy to build long-term, generational wealth. It’s not a path free of risk, but it can be a financially rewarding endeavour. It goes without saying that the cost of entry into the ranks of rental property owners is high. But if you have the financial flexibility to pursue this strategy, it could be your ticket to wealth generation.
If you want to own a rental property, one of the best decisions you can make is to hire a property management firm. It can help rental property owners with anything from screening tenants to collecting rent, maintaining the property to providing customer service, and marketing vacant units to helping set the rent. A property management firm is worth the investment and can spare you from making costly mistakes.
It’s essential, as a rental property owner, to understand the dynamics of the rental market in your area. You need to know what features and amenities renters want and expect. One feature sure to be on their wish list is internet access. If you do provide internet access, you should be mindful of internet security for your sake and that of your renters.
Here are five things to know as you seek to safeguard the internet at your rental property.
1. Separate Your Networks
Your first order of business is to separate your networks. If you wish to provide tenants with internet access, ensure you don’t connect your smart home devices — like security cameras or smart locks — to the same Wi-Fi network used by tenants.
Set up a primary network for the smart tech devices at the investment property and a guest network for tenants.
2. Use Strong Passwords
Don’t play games when it comes to passwords. While people know they should choose hard-to-guess passwords, some of the most popular passwords are selections like “123456”, “111111”, and even the word “password”. These easy-to-guess passwords are arguably just as bad as no passwords. Hackers with the right tools can make quick work of easy passwords.
You need strong passwords for your Wi-Fi network and the router’s admin access. It’s a mistake to stick with the default credentials your router came with from the factory. Anyone can look up that information and use it to gain unlawful access.
Another thing to remember is that you should change the Wi-Fi password every time a tenant moves out. The internet should only be for current tenants — not former ones.
3. Update Firmware Regularly
Buying the right tech is one thing — getting regular updates to keep the tech secure is another. Firmware updates are a must rather than an option. Firmware updates are the solution to vulnerabilities that would otherwise make you susceptible to hacking activity.
If the firmware updates are rolled out automatically, great. But if not, check out the manufacturer’s website from time to time to see if there are any firmware updates available.
4. Activate Network Monitoring
If you’re offering tenants Wi-Fi access, monitor network activity. It’s not about adopting a parental role over the people renting from you. Rather, it’s about ensuring that no unauthorised devices are using the Wi-Fi. You can also take note of odd spikes suggesting possible nefarious use.
5. Use Firewalls and Network Segmentation
Turn on your router’s built-in firewall. You need all the protection you can get against determined cyber criminals, and the firewall is one line of defence that can help to keep hackers at bay. You can go the extra mile by using network segmentation via a virtual local area network to separate smart home devices from tenant traffic.
While offering internet access to tenants is a good idea, you should go about things the right way. Don’t offer internet access unless you have a security strategy in place. It’s the right move for you and your tenants.
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