Other crimes, such as drug sales, could also reduced through the benefit side. Ironically, drugs are valuable largely because they're illegal. Making them legal would lower their prices and decrease drug dealer profits. You should do your best to screw up crooks' cost-benefit calculations. Make it harder for them to steal your stuff, and do what you can to make the stolen stuff less valuable.
Most communities have crime prevention programs that are worth a look.
From a public policy perspective, you should consider the alternatives that can reduce crime. But you should also consider some non-traditional avenues that educate, train, employ, or otherwise increase the incomes of potential criminals. Even such things legalizing illegal drugs might do the trick.