You've snapped up your first Boston property. But now that the ink has dried on the contracts and the keys are in your hand, what's the next step? We can help.
Let's go through what to know after becoming a first-time real estate investor in Boston.
Know the Local Laws
Familiarize yourself with the landlord tenant laws in Massachusetts and Boston specifically. This includes understanding tenants' rights regarding rent, security deposits, eviction procedures, and maintenance responsibilities.
Massachusetts has specific laws governing the collection, holding, and return of security deposits. Make sure you understand these laws and comply with them when collecting and handling security deposits from your tenants.
Purchase landlord insurance to protect your investment property from potential risks. These might include property damage, liability claims, and loss of rental income.
Invest in Property Maintenance
Start by doing a proper inspection of your new property. That way, you'll be able to identify any existing maintenance issues or potential problems that need to be addressed.
Create a prioritized list of repairs and upgrades based on the inspection findings. Address any safety hazards or urgent maintenance issues first. Then, look at cosmetic upgrades or improvements that can enhance the property's appeal to tenants.
Come up with a regular maintenance schedule. That way, you can ensure that ongoing upkeep tasks such as landscaping, HVAC system servicing, gutter cleaning, and pest control are performed promptly and consistently.
Build relationships with reputable contractors, handyworkers, and service providers. They'll be able to assist you with various maintenance tasks. Having reliable professionals on call will help you address maintenance issues quickly and efficiently.
Get on Property Marketing
You need to make sure possible tenants actually know about your new rental properties.
Hire a local photographer to take awesome photos of the property. Use these photos to create an attractive listing that highlights the property's best features.
Schedule open houses and property showings. This lets prospective tenants view the rental unit in person. Make sure the property is clean, well-maintained, and staged to impress potential renters.
Think about giving out incentives such as a discounted first month's rent, waived application fees, or free utilities to attract tenants to your rental property. These incentives can help make your property more appealing compared to competing listings.
If you're having trouble keeping up with everything, look into hiring a Boston property management company.
Don't Forget to Screen Tenants
Once you've got some tenants on the line, you'll have to pick from the possibilities.
Determine specific criteria that Boston applicants must meet to qualify as tenants. This may include factors such as credit score, income level, rental history, employment status, and criminal background.
Create a rental application form that collects essential information from prospective tenants, including personal details, employment history, rental history, and references.
Become a Successful Boston Real Estate Investor Today
There's so much you need to do to be a top-notch Boston real estate investor. With this guide, you should be on the path to success.
Are you ready to hire some help? PMI of Greater Boston. Our franchise has decades of experience helping new real estate investors succeed.
Contact us today.
