For new landlords in Boston, MA, working with a professional property management company can ensure you have a successful experience with your rental property. If you have decided to manage the home on your own, there are three specific things you need to have in place to begin your career as a landlord. There are many more things that you’ll need to prepare for and attend to, but starting with these three will contribute to a solid foundation for your rental property business.
Set Up an Accounting System
An accurate, detailed accounting system will ensure you can consistently track the income and expenses associated with your property. An organized system of tracking your rental income is essential, and you’ll need to account for security deposits at all time. For tax and reporting purposes, you’ll need to be able to keep documentation that reflects rental payments, security deposits, and other deposits. You cannot combine your tenant’s money with your own. You’ll need separate accounts that are documented.
Access Necessary Forms
You will also need a collection of standard forms that are required for rental properties. These will include leases, lease addenda, specific disclosures, pet policies, and anything else you will need to be a successful landlord. This will keep you organized, prepared, and confident that you can document and support anything that occurs.
Assembling Vendor Contacts
Having a list of vendors who are reliable, professional, and affordable is very important to the successful management of a rental property. Make sure you only hire contractors and vendors who are licensed, insured, and bonded. When your tenants call in the middle of the night with an emergency, you don’t want to start looking for a plumber or a heating expert. You want to have one in place already. Assemble a list of several professionals in each field, and establish relationships with them before you need them.
These three things will get you started as a new landlord in Boston. If you have any questions while you’re putting things in place, contact Hancock Realty Group.