As a landlord and rental property investor in Massachusetts, you have the potential to earn a steady stream of income and build long-term wealth.
However, being a successful landlord requires more than just owning a property and collecting rent. It involves managing and maintaining your property, screening and selecting tenants, and navigating the complex legal landscape.
Here are some tips to help you be a successful landlord in Massachusetts:
Understand Laws and Regulations
Understand the laws and regulations: Massachusetts has strict landlord-tenant laws that you must adhere to as a landlord.
These laws cover everything from how much notice you need to give tenants before entering their unit to how you can handle security deposits.
Familiarize yourself with the Massachusetts State Sanitary Code, the Massachusetts Residential Landlord-Tenant Act, and any local ordinances that apply to your property.
Having a profitable rental property without knowing the laws is more challenging.
Understand Legal Resources
Landlord-tenant law can be complex, and it’s essential to have access to legal resources to help you navigate any issues that may arise.
This may include consulting with a lawyer or real estate professional, subscribing to a legal service, or joining a landlord association.
Screen Tenants Carefully
Choosing the right tenants can significantly impact your success as a landlord. Screening potential tenants is crucial not only to protect your property and investment but also to avoid potential issues.
You can use a tenant screening service to help you gather this information and make informed decisions about which tenants to approve.
Once screened, carefully review potential tenants’ rental history, credit history, employment status, and other relevant information to ensure they are financially stable and responsible.
You’ll likely find some applicants don’t have good credit scores.
You can also require a co-signer or ask for a higher security deposit to mitigate the risk of default.
Have Clear Expectations
Establishing clear expectations with your tenants can help prevent misunderstandings and conflicts down the road.
This includes providing the tenant with a clear outline of their responsibilities and yours, usually included in the lease agreement. This should include details on rent payment, property maintenance, and any other rules or policies you have in place, such as addendums.
When buying a rental property, keeping a tight financial ship is essential.
Know The Rental Agreement
A rental agreement is a legally binding document that outlines the tenancy terms, including the lease’s length, the rent amount, and any rules or policies you have in place.
It’s essential to have a clear and comprehensive Massachusetts rental agreement that adheres to local landlord-tenant laws to protect your interests as a landlord and avoid misunderstandings with your tenants.
Know the Addendums
An addendum is a document that supplements the rental agreement and covers specific issues or circumstances that may not be addressed in the original agreement.
For example, you might use an addendum to outline pet, smoking, or guest policies. Addendums can help clarify expectations and prevent disputes.
Maintaining The Property
As a landlord, it’s your responsibility to keep your rental property in good condition. This includes performing regular maintenance and repairs and ensuring that the property is safe and habitable.
Failing to maintain your property can lead to complaints from tenants, legal issues, and a drop in the value of your property.
Excellent communication With The Tenants
Good communication is critical to being a successful landlord. Keep in touch with your tenants and promptly respond to their concerns and requests.
This can help build trust and prevent minor issues from becoming more significant problems.
Have Maintenance and Repair Supplies Ready
As a landlord, it’s your responsibility to keep your rental property in good condition. This means having the necessary supplies and tools to perform regular maintenance and minor repairs.
Some items you may need to keep on hand include essential hand tools, plumbing supplies, electrical supplies, and cleaning supplies.
Be Prepared For Emergencies
Emergencies can happen anytime, and as a landlord, you must handle them quickly and effectively.
Make sure to have the plan to handle emergencies such as plumbing issues, electrical outages, and natural disasters. This may include having a list of trusted contractors on hand and establishing a clear protocol for tenants reporting emergencies.
Use Rent Collection Tools
Collecting rent on time is essential to your success as a landlord. You can use rent collection tools like online payment portals or rent tracking software to help you keep track of payments and ensure that you’re getting paid on time.
Consider Hiring a Property Manager
Thinks about hiring a property manager. If you own multiple properties or don’t have the time or expertise to handle the day-to-day tasks of being a landlord, you may want to consider hiring a property manager.
A property manager can handle everything from screening tenants and collecting rent to performing maintenance and handling legal issues.
Following these tips can increase your chances of success as a landlord and rental property investor in Massachusetts.
Owning rental property can be a rewarding and lucrative endeavor, but it also comes with challenges.
You can build a successful and sustainable rental business by staying informed, setting clear expectations, and maintaining your property.
About the author: The article on how to be a successful landlord in Massachusetts was written by Hillary Bost. Hillary has been in search since the early 2000s and enjoys the technical aspect of getting websites ranking through onsite and offsite optimization.
As a brand development manager, she has significant responsibilities to help her clients succeed.