7 Online Tools to Streamline Your Eastern Massachusetts Property Management System

Updated February 1, 2022

If you're new to real estate investing (or even if you're a seasoned investor), having a list of industry tools and resources readily available can be helpful. Even if you've been in the real estate field for years, it's never too late to learn something new. We understand, however, that identifying reputable resources from those that hand out questionable advice may be difficult.

Our Eastern Massachusetts property management team put together a list of eight resources you can use to estimate potential income, estimate costs for a renovation project, and apply helpful tips on disinfecting your home during the make-ready process. Look over these seven online tools to make your job as a landlord easier.

1. A Cash Flow Worksheet

This worksheet helps you figure rental property cash flow—a critical metric to monitor when evaluating the success of a rental property. The cash flow method considers mortgage payments, taxes, insurance, maintenance, and vacancy rates compared to your monthly rental income. This free worksheet lets you input your maintenance and vacancies into the program and provide a table of suggested values based on the home's age and condition.

2. ROI Calculator

This helpful calculator from AARP helps you determine whether or not a potential residential property may be a good investment based on an estimated return on investment (ROI). The calculator has inputs for the rental property's address, purchase information, financing info, estimated rent payments, and estimated expenses, including a breakdown of operating expenses compared to your initial investment.

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3. A Checklist for Prospective Tenants

Handing over the keys to a new tenant can be a stressful time. Ease some of that stress with a new tenant checklist! This resource helps you plan and check off items to find and screen prospective tenants, then help new residents move in smoothly. 

Tenant screening and make-readies are areas where it can be a good idea to enlist the help of a rental management company in Boston, Massachusetts. The right property manager deliver stress-free services specializing in finding quality renters and getting a rental unit ready for a new tenant.

4. Rental Property Renovation Estimate Tools

When it's time to upgrade that kitchen or bathroom at your rental property, make sure you plan a budget for it! How much does your project cost? Which materials do you need? Home Depot has your covered with a website page dedicated to estimating project costs and resources. From tile re-dos to how much mulch you'll need for a landscaping project, this page has it all.

5. Free Lease Agreement Templates 

Creating a thorough lease is a critical aspect of managing and protecting rental properties. While we don't recommend relying only on a free lease agreement template, the right one can be a good way to start a new rental agreement. An internet search can lead you to plenty of template options. 

Whether you start with a download or from scratch, always review your lease with your attorney and a Boston property management expert to make sure it complies with federal law and includes details about to pay rent, security deposits, clauses, and disclosures that you might not find in a free template. 

6. Ideas for Disinfecting the Home

When a tenant moves out, or you're getting a home ready for the first tenant, it's always a good idea to disinfect the home to get rid of pet dander, dust, and dirt buildup. The National Center for Healthy Housing has put together a PDF to help landlords ensure that their real estate investment is sanitized and ready to go.

7. A Notice to Vacate Form

Property owners must know the correct eviction process and forms needed to remove a tenant. Must like free lease agreement templates, landlords can find free resources for a notice to vacate letter template, Pay or Quit, or another type of legally required written notice to begin an eviction. 

While using free forms can be a good reference point to get started, it's still a good idea to consult a lawyer and check with a company specializing in rental management in Boston. Plus, a property management company can help you avoid bad tenants who ultimately have to be issued a notice to vacate to start the eviction process. 

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A Property Management Company is the Best Resource!

While free resources can be helpful, they often have limitations. They can fall short of answering every question or giving you experienced insights that pertain to your property or the Boston residential real estate market. With free tools, you also lack a cohesive property management system that saves time and boosts revenue. 

The best tool you can use might be the one down the street! Boston property management companies deliver the tools you need to relieve stress when marketing and showing properties, putting together a new lease agreement, providing a move-in checklist for new tenants, handling maintenance issues, navigating the eviction process, and so much more.

If you are looking for the best resource to boost your bottom line, give CHARLESGATE Property management services a call and learn more about our full-service property management. 

What resources do property managers offer? Find out when you download our free "Guide to Finding the Best Property Manager in Boston."

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