How to Manage Your Boston, MA Rental Like A Property Management Pro

Updated April 28, 2022

Owning rental property is called passive income for a reason. However, a successful landlord can't just own a property, find a tenant, and wait for the big checks to roll in. After finding the perfect rental property, there are still several plates that a landlord or property management company will have to keep spinning to ensure success. 

Whether you're managing your own rental home or outsourcing the task to one of the best Boston, MA, rental management companies, you'll need to pick an approach that keeps your rental business profitable! This post will offer some valuable tips on maintaining the investment property, taking care of tenants, and keeping more money flowing in (than flowing out) of your real estate investments.

Essential Requirements of Managing Rental Properties

It's helpful to understand the three primary areas of a rental property that need consistent attention. The break down a landlord's management responsibilities include:

• Maintaining the property

• Staying on top of finances

• Dealing with tenants

Every step of the leasing journey needs a process in place. From marketing the property to the make-ready, move-in, maintenance issues, and move-out—these tasks must be dealt with consistently. If that sounds like a lot to handle, in addition to these issues, a professional property manager can also help with the unexpected. 

1. Property Maintenance

Landlords have a legal responsibility to maintain their property in a safe and livable condition. Unsafe or unclean living conditions are a major deterrent to good renters.

It's more cost-effective (and often safer for tenants) to deal with maintenance issues early before they become more significant problems later. For example, minor out-of-sight issues like hoses and drain lines could be replaced regularly to avoid issues. Any property management system should include a periodic inspection process to ensure these items are checked and replaced when necessary.

Since you are competing with other property owners for the best tenants, it's a good idea to remodel your rental houses to keep up with what interests Boston area renters. However, some things can be repaired or cleaned before significant renovations are needed, such as cleaning carpets to extend their use in your property before replacing them.

2. Staying On Top of Finances

A well-maintained property is excellent, but a property owner can't budget for necessary maintenance and repairs without cash flow. Therefore, on-time rent collection and handling non-payment issues is a landlord's top priority to stay on top of finances.

Late rent payments can be financially challenging and frustrating for property owners. Use rent reminders and fines to prevent late payments before they start. In addition, accepting online rent payments allows tenants to easily pay on time, eliminating the "check is in the mail" excuses.

Costly evictions are another financial string for landlords. A notice to vacate can stem from non-payment or rent or lease agreement violations. Either way, it's best to avoid the hassle and cost of evictions to manage annual budgets.

3. Dealing with Tenants

When it comes to rental investments, tending to tenants' demands is a third critical management area. Investing in a thorough tenant screening process to find quality tenants offers you the highest chance of successfully finding quality residents. Some of the tasks involved in tenant management include verifying renter credit, collecting rent, and creating a lease.

Dealing with tenants also requires people skills, especially regarding tenant complaints. Understanding the most common issues and being proactive in dealing with them can help you enhance your tenant retention rate.

The best real property management Boston offers suggests inspecting your rental property regularly to stay up to date on conditions and avoid tenant concerns before they become issues. Also, have a move-in checklist ready for you and your tenants to mark down any concerns before they move in. Landlords should also be aware of local laws that deal with tenant issues, including the Fair Housing Act. 

Frequent tenant turnover and long vacancy periods can hinder any chance of financial success for real estate investors. Property owners can improve retention and returns by finding quality tenants and keeping them happy so they stay in the property longer. Check-in with a property management company to stay in compliance with state and local laws.

Partnering with the Best Boston Rental Management Company

Like any other financial decision, the decision to use management services from a professional Boston property manager makes day-to-day property management easier (and more profitable). Out-of-town owners benefit from the local experience of an area property manager. Even if you live close to your rentals, hiring a property manager is beneficial to your bottom line.

A professional property manager can take on a large portion of the management duties, turning your rental into a truly passive investment!

Leave Rental Property Management to the Pros!

Real estate investing can be extremely profitable, but it requires the right strategies and experience to find success. Leave the day-to-day operations or your Boston investment properties to CHARLESGATE Property Management! We handle every task—large or small—to stay on top of your rental property finances, maintain rentals, and handle tenant needs. Reach out to learn how our full-service property management can help!