3 Most Important Tips for New Landlords in Boston – Professional Property Management Advice
If you are a new landlord in Boston and you’re not working with a property management company, we’re sharing three tips that will help you get started.
Tip 1: Accounting System
Make sure you have a good accounting system in place. This is necessary to track rent receipts that come in every month as well as security deposits paid by your tenants. You need to have a system that accounts for every dollar that comes in for any of your units. You cannot co-mingle your funds with your tenants’ funds. Keep everything separate and well documented.
Tip 2: Forms Library
Create a good forms library. You can collect forms that cover everything from short term leases to long term self-extended leases. The library can hold your disclosures, addendums and whatever forms you need to do business successfully. Having an extended library will help you feel more prepared. Whether you use the forms or not, you’ll be ready for any situations where you might need paperwork.
Tip 3: Vendor List
Most importantly, create a good vendor list. All of the vendors you work with must be insured and bonded. The last thing you want is to have a 3:00 a.m. phone call from your tenants reporting that there’s no heat, and you have to scramble to find someone who can respond to the emergency and troubleshoot to get the heat back on for your tenants. Put together a list of two or three electricians, plumbers and other contractors who are reliable and can be counted on to do good work.
If you have any questions, or you’d like to talk about the benefits of hiring a professional property management company, please contact us at Hancock Realty.