Key Takeaways:
Successful property rental in Beverly, MA requires careful planning, legal compliance, and a clear understanding of your responsibilities as a landlord.
Preparing your home for tenants and thoroughly screening applicants are crucial steps to ensure a smooth and profitable rental experience.
Hiring a professional property management company like RPM Reliance can save time, reduce stress, and help maximize your investment returns.
Renting out your Beverly property can be a great way to generate income. You may also benefit from a build-up of equity, property appreciation, and certain tax benefits, among others.
Be that as it may, renting out a property isn’t an automatic ticket to riches. If you fail to get certain things right, it may be more trouble than it’s worth. That’s why you must make certain appropriate considerations for it to be worthwhile.
Luckily for you, through this blog by RPM Reliance, you’ll learn expert tips on how to rent out your Beverly, MA, home successfully.
Know Your Responsibilities
Being a landlord isn’t as easy as just finding a tenant and collecting a potential recurring income. It’s an obligation that carries tons of responsibilities. What’s more, failure to carry them out can have certain legal and/or financial ramifications.
The following are some questions you may want to ask yourself to determine whether being a landlord is right for you.
- Do I have the time to manage the property myself?
- How will I manage repairs and maintenance?
- Do I understand the local and state-wide landlord-tenant laws?
- Do I know how to draft a solid lease agreement?
- How will I determine rental rates?
- Will I be able to handle conflicts between tenants?
If you answered “yes” to most of these questions, then great! You may be able to manage the property by yourself if you put in the time, effort, and dedication.
However, if the answer was not in the affirmative, then self-managing may not be the best option for you. In such a case, you may need to hire someone who can do it for you. Specifically, a property manager could help handle everything for you, saving you the stress, effort, and time that comes with rental management.
As a landlord, you can only rent out a unit that meets certain health and safety criteria. In other words, your property must be habitable as per local and state standards. It would be unlawful, for instance, to try to rent out a unit that has mold or a pest infestation. These conditions may have an impact on a renter’s health. Similarly, you cannot rent out a unit that has severe structural issues, such as failing walls, cracked foundations, or a saggy roof, as these could impact a tenant’s safety in the unit. So, in order to avoid potential repercussions as per state laws, make sure your unit has been inspected sufficiently before renting it out. Under Massachusetts law, for example, the tenant may be able to take certain legal actions including, suing for costs, obtaining a lawsuit to force you to make the repairs, or making the repairs themselves and deducting the costs from rent. Once the property is ready, the next thing to do is list it for rent. Time is of the essence here, as your goal would be to fill it as quickly as you can. Every day the property sits vacant would be money down the drain. The following is a basic overview of the process you’d need to successfully implement effective marketing for your property. First, begin by drafting an enticing rental ad. Specifically, make sure you get the following three things right: 1) Make the headline stand out; it’s what prospective tenants will see first when they see your ad. 2) Write an engaging listing and description of the property. This is where you’ll have the opportunity to ‘sell” the property to prospective tenants. Make it engaging and detailed. 3) Make sure to take as many high-quality photos as possible. This will help prospects envision themselves living on the property. The next step would be to list the ad on relevant platforms that prospective tenants frequent when looking to rent a property. Examples of these include rental listing sites like Zillow and Craigslist, as well as social media. You can also complement those platforms by using yard signs, community bulletin boards, and flyers and posters. Once you have done this, make sure to regularly monitor their performance and make the appropriate tweaks as needed. To be a successful landlord in Beverly, renting to the right tenant is key. The right tenant will ensure you optimize your ROI, as they will care and protect your rental property, report issues on time, and pay rent on time, every time. But to land such dream tenants, you’ll need to have a meticulous screening process. One that screens prospective tenants based on certain key areas, such as level of income, credit rating, rental background, employment status, and criminal background. That said, ensure the process abides by the Fair Housing Law in Massachusetts. When asking screening questions, make sure to avoid using any phrases that touch on any of the tenant’s protected classes. Protected classes in Massachusetts include race, color, sexual orientation, nationality, military status, age, and gender identity. Sure, it comes at a cost. However, the investment will be worth every dime. In fact, it’s the best decision a savvy landlord can make. The right property manager will help you minimize expenses and maximize your profits. They will help you handle everything regarding property management. From property marketing, to tenant screening, to legal aspects, to determining the rental price, and everything in between. As the rental property owner, you won’t have anything to worry about. You won’t have to deal with the stress, nor spend your time and effort managing your Beverly rental property.
Now you have the right recipe for success as a Beverly property owner. Ultimately though, working with a seasoned property manager is the best guarantee for success. For expert help in managing your Beverly rental property, look no further than RPM Reliance. With over 30 years of property management experience in Beverly, MA, you can count on us for reliable and professional services. Get in touch to learn more!
Ready the Home for Renters
List the Beverly Home for Rent
Screen Prospective Tenants Meticulously
Hire a Property Management Company
Conclusion
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
