No one said being a Boston condo landlord is easy. If you are considering buying a Back Bay condo, Beacon Hill condo or high rise Boston condo you own as rental properties, a property management company may be an asset. Management companies can save you time, help you avoid stress, and address legal issues. While many people can be successful landlords with a single unit or even an entire condo building, there are many ways using a property manager can pay off. Here are the primary responsibilities of a management company.
If you have ever been a Boston condo landlord, you know rent collection is not always as easy as it should be. Some tenants pay on time every month, but others are habitually late or otherwise make collecting the rent a challenge. A property manager deals directly with the tenant to collect monthly rent and strictly enforce a late fee policy. An experienced management company can also help you set a fair rent that attracts tenants and maximizes your profit while adjusting the rent each year based on state law.
One of the most challenging aspects of being a landlord is finding the right tenant. Someone who seems great on paper or during an interview may have a history of skipping out on the rent or other issues that could cost you a fortune down the road. Tenant screening is an important area a property management company can help with. A property manager fills vacancies by advertising your rental property, then screening tenants with a thorough and consistent process, which should include a credit check and background check. The laws surrounding tenant screening can be difficult to navigate in California. Your property manager will understand the rules that must be followed to avoid discrimination and have a good idea of how to choose high-quality tenants who will be more likely to pay on time, have a long tenancy, and cause fewer issues.
Addresses Complaints, Repairs, and Emergencies
Hiring a property management company is a good choice if you don’t want handle middle-of-the-night phone calls and maintenance. A property manager is paid to respond to all types of tenant issues, including maintenance requests, noise complaints, and emergencies. When there is an issue with the unit, the property manager will work within the network to hire a contractor for repairs or contact your HOA to report the issue.
Other Ways a Management Company Can Help
While screening, maintenance, and rent collection are the central jobs a management company performs, you may also benefit from additional services. If this is your first time as a landlord, you may need help managing your budget and maintaining good property records. A management company can also help you prepare paperwork to file taxes for the property. If you have issues with a tenant who does not pay rent or violates the terms of the lease, a property management company can assist with the eviction and complete the necessary steps according to state law. Evictions can be time-consuming and expensive. Missing even a single deadline or requirement can make the process even more difficult.
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