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How to Get Started as a Landlord

residential property management Beverly

The idea of having a stream of revenue coming in each month from a rental property is appealing to many people, but there is much more to being a landlord than simply collecting rent checks. To succeed as a landlord, you need to see your properties as the business they are and hire a strong property management company to support your investments. If you’re ready to enter the rental market as a property owner, these steps will help you get established.

Be Realistic About the Demands
If you are looking for a passive way to generate income, being a landlord may not be for you. To succeed, landlords must be actively engaged in many tasks at once, from advertising properties to performing maintenance work. Property management companies can take a lot of this work off your plate by dealing with tenants on your behalf and assisting with property maintenance. Property managers can also help you keep your units occupied as much as possible, reducing the time between tenants. However, be realistic about the need for you to actively be engaged with your properties on more than just rent day.

Choose the Right Property
Buying a property you plan to rent is different from buying a residence for yourself. A beautiful property could sit empty if you have to price the rent too high for the market. A real estate agent can help you hone in on good areas for your rentals in your market, as well as a realistic rent price. Your property management company can also help you determine the right rent for your unit, so you can be sure you’re making a worthwhile investment.

Budget for Extra Expenses
The mortgage is only the start of the costs of maintaining a rental unit. To prepare for repairs and maintenance, set aside a portion of your rental income each month. You should also set aside a portion each month to help you cover costs during vacancies.

Let MRS Property Management help you transition to a successful career as a landlord. Our property management serving Beverly, MA provides support to help you maximize your investment returns. Get started today by calling our rental property management company at (978) 578-2793.

Why Choose Us?

  • Our great attention to detail
  • Integrity in all of our responsibilities
  • Affordable, quality management service
  • Superior customer service
  • Resident retention strategies
  • Professional maintenance for our residents

Contact Us Today