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A Guide to Your First Year as a Landlord

Real estate is considered by many property managers to be among the most reliable and profitable investment options. However, finding the right location only gets you partway there. Smart property management can be key to making your investment worthwhile. If you’re planning to supplement your income by becoming a landlord, then refer to this guide for tips on streamlining your first year in the business.

Learn the Laws

Laws for landlords and tenants protect you, your tenants, and your property. The laws are state-driven and cover areas such as security deposit maximums, non-refundable pet deposits, and how much notice is required before raising the rent price. Because failure to abide by these laws can result in lost income and lawsuits, new property managers should become familiar with landlord-tenant laws and go over these with an attorney who is familiar with residential property management.

Have Backup Funds

Having a way to pay for regular maintenance and emergency repairs is a must for landlords. Your backup funds can keep you covered when you need to take care of major repairs, such as replacing a furnace or roof. Also, there may be times when you need to pay for property damage caused by a tenant. This backup money will give you a way to take care of major damages so you can move a new renter into the property.

Screen Potential Tenants

Tenant screening is another essential aspect of residential property management. To make your business profitable, it’s critical that you look for tenants who follow lease terms, pay rent on time, and do not cause damage to rental properties. Some of the most valuable screening tools for landlords include eviction reports, criminal reports, and credit reports. You can also benefit from requesting job references, past landlord references, and documents that prove the tenant has the income requirements of a good renter.

Are you looking for ways to simplify your first year as a landlord? If so, then contact MRS Property Management at (978) 927-3690 to learn about our property management services near Beverly, MA.

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