Tips to Investors, Homeowners, and Landlords

With the ever changing market, more and more owners are required to become real estate investors or landlords when they only intended to be homeowners buying and then selling their homes before moving on to the next. Many homeowners have found themselves in a buy and hold pattern.

Never fear, with September being the largest month for rental turnover in the Boston area I thought I'd give some tips to successfully renting your place to quality tenants:

1) Hire a local professional real estate agent to rent out your property. Ask him how he screens his tenants, what type of lease he uses or recommends based on the landlords needs and wants, does he properly get filled out all the necessary forms, where does he market the unit, what does he think the unit should rent for and how long should it take, etc.
2) If he or she checks out and demonstrates some knowledge of the process, offer to pay a full one month fee to that agent. Make sure he is willing to spilt that with co-operating agents bringing qualified tenants. Or at the very least request that he accepts 1/2 month from the landlord and 1/2 month from the tenant based on the location and desirability of unit.
3) Try to underprice the market (if you can). If tenants sense a deal, they will jump on it and you'll have a pool of tenants to choose from. Most likely, they will be willing to provide what you have requested (first, last and security).
4) Be a GOOD landlord and realize that you are providing a service to your tenant(s), and henceforth they are PAYING part or hopefully all of your mortgage, taxes, and insurance. Breaking even (landlord's expense $1200 and rent being paid $1200) is a good business deal and you are getting richer by providing a service. With that said, this is a business transaction and you should uphold your end of the bargain if you expect the tenant to do the same. Provide the best at the right price and you will always do well with your unit(s).
5) Make sure the real estate agent you hire works the local market with fliers, letters to local businesses, and other creative ways to get the job done. In any town or city, there are more or less desirable areas so you have to be aware of this. (check out www.walkscore.com as a fun site that rates the workability of your location)
6) There are TONS of websites to market on and you will get leads from these. Screen professionally and be respectful.

Any questions give me a call at 617 784 8635 or james@bostonbayside.com