The couple you are about to rent your apartment to seemed quite nice and respectful. Every question you posed seemed to get the right answers and during your conversation you missed all the red flags. You prayed silently that this couple will not turn out to be bad tenants, as they signed your rental agreement, without properly reading it. It did not take long for the “nice” couple to stop paying you rent and skilfully repel your every effort to evict them. When you finally got rid of them, you were out thousands of dollars and your property was in shambles. Here are a few ways to avoid all that.
As a first time investor in rental property you would need to learn as much as possible about the ins and outs of being in the property rental business. Do not make the mistake of treating your position as landlord like a hobby, or a side activity. It is a business that you should treat seriously. Part of being in the property rental business is to ensure that you know all the legal and regulatory requirements, your obligations as a landlord, as well as the responsibilities of tenants. Any recourse you may need to know should anything go wrong should also be known to you. As an owner of any of the Boston apartments for rent or other rental properties for that matter, it is your responsibility to do all your background checks and identity verification before you sign a rental agreement with potential tenants.
Do not be shy about asking all the relevant questions during your initial telephone interview. This is a crucial conversation where you can immediately determine whether this person will make a good tenant. Listen out for hesitation, uncertainty in responses, changing of the subject, or other signs that the person on the line is not telling you the truth about themselves and their previous situation as a tenant. It is easier to end a conversation with a less than forthcoming respondent than to take a chance and rent your property to someone who will not pay the rent and who will destroy your property in the process. The saying “prevention is better than cure” is applicable in this situation. Many persons in the Boston apartment rental business will tell you horror stories of the consequences of not following this crucial step in finding suitable tenants.
Believe it or not, a crucial ally in the property rental business is your professional property management company. These are the people who can assist you in screening tenants and with their experience they can sniff out those problem tenants from day one so that your property will not suffer at their hands. Even if you are hesitant to absorb the cost of professional property managers, you may agree that this investment may be well worth it. Remember that the cost of the property manager can be built into the rental charges so you do not have to feel it in your pockets. Using such licensed and professional property managers will allow you to avoid the stress of interviewing potential tenants, doing background and reference checks, negotiating and preparing rental/lease agreements, monitoring rent collection, doing periodic inspections, property maintenance, serving eviction notices, and everything else yourself.
Please contact Tazar If you looking for a Boston university apartments or if your looking for a jobs in MA that has the potential to make over 150k+ your 1st year. Thank you for reading and please let us know if you like to read more about Downtown Boston apartments.