A successful landlord is one who has mastered the art of Boston Property Management. This post is the second and final part of the “Tips to be a successful Landlord” series.
Provide a Safe Property
It is the landlord’s job to ensure that his properties are safe for his tenants. If the landlord is not responsible, it can lead to many problems. So this is why a good landlord must make sure he tackles any problems before they can turn into something hazardous. The best way to do that is to keep the property clean and free of all debris. This will reduce liability and make your property appealing. If it helps, the landlord can also take extra security measures to keep the property safe. Not only will this keep the tenants safe, but it will also lower insurance premiums. If the landlord is busy or owns several properties, he can always take his time to get the best tenants possible. The reason is that they will keep the rental properties well maintained.
Get it in writing
It helps to get everything in writing because it protects both the interests of the landlord and the tenants. So if the tenant requests something to be fixed, then ask for a request in writing. This maintains a record of everything and helps you with income tax deductions when it comes to Boston Property Management. A landlord should always use a well drafted lease when leasing property. This is important as it details all the terms, conditions and clauses. It is beneficial as it will work in the landlord’s favor if he wants to add a few terms and conditions.
One should not rent out any property without insurance. A good landlord needs to have the maximum amount of rental insurance, property liability insurance, or any other type of insurance. This can help protect him if there are any losses. It’s always good to be prepared.
The Fair Housing Administration Act prevents one from discriminating against tenants based on race, religion, or beliefs. So it is ideal to follow it while screening prospective tenants. It is better to give everyone an equal chance to rent your property rather than being hit with a discrimination suit.
Always be fair
A good landlord should always treat his tenants fairly. If he has good relations with his tenants, it will reduce vacancy problems. Thank you for reading our post Boston Property Management: How to be a successful landlord (Part 2).