Property management companies in Andover will tell you, if you bother to ask, about all the late night calls, the running around to fix heating in the middle of winter and the tenant who’s been snowed in. It isn’t easy managing a property whether it’s a house, an apartment or a condo.
Landlords need to be efficient, careful, sympathetic and kind because you are, after all, selling a product to customers and you must keep them happy. It’s usually a good idea to hire professional property management companies in Andover than try to handle it yourself.
However, if you have decided to manage your own property, than here are some things you must look out for before renting out your house or apartment.
As a homeowner, you probably know how easily the process of home improvement can get out of hand. You start with one thing and pretty soon end up renovating everything. That’s not the way to do it if you will be renting out your house.
How would the professionals do it? Property management companies in Andover will usually look over the property, inspect it for damages and identify any possible life threatening situations that could arise due to anything in the house.
For instance, Massachusetts law necessitates the removal of lead paint from any house with children living in it. Andover properties that go back to before 1978 will probably have lead paint on the inside and outside and it is up to you, the owner, to ensure it is deleaded.
Before you put your property out on the Andover market, you need to make sure you comply with all laws and regulations for landlords in MA and Andover.
Property management companies in Andover will usually perform these responsibilities but if you’re doing it yourself then here’s what you need to do:
Advertise your house
Make sure you advertise in both print and online publications because this will give you a wider array of choices in tenants.
Manage the legal matters (lease, agreement, inspection)
You will probably need a lawyer to handle this part of the process. A real estate lawyer can help you draw up the lease agreement in consultation with your tenant. Make sure everything is clearly stated in the lease to avoid any problems later.
This part of the process is ongoing and waking up at 3 am to answer a tenant’s request will probably become a regular part of your life as long as you are managing your property. Congratulations!
Keep track of rent, expenses and other financial matters
It would probably be wise to invest in a finance management software so you can keep track of your expenses, earnings and profit. This way you can regularly evaluate and decide on cost effective practices for maintenance.
This process will involve looking at other properties in your area with similar dimensions and sizes. You can also look at properties that have been rented out recently to get help and set the right price.
These are just a few things that a landlord, or property management companies in Andover MA need to do before renting out a property. What do you make sure of before renting your house or apartment?