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Property Management Blog

The Landlord’s Itemized List of Common Security Deposit Deductions

System - Tuesday, September 29, 2020


Nothing more motivates a tenant to replace dead light bulbs than knowing that if they don't, their landlord can hire someone else to handle the task—at $5 a bulb, taken out of their deposit. Encourage them to think ahead (and stop any surprises) by providing them with a security deposit deductions list in advance.

Doing so motivates your tenant to do as much themselves as possible. Let’s face it: Moving isn’t fun. It’s hard work, and by the time the tenant moves into their new place, the last thing they want to do is deep clean the home they lived in for years.

But the responsible ones buck up and do it anyway. Focus your attention on the others, who aren’t so inclined.

In reality, some items may cost more and some may cost less. The point is showing the tenant what inaction will cost them. Probably a lot more than they think.

The Landlord’s Itemized Security Deposit Deductions List

While you can copy this list wholesale, we recommend paying attention to your own local market. If you know for a fact that your hardwood guy charges $1,000 per room, make that known to your tenant. The more accurate you can be now, the fewer surprised tenants you’ll deal with later.

Purchasing your first rental property is just the beginning of your real estate journey, because being a good landlord is almost as important as making good deals. BiggerPockets’ free guide How to Become a Landlord: Managing Rental Properties for Real Estate Investors will teach you everything—from setting rent to handling evictions.

General cleaning and repairs

  • Sweep, vacuum, and mop: $50
  • Dust and wash trim: $25
  • Wipe down walls: $25
  • General labor (cleaning, painting, normal repairs, trash removal, etc.): $25–$40/hour
  • Specialty labor (electric, drywall repair, plumbing, etc.): $70–$100/hour

Damages, repairs, and disposal

  • Repair drywall
    • 6′ by 6′ room: $75
    • 12′ by 12′ room: $150
  • Wash light fixture (each): $15
  • Replace interior door: $100
  • Replace exterior door: $250
  • Clean ceiling fan: $25
  • Change light bulb (each): $5
  • Replace smoke detector batteries: $25
  • Replace carbon monoxide detector batteries: $25
  • Replace smoke detector: $75
  • Replace carbon monoxide detector: $75
  • Replace window blinds: $40
  • Replace sliding door blinds: $60
  • Carpet cleaning (normal): $150
  • Carpet cleaning (deep clean): $200
  • Carpet spot cleaning (each): $15
  • Replace carpet (12′ by 12′ room): $500
  • Replace wood, vinyl, laminate, etc. flooring (12′ by 12′ room): $500
  • Repaint one room: $300
  • Repair kitchen cabinet: $150
  • Repair kitchen drawer: $150
  • Wash window (including tracks, inside): $20
  • Fill nail holes: $25
  • Replace interior door knob: $25
  • Replace exterior door lock: $50
  • Pest or rodent extermination: $150

Exterior

  • Trash removal (per load): $100
  • Mow lawn: $35–$75
  • Weed flower beds: $35–$100

Cleaning: Kitchen

  • Clean kitchen (normal): $150
  • Clean kitchen (deep): $300
  • Oven and stove: $75
  • Refrigerator: $75
  • Dishwasher: $75
  • Microwave: $25
  • Cabinets: $200
  • Countertops: $25
  • Sweep and mop floors: $25
  • Dust and wash trim: $15
  • Wipe down walls: $25
  • Drip pan replacement: $35

Cleaning: Living and dining room, office, and recreation room

  • Cleaning (normal): $100
  • Cleaning (deep): $200
  • Sweep, vacuum, and mop: $50
  • Dust and wash trim: $25
  • Wipe down walls: $25

Cleaning: Bathrooms

  • Cleaning (normal): $100
  • Cleaning (deep): $200
  • Bathtub or shower: $50
  • Sink: $25
  • Cabinet: $25
  • Toilet: $25
  • Sweep and mop floors: $25
  • Dust and wash trim: $25
  • Wipe down walls: $25
  • Wipe down fixtures: $15

Cleaning: Bedrooms

  • Cleaning (normal): $100
  • Cleaning (deep): $200

Of course, make sure you add a caveat: “This list has been prepared for your information only. Actual charges will vary.”

More on Bigger Pockets

Contact Martin Property Management

For more information about security deposits, or to speak with us about our property management services, contact us today by calling (617) 957-0166 or click here.


Tips for getting a rental property ready for rent during Covid-19

System - Tuesday, September 22, 2020


he outbreak of COVID-19 has had a devastating impact on many landlords. With many tenants out of work and unable to pay rent and eviction moratoriums in place, landlords are facing a tough time. But despite the challenges brought on by the coronavirus, people are still looking for places to rent. This means that landlords must find ways to prepare the rental properties for new tenants.

Although the COVID-19 pandemic has taken its toll on the residential market, it’s not as bad as some predicted. According to the National Multifamily Housing Council (NMHC), nearly 90 percent of tenants continue to make full or partial rent payments during the pandemic. This is about the same amount when compared to 2019.

But times are changing in the rental market. To meet the COVID-19 challenges, landlords must adapt to change. For example, analysts predict that more of us will be working from home in the future. This fact means that more tenants will require fast broadband and space for a home office. Also, with social distancing in place and hygiene a top priority, showing prospective tenants around a rental presents new challenges.

How can landlords best get rental properties ready during COVID-19?

This guide looks at vital steps to prepare a rental unit for new tenants. You’ll also find out how to arrange for showings that don’t put you or the tenant at risk of catching the coronavirus.

Changes to Renting Properties During COVID-19

In many cases, the changes that COVID-19 has forced on landlords may become the "new norm." And many of these changes may benefit the property management business. For example, virtual tours, video conferencing with prospective tenants, accepting online payments, and electronic lease signatures save you time and money.

The ability of many landlords to survive COVID-19 may depend on how well they embrace these new technologies. So, rather than the coronavirus pandemic being a “stumbling block,” it could become a stepping stone to future success.

Let’s look at ways to prepare your business now for long-term changes in the rental market.

How to Get a Rental Property Ready During COVID-19 & Beyond

First, property managers and landlords need to prepare rental units for the new coronavirus era. Preparing rentals well not only helps protect your health, but it also puts the tenants' minds at ease when viewing a rental property.

Here are five ways to get a rental property ready for showings.

1. Clean and sanitize the rental property

The first step to getting any rental property ready is a thorough cleaning. Properties that are maintained to a high standard attract the best renters. However, due to COVID-19, getting the unit spotless has never been so crucial as now.

Because of the risk of infection, it’s best to call in a cleaning crew to get the unit ready for renting. Most cleaning firms have training in cleaning and sanitizing buildings during COVID-19. Also, a cleaning crew will get the unit rent-ready in optimal time, meaning that you can start showings as soon as possible after the previous tenant has vacated it.

When advertising the property for rent, remember to specify that you took particular measures to sanitize the whole property to meet stringent hygiene standards during COVID-19.

2. Arrange for virtual tours

Putting technology in place to provide virtual showings can help to fill vacancies during COVID-19. Due to "shelter-at-home" orders and social distancing, rental showings present challenges for tenants and landlords. While residential real estate services are an "essential service" during the pandemic, tenants are still nervous about physical meetings.

Virtual apartment tours allow prospective tenants to view a property without physically being there. You probably have all the equipment you need to film a video walkthrough—your smartphone. Here are a few handy tips for shooting a virtual tour on your phone:

  • Turn on all the lights and open all the blind to make the apartment as bright as possible.
  • Hold the camera or smartphone steady, keeping it at a 90-degree angle.
  • Start at the entryway and walk through the property as a regular tenant would.
  • Move slowly through the apartment, taking care not to pan left and right too quickly.

Apart from a walkthrough video, you should arrange for high-quality photographs to showcase the best features of the unit. Also, provide floor plans, pictures of common areas, and amenities. Your goal is to provide as much visual information as possible to any prospective tenant.

Other useful ideas for preparing to show a rental property to a tenant include the following:

  • Provide an interactive 3-D virtual tour that allows tenants to explore the unit themselves.
  • For single-family properties, take drone footage of the surrounding area and the property.
  • Offer a live video tour where you are at the apartment and can discuss details with the tenant via video link.

Of course, you can hire a professional to make a high-quality video walkthrough of the rental unit.

12 Reasons Why Rental Properties Are the Best Investment

System - Tuesday, September 15, 2020

Are you planning on buying a rental property but aren't sure if it's the right time for you to move forward with purchasing that property or not? If so, now is the right time to buy a property, especially for these reasons.

1. You can purchase it using leverage.

Rental properties are great because you can borrow the bank’s or someone else’s money to increase the potential return.

This is known as leverage.

In other words, you don’t need to have 100 percent of a property’s purchase price on hand to be able to buy it. Rental properties allow me to buy large properties for far less cash than I might need to purchase stocks or other investments.

2. It allows the ability to hustle for greater returns.

Not only can I leverage my cash, but I can also leverage my time and abilities to make magic happen in this game—something difficult to do with other investments.

In other words, I can hustle.

If I want to do the work needed to rehab a property, I can do that. If I want to leverage my networking skills to raise money, I can do that instead. If I want to leverage my knowledge and time to find better deals that provide an even greater return, I can do that.

Rental property investing gives me the ability to hustle for my future.

3. You can manage the investment directly.

I’ll fully admit I’m a bit of a control freak, and that drives me toward rental properties in a powerful way. With a rental property, I am directly responsible for the outcome of my investment.

It is up to me to analyze a property before I buy it; it’s up to me to ensure the property is in good condition to rent; it’s up to me to ensure the property is running at peak performance.

I don’t have to depend on some board of directors in New York City for my life’s direction. I can manage my investments directly and personally.

BRRRR-strategy-deal

4. People always need a place to live.

The real estate market will go up and down, but the beauty of rental properties is that demand will never end. People always need a place to live, so unlike the latest tech trend or in your brother's start-up, real estate is an investment that will last.

Furthermore, because increasing student loans are making qualifying for a mortgage more difficult and our culture increasingly values mobility, the demand for rental properties will only grow over time.

5. It’s works for millions of people before me.

Perhaps one of the greatest benefits to rental property investing is the proof of concept handed down by millions of successful investors before us. Since the dawn of human civilization, landlords have built wealth by owning and leasing out residential property.

Today is no different. According to a joint survey produced by BiggerPockets and Memphis Invest in 2012, “one out of eight, or 28.1 million Americans, either consider themselves to be residential real estate investors or own residential investment properties today.”

6. It’s (fairly) stable and predictable.

Yes, events such as the market collapse in 2007 do happen, but rental property owners who were investing for long-term gains did not suffer like those who were trying to be "fancy" (or as my good friend and fellow landlord Jordan says, "punk drunk on greed").

Furthermore, I would argue that the 2007 real estate crash was predictable for those who were paying attention—because one of the defining characteristics of the real estate market is the boom-and-bust cycle that never goes away. Once an investor learns to identify this cycle, the old adage of “buy low, sell high” becomes much easier to achieve.

7. It offers incredible variety.

Rental properties also offer an incredible amount of variety within the asset class.

I can invest in single-family houses, small multifamily properties, large multifamily apartments, office buildings, high end, low end, Section 8, transient, and any of a number of other options. Then, within each of those classes, I can find larger properties; smaller properties; ones that are newer, older, taller, shorter, ugly, beautiful, and so on.

The possibilities are endless.

8. It’s simple and straightforward.

Although I’ll never claim that working with rental properties is easy, I do maintain that investing in rental property is fairly simple and straightforward.

Sure, it involves more than just buying a piece of property and placing renters in it, but the strategies for success are not overly difficult to learn or master. To help, a tremendous amount has been written on the topic by those who have mastered it. Books, podcasts, videos, blogs, forums, networking groups, mentorships, and more can be found to help you learn nearly everything you will ever need to know.

In addition, knowledgeable people are available to help. Several months ago, I ran into a situation I didn’t know how to handle (a smoking tenant accidentally lit part of the outside of her house on fire yet claimed she hadn’t). I reached out to other investors on the BiggerPockets Forums and received some excellent advice on how to proceed—and it didn’t cost me a thing.

 

tax-changes

9. I can buy below market value.

I was raised by a “garage sale mom” who taught me the value of haggling for the best deal.

As a result, one of my favorite reasons for investing in rental properties is my ability to find properties that I can buy below market value.

In other words, I can shop for a great deal!

Finding properties that are worth $100,000 that I can buy for $80,000 truly excites me and is an integral part of how I’ve been able to build wealth so quickly over the past eight years.

10. Insider trading is legal.

In the Wall Street world, there is a concept known as “insider trading,” which is when an investor makes a profit on a stock because he or she had access to some secret bit of information that helped him or her buy or sell at the right time.

This practice is not just discouraged in the stock market, it is also illegal and can even land you in jail (just ask Martha Stewart).

However, as a rental property investor, I can leverage any secret knowledge I can find to benefit my investments. If I know that a new light rail is moving into a neighborhood, I can jump in and swoop up properties before word gets out.

If I hear that a major industry is leaving an area, I can get out of that area before the market declines. And unlike in the stock market, this is 100 percent legal and encouraged in the rental property realm.

11. There are multiple ways to profit.

One of the greatest benefits of rental property investing, especially compared with other real estate niches and strategies, is the opportunity to capitalize on all four of real estate’s major profit sources:

12. You don’t have to be present to make money.

Finally, I love the idea that I can make money without physically needing to be present. That’s called a “job,” and I want to avoid that.

Understand that real estate is not generally a 100 percent passive activity, but over time, the systems you create can help you outsource most of the landlording process.

The dollars will roll in whether you get out of bed in the morning or not.

Contact Martin Property Management

For more information about what's happening in the Bedford MA rental market, or to speak with us about our property management services, contact us today by calling (617) 957-0166 or click here.


How Has Covid-19 Changed Property Management?

System - Tuesday, September 8, 2020


Covid-19 has changed the world in every way, especially since hitting the United States in March 2020 and causing lockdowns across the country.

The big question is how has this virus changed the property management industry? In this article we will answer this question and provide insight into how property managers are moving forward in a Covid-19 world.

How Covid-19 Has Changed Property Management

1. Landlords are going virtual

Due to social distancing mandates, landlords are now conducting much of their business virtually. No longer do landlords meet new tenants at the property, show them around, and then sign a paper lease. Most work is now done online.

Cloud-based technology has made it possible to do most property management tasks remotely. Here are a few examples:

  • Arrange for virtual walkthroughs to show prospective tenants rental properties.
  • Use electronic signatures to sign leases.
  • Accept online rental applications.
  • Use property management apps to collect rent, accept maintenance requests, and communicate with tenants.
  • Carry out virtual property inspections.
  • Install lockboxes to allow tenants access to properties without landlords being physically present.

Many analysts say that digital technology will transform the way landlords operate even after the coronavirus has passed.

2. Landlords are communicating proactively with tenants

Apart from using digital tools for rent collection and lease signing, successful landlords see the need to communicate frequently with tenants. The majority of renters face financial uncertainty during the coronavirus. Landlords who are proactive in communication find that it’s easier to work out solutions to rent payment issues.

Many rental property owners who use property manager apps also find it easier to communicate with tenants. For example, it's possible to send bulk text and email or share documents with all residents.

3. Rental property maintenance

The COVID-19 health crisis meant that landlords had to rethink how they carry out essential and non-essential property repairs. Laws mandating social distancing and concerns about the virus mean that tenants want to limit in-person interactions.

Of course, there’s no question that it’s crucial to carry out emergency repairs quickly. But landlords are coming up with intuitive ways to care for non-essential maintenance and repairs. For example, landlords send step-by-step tutorial videos on how to do certain repairs. Or they do doorstep drop-offs with the equipment and necessary replacement parts.

Many landlords realize that video calling has the potential to address issues with non-essential repairs in the future.

Changes in Property Management Due to Coronavirus

Beginning in March, landlords had to quickly and utterly rethink the way they operate. But thankfully, digital technology provides property managers new and exciting opportunities to transform their business.

While some tenants will want to visit apartments after the pandemic is over, virtual tours will still be an option for many. Other technologies such as online rent collection, e-signing documents, and property management apps look set to stay.

More on bigger pockets

Contact Martin Property Management 

For more information about Covid-19 and it’s affect on property management, or to speak with us about our property management services, contact us today by calling (617) 957-0166 or click here to connect with us online. 

The Ultimate Guide to Getting a Rental Property Ready During COVID-19

System - Thursday, September 3, 2020


The outbreak of COVID-19 has had a devastating impact on many landlords. With many tenants out of work and unable to pay rent and eviction moratoriums in place, landlords are facing a tough time. But despite the challenges brought on by the coronavirus, people are still looking for places to rent. This means that landlords must find ways to prepare the rental properties for new tenants.

Although the COVID-19 pandemic has taken its toll on the residential market, it’s not as bad as some predicted. According to the National Multifamily Housing Council (NMHC), nearly 90 percent of tenants continue to make full or partial rent payments during the pandemic. This is about the same amount when compared to 2019.

But times are changing in the rental market. To meet the COVID-19 challenges, landlords must adapt to change. For example, analysts predict that more of us will be working from home in the future. This fact means that more tenants will require fast broadband and space for a home office. Also, with social distancing in place and hygiene a top priority, showing prospective tenants around a rental presents new challenges.

How can landlords best get rental properties ready during COVID-19?

This guide looks at vital steps to prepare a rental unit for new tenants. You’ll also find out how to arrange for showings that don’t put you or the tenant at risk of catching the coronavirus.

Changes to Renting Properties During COVID-19

In many cases, the changes that COVID-19 has forced on landlords may become the "new norm." And many of these changes may benefit the property management business. For example, virtual tours, video conferencing with prospective tenants, accepting online payments, and electronic lease signatures save you time and money.

The ability of many landlords to survive COVID-19 may depend on how well they embrace these new technologies. So, rather than the coronavirus pandemic being a “stumbling block,” it could become a stepping stone to future success.

Let’s look at ways to prepare your business now for long-term changes in the rental market.

How to Get a Rental Property Ready During COVID-19 & Beyond

First, property managers and landlords need to prepare rental units for the new coronavirus era. Preparing rentals well not only helps protect your health, but it also puts the tenants' minds at ease when viewing a rental property.

Here are five ways to get a rental property ready for showings.

1. Clean and sanitize the rental property

The first step to getting any rental property ready is a thorough cleaning. Properties that are maintained to a high standard attract the best renters. However, due to COVID-19, getting the unit spotless has never been so crucial as now.

Because of the risk of infection, it’s best to call in a cleaning crew to get the unit ready for renting. Most cleaning firms have training in cleaning and sanitizing buildings during COVID-19. Also, a cleaning crew will get the unit rent-ready in optimal time, meaning that you can start showings as soon as possible after the previous tenant has vacated it.

When advertising the property for rent, remember to specify that you took particular measures to sanitize the whole property to meet stringent hygiene standards during COVID-19.

2. Arrange for virtual tours

Putting technology in place to provide virtual showings can help to fill vacancies during COVID-19. Due to "shelter-at-home" orders and social distancing, rental showings present challenges for tenants and landlords. While residential real estate services are an "essential service" during the pandemic, tenants are still nervous about physical meetings.

Virtual apartment tours allow prospective tenants to view a property without physically being there. You probably have all the equipment you need to film a video walkthrough—your smartphone. Here are a few handy tips for shooting a virtual tour on your phone:

  • Turn on all the lights and open all the blind to make the apartment as bright as possible.
  • Hold the camera or smartphone steady, keeping it at a 90-degree angle.
  • Start at the entryway and walk through the property as a regular tenant would.
  • Move slowly through the apartment, taking care not to pan left and right too quickly.

Apart from a walkthrough video, you should arrange for high-quality photographs to showcase the best features of the unit. Also, provide floor plans, pictures of common areas, and amenities. Your goal is to provide as much visual information as possible to any prospective tenant.

Other useful ideas for preparing to show a rental property to a tenant include the following:

  • Provide an interactive 3-D virtual tour that allows tenants to explore the unit themselves.
  • For single-family properties, take drone footage of the surrounding area and the property.
  • Offer a live video tour where you are at the apartment and can discuss details with the tenant via video link.

Of course, you can hire a professional to make a high-quality video walkthrough of the rental unit.

3. Install the latest technology

Providing fast broadband is vital to getting a property ready for renting during COVID-19. According to McKinsey & Company, surveys show that more and more people are working from home. Also, many remote workers expect to continue working form home after the pandemic is over.

To attract the best tenants, fast broadband service is crucial. Workers who telecommute need reliable internet connections with plenty of bandwidth for video conferencing and other communication.

4. Utilize a lockbox

Lockboxes are a great tool to avoid unnecessary in-person meetings. You can use lockboxes to facilitate move-ins and move-outs so that you don’t have any physical contact with the tenant. Also, lockboxes are handy for allowing cleaning companies to clean up units to get them ready for the next tenant.

5. Prepare for remote rental closings

Due to the COVID-19 health crisis, it’s becoming more necessary for landlords to work remotely. To make sure that it’s possible to meet with tenants and close deals, it’s vital to have the right tools in place.

Thanks to new technology, it’s possible for the whole tenant journey to take place online—from viewing the unit to filling in the application and signing the lease.

Here are a few ways that landlords can fill vacant units without physically meeting the renter:

  • Provide tenants with an electronic rental application or online form to fill out.
  • Invest in technology such as DocuSign to sign lease agreements digitally.
  • Have the right equipment, such as full-HD cameras and fast internet, to communicate with clients.
  • Spend enough time screening applicants to ensure they can pay rent on time.
  • Use property management apps to collect rent online, manage leases, or accept maintenance requests from tenants.

Getting Rental Properties Ready During COVID-19

Landlords face new challenges due to the COVID-19 health pandemic. Embracing these challenges now can help ensure that your property management business survives the major changes ahead.

Preparing rental properties during the COVID-19 crisis means more than sanitizing surfaces. It requires the right investment in technology to attract new tenants and rent properties remotely.

More On Bigger Pockets

Contact Martin Property Management

For more information about the property management services that we can offer you, contact us today by clicking here.

Tips For Writing A Great Rental Listing

System - Monday, August 10, 2020


Do you own a Bedford Massachusetts home that you're planning on renting for the first time? If so, you come to the right place! 


Even though many people think that owning a rental property is easy, the key to success with enjoying long-term profit from your rental property all comes from attracting the right tenant, and to attract the right, you have to write a great rental property listing.


In this article, we will provide you with several tips that you can use for writing a great rental property listing that's going to attract the most qualified tenant soon possible.


Tip #1 - Know Your Property


Even though you may have lived in your home for years, do you know your home? Knowing your home is important because, when you write a rental property listing, you want to write more than just “the home has four bedrooms and two baths”, you want to write about the features that the home has to offer. 


For example: does your home have hardwood floors, marble counter tops, Central Heating and Air, a sunken tub in the bathroom, walk-in Shower, Game Room, movie room, plenty of parking space for a boat or an RV?


These are some of the questions that you should ask yourself before writing your rental property listing because, instead of writing a basic listing, you want to write a detailed listing since this is ultimately what's going to attract the most qualified tenants possible who may be interested in those specific things


Tip #2 - Know The Area


Besides knowing your rental property, the next thing that you should do is know the area where your property is located.


Does the area where your property is located have great schools, shops, stores, things to do, and plenty of employers in the area? If so, you should create a list of some of the things that the area has to offer a potential renter so that you can include them in your rental listing


Tip #3 - Words To Avoid In Your Rental Listing


Last of all, but most important, when writing a rental listing, it's important to avoid certain Buzzwords including the following: cute, cozy, retro, or comfortable. Adding any of these buzzwords in your rental listing will make a potential renter think that your property is small, doesn't offer enough space, and has been updated in some time.


Contact Martin Property Management


Are you tired of having to manage your Bedford area rental property yourself? If so, contact Martin Property Management today by clicking here to connect with us online. 


We can save you the time, money, and hassle of managing your bed for a rental property yourself while helping to ensure that it's rented to the most qualified as soon as possible. Learn more about the services that we can offer you by contacting us today. You'll be glad that you did!




Tips for updating your rental property this year.

System - Wednesday, July 22, 2020

Are you planning on updating your Bedford area rental property in 2020? If so, you're making a smart choice.

Rental property improvements are important because the simple fact that not only do they make your rental property stand out from other properties that are for rent in the Bedford area, they also help to increase the value of your investment property as well.

In this article, we will provide you with a list of updates that you should consider making to your Bedford investment property in 2020.

Kitchen and bathroom updates

The first upgrades or updates that you should consider making to your Bedford area rental property this year our kitchen and bathroom updates.

These updates are important because of the simple fact that homeowners and renters spend the most time in either the kitchen or bathroom of their homes so it makes sense to update these areas of your rental property to create the most comfortable rental possible. 

If you're on a budget, you can still update the kitchen and bathrooms in your rental property simply by focusing on doing basic tasks like painting, replacing flooring, refinishing cabinets, replacing drawer hardware, and also replacing light fixtures.

New paint

After updating the kitchen and bathrooms in your rental property, the next thing that you should focus on doing is painting your rental property inside and out.

Besides helping to increase the value of your rental property, new paint is also important because it's going to make your rental property look cleaner, well-maintained, and a fresh paint job is also going to help prospective tenants see that you've taken the care and time to maintain your rental property during the years that you’ve owned it.

Add New Landscaping

Last of all, but most important, another update that you should focus on making to your rental property this year is to add any landscaping. Specifically, your goal should be to focus on adding drought tolerant landscaping because our state has gotten less water than in years past so it makes sense to add landscaping that's going to not require as much water to maintain it.

Contact Martin Property Management

For more tips on things that you can do to update your rental property this year, or to speak with us about our Property Management Services, contact us today that calling or click here to connect Us online.

Tips for buying a duplex

System - Tuesday, June 30, 2020


Are you thinking about purchasing a duplex in the Bedford area? If so, you're making a smart choice.

Adding a duplex to your investment portfolio is a smart way to generate rental income but there are several things that you should look for before purchasing a duplex including the following:

1.) Get Educated

You are already doing step one, so congrats! It’s important you gain a solid understanding of how the process works, how to analyze deals, etc. before getting in too deep. This will help you avoid the risk of getting taken advantage of.

I’d also recommend you read through “The Ultimate Beginner’s Guide to Real Estate Investing” to help you gain a solid foundation for your future as a real estate investor.

Also, the BiggerPockets Podcast is, perhaps, the single greatest resource for real estate investors in the history of mankind. Seriously. And it’s nothing David Greene or I do to make it that way; it’s the honest, brutal truth from our guests. Incredible!

2.) Get Pre-Approved

When you are ready to start the process, it’s important to get your financing lined up first. Granted, you may want to switch around step #2 and step #3, because a good agent can refer you to a good mortgage broker. But either way, it’s important to get your financing lined up.

We’ll talk more about the different financing options you have in a little bit, but definitely get to a bank or mortgage company and open up the conversation.

3.) Get in Touch with a Real Estate Agent

If you are buying on the MLS (this is the list of all properties for sale through other agents—the most common way to find properties), you'll want to find a great real estate agent to work with. Don't worry, real estate agents are typically FREE for the buyer, as the seller pays the fee!

I’d recommend finding an agent who has the following traits:

  • Knowledgeable about working with first-time homebuyers
  • Knowledgeable about duplexes and other small multifamily properties
  • Tech-savvy
  • Quick to respond to questions
  • Patient with you
  • Hungry (They want to help you. You are not a burden—you are their paycheck!)

4.) Define What You Are Looking For

It’s important that you let your real estate agent know exactly what you are looking for. If you want a duplex, let them know!

A good agent can hook you up with automatic emails that inform you about all the new deals that come up on the MLS. So be sure you have some defined criteria set.

This criteria should include, at minimum:

  • How much do you want to (or can you) spend?
  • What towns/neighborhoods will you buy in?
  • What property type do you want? (duplex, triplex, etc.)
  • What kind of condition would you prefer? (trashed, move-in ready, etc.)

Let your agent know about your criteria and have a discussion about what that might look like. A good agent will know the local market and can help clarify what is possible.

5.) Start Looking

Next, it’s time to start looking for a good deal. There are several methods you can use to find good deals, which we’ll talk about in a moment. But most likely, your real estate agent will supply you with a list of potential properties.

It’s also a good idea to look online for properties yourself, in case your agent missed any. Websites like Zillow, Trulia, and Redfin can be great for scanning through potential deals. But keep in mind, these sites never contain all the information and may also contain faulty data. Your agent will ultimately have the best data.

6.) Do the Math

Once you find some potential deals, it’s time to get out your pen and paper and start analyzing the deals. We’ll talk more about analyzing deals in a moment, but I’d recommend that you use the BiggerPockets Rental Property Calculator to analyze potential deals.

Just the other day, I looked at a duplex deal that appeared to be awesome—but after running it through the calculator, it was clearly a terrible deal! Again, we’ll talk about the analysis side of things in just a moment.

7.) Make an Offer

Once you find a deal that pencils out, it's time to make the offer. Your agent will do the bulk of the heavy lifting with this and will fill out the paperwork for you. If you are not using an agent, you may have to find the correct forms yourself—which you can usually obtain for free from a local title company.

At this point, your offer will either be:

  • Accepted (yay!)
  • Rejected (boo!)
  • Countered (most likely)

You will need to engage in some negotiation with the seller until you either come to an agreement or part ways. Keep in mind, negotiating can force you to get emotionally involved and encourage you to pay more than you should for a property. Stick with your math and don’t pay more than you should!

8.) Do Your Due Diligence

Once you and the seller agree to all terms (known as "mutual acceptance"), it's time to do your due diligence. This is the time when you will inspect the property and make sure it has everything it is supposed to have. I'd HIGHLY recommend hiring a professional home inspector (usually under $500) to look at the property and give you a detailed report of what needs to be fixed.

After the inspection, you can either choose to accept or reject the property—or make the seller pay for all/some of the repairs. It's all up to negotiation. During this time, you will also finalize all the loan documents (which can be annoying!) and review any leases on the property.

9.) Close on the Property

Next, it’s time to make the property your own. Depending on what state you live in, you will either close at a title company or an attorney’s office. Your agent should help you walk through any difficult spots up to this point.

10.) Rent the Unit(s) Out

Finally, it’s yours! However, the fun is just beginning.

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Contact Martin Property Management

For more information on how to find the right duplex for your investment portfolio, or to speak with us about our property management services, contact us today by calling (617) 957-0166 or click here to connect with us online. 


How to Rent Your House: The Definitive Step-by-Step Guide

System - Monday, June 22, 2020


Are you thinking about renting out your home but you don't quite now how to get started? If so, you've come to the right place!

In this article we will provide you with a list of things that you can to effectively get your home ready for the rental market including the following:

Many people mull over the idea of renting out their homes. They may want the benefit of extra income to save money or pay down debt, or they may see it as an option to selling during a housing slump, a way to wait things out until the economy improves.

The motives are many, but it's possible for this plan to become more trouble than it's worth when appropriate considerations aren't made. Here are five steps that will get you going in the right direction.

If you are lucky enough to live in a tourist-friendly area, like near the beach or a major city, renting out your home as a short-term or seasonal rental may be an option, too. Before you sign up with a short-term rental group, like Airbnb, find out the rules and regulations for these types of rentals in your town and city.

Understand the Responsibility Involved

First, you must determine whether being a landlord is an obligation you can even handle. The benefits of renting are numerous, such as the ability to deter the vandalism that often plagues an empty home, the ease of tax breaks and the ability to generate income that covers the bills and possibly even creates a profit.

However, being a landlord is also one more responsibility you'll need to fit into your life, and it's safe to assume that things will sometimes fail to run smoothly. You'll need to stay on top repairs and maintenance, collect rent, dole out more for your homeowner's insurance policy, and try to avoid wear and tear on your property by keeping an eye on your tenant's housekeeping skills.

Prepare Your Home for Renters

In a down market, you probably won't be able to get away with renting out the home as-is. Tenants are more attentive and choosy at such times, because of the increased availability of rental homes, and their expectations are much higher.


Prepare for the new tenant by thoroughly cleaning your home and making sure appliances are working and are in good condition. If you've decided that you are renting out a room or area within your house, make sure that you can secure that area from the rest of your home.

Marketing Your Home

Once the house has been straightened out, develop a list describing what makes it appealing so you can put it on the market. Take note of those commonly desirable features such as a washer and a dryer, air conditioning and garage. Use rental terms to help "sell" the property.

According to RentalsOnline.com, words and adjectives that'll help you get a renter include: "granite," "state-of-the-art," "stainless steel appliances," "vaulted ceilings," "maple," "gourmet," and "hardwood floors." Be sure to use any and all of the terms that apply to your home.

Next, post an advertisement for the home on reputable websites and in the local newspapers. In addition, some real estate agents will work with owners to help rent out their homes, although the agent will take a commission if he or she finds you a renter.

You can also hire a property management company to handle the legwork of renting out your house, but you will have to pay them. The cost varies by company but it is often between 8% to 10% of the monthly rent and there may be other fees involved.

Hire Professionals to Help You Navigate the Financials

Turning your home into a residential rental property may seem like a simple task, but it's important to talk with real estate attorneys and accountants to make sure you are abiding by tax laws, zoning ordinances, and local property rules.

You may qualify for tax deductions, but it's important to know which exact expenses are deductible. Plus, there are limits on how much you can deduct each year, and the amount you are able to deduct may differ with the rental activity reported on your tax return.


An attorney can also help you navigate the landlord-tenant regulations, which vary from state to state and help you understand your community's rules governing rental properties. You can also seek help drafting the lease, making sure that it follows local laws. Finally, talking with an attorney can help you determine suitable house rules and emergency contacts.

Set the cost of the rent by learning what other rental properties are going for in your neighborhood and community. Remember, potential tenants will be scouting around for deals, so set the rent at a competitive price and make sure you highlight all the most valuable aspects of your home.

KEY TAKEAWAYS

  • The responsibilities of landlords are vast and can often come with unexpected costs. It helps to have some cash reserves, if possible.
  • When screening a potential renter running a deep background check is advisable. Make sure to ask for multiple references from potential renters.
  • Know your rights and the rights of your tenants—it's a good idea to familiarize yourself with the Fair Housing Amendments (FHA) Act.
  • According to a study by Renthop.com, during peak seasons you can rent your unit for even more. July through September appear to be the best times to locate a tenant; however, this seasonality can vary from city to city.
  • If you have a home on a lake, near a beach, or close to another seasonal venue, it may be worth it to investigate short-term rental platforms.

Screen Tenants Carefully

Start looking for a tenant as soon as your property is ready to be shown. Then, choose your tenant very, very carefully. You need to be able to depend on this person not only to pay the rent on time but also to keep your home in good condition. Also, if the person is someone you may be co-habitating with, learn their habits so you won't run into any nasty surprises.

Don't forget to gather references for potential tenants and check their credit histories. You should also take safety precautions when screening a tenant⁠—after all, this person is a stranger. Once you've found the right tenant, ask for a reasonable security deposit and arrange an appropriate payment schedule.

The Bottom Line

Renting out a home can be beneficial for both owners and tennants⁠, but only if you take the time to address and prevent potential pitfalls. After, all it's still your house.

Source

Contact Martin Property Management

At Martin Property Management we know that owning rental properties can take a lot of work, especially if you are managing them yourself!

Thankfully, our property management service makes owning rental properties EASY. To learn more about the services we can offer you contact us today at (617) 957-0166 or click here.




What Does a Property Manager Do? Here’s the Job Description

System - Monday, June 15, 2020


Are you thinking about hiring a property manager to manage one or more of your investment properties? If so, you're making a smart choice!

In this article we will break down what a property manager does and how they can help you grow your portfolio of investment properties.

1. Setting the right rates

Pricing your property competitively is vital for every landlord. Too high and you won’t fill the space. Too low? Good luck making money. A property manager knows the micro market, local area, and current rental rates, enabling them to correctly value your buildings’ worth and price the units accordingly.

2. Marketing and advertising

You lose money every day your property is empty. Exposure helps you find tenants, and a property manager can help you create a coherent marketing strategy that will develop your brand, establish your reputation, and boost interest from prospective tenants.

3. Complying with housing regulations

State and federal laws around housing and evictions can be rather confusing. A professional property manager can walk you through everything, from paying taxes, discrimination laws, and needed certificates. But be warned that you are still liable if your property manager gets into legal trouble, so make sure they know what they’re talking about.

4. Finding good tenants

Property management companies find higher-quality tenants for filling vacancies because of their rigorous screening processes. These people often sign longer term leases, inflict less wear and tear, and cause fewer problems. If you work alone, you might find yourself drowning in applications—but a professional property manager can assess applicants quickly and easily using a comprehensive screening process, including background and credit checks.

5. Collecting and depositing rent payments

Strict rent collection is crucial to financial success. A property manager acts as a buffer between you and your tenants so you don’t have to chase up late payments or listen to complaints.

6. Providing customer service

If you’re not a people person, it may be best to have someone else deal directly with tenant complaints. Not everyone has A+ communication skills—and that’s okay. A positive, smiley, helpful property manager will build up a rapport with your tenants and placate any problems with practiced ease. A company also ensures there is someone tenants can contact, even when you’re on that two-month Caribbean cruise.

7. Handling maintenance and repair

Let’s be honest—no one wants to be woken at three in the morning because a pipe burst in a rental unit across town. When things inevitably go wrong, your property manager brings a set of management skills that help quickly and efficiently handle any problem. Remember, your tenants want problems solved immediately. Delays can lead to complaints. Thanks to their wealth of experience in real estate, property managers can also suggest preventative maintenance before a problem has even occurred.

8. Managing vendor relationships

When you do require maintenance or repairs, it can be a hassle to get the right tradesmen for the job. A good property manager will know reputable, reliable, licensed workers—and have good relationships with them. They should also have established policies to prevent any problems when the workers enter the property, which protects you from litigation.

9. Assisting long-distance investing

As your property empire grows, you may wish to begin looking for investments outside your immediate area. If you sign a contract with a state or nationwide property management company, you can rest easy. Your properties are all being looked after to the same high standard as you enjoy in your own town.

10. Maximizing profitability

If you intend to live off the revenue from your real estate business, you need to dedicate your time to searching for new investments. Once you’ve got a few rented properties under your belt, you’re probably ready to expand. But how can you do that if your time is spent dealing with tenants, addressing problems, and collecting rent? With daily operations handed over to your property manager, you’ll have more time to scour the market for that next investment.

Source

Contact Martin Property Management

For more information on the property management services we can offer you, contact us today by calling (617) 957-0166 or click here.



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