Are you maximizing the potential of your MA investment properties? Whether you are a new investor or an experienced one, property management services can be of great value. Here are some key benefits of using a property management company in Massachusetts.
1. Fewer Legal Issues
Massachusetts laws are rather strict when it comes to rental properties and most favor tenants. Landlords must be fully aware of all relevant laws to protect their own interests and minimize risk. From fair housing to lease terms, deposit handling, repairs, inspections, and evictions, there’s quite a bit that you need to know. Plus, the laws are subject to change based on legislative actions and court cases that set legal precedents. One of the most important benefits of using a property management company in Massachusetts is their familiarity with proper procedures in compliance with MA rental laws. This can help you avoid costly lawsuits.
2. Higher Quality Tenants
Screening tenants is part procedure and part instinct. Knowing what to look for in tenant applications comes from years of experience. What questions can you legally ask to gauge how the tenant will use and care for your rental property? What are some of the red flags that the information provided might be inaccurate? How you can spot a rental scam? Additionally, property management companies have access to resources such as credit and background checks. By utilizing such resources and experience, you can obtain higher quality tenants for your rental properties.
3. Better Occupancy Rates
Vacancies and tenant turnover are challenges that every landlord faces, but it’s also something that a property management company in Massachusetts can help you minimize. Tenant turnover is an expensive process since it often requires property repairs and marketing efforts to find a replacement. Finding quality tenants and keeping them happy are critical to retention. One of the many responsibilities of property managers is to maintain a relationship with tenants, communicate effectively with them, and address their concerns.
When tenants do leave, property managers will know how to effectively market your rental and promptly find a replacement. They also have the manpower to quickly prepare the unit for new tenants. Both reduce the amount of time that a unit will remain vacant.
4. Lower Repair Costs
It can be difficult to keep up with repairs if you’re not local or if you own more than one investment property. By using a property management company in Massachusetts, problems can be addressed quickly and by qualified professionals. This prevents small issues from becoming big ones. Ultimately, maintaining good property condition lowers repair costs, keeps tenants happy, and therefore improves your bottom line.
5. More Efficient Operations
Last but not least, it wouldn’t be fair to discuss the benefits of using a property management company in Massachusetts without mentioning efficiency. There’s only so much that you can do on your own and although you may know a little about a lot of things, you may not have in depth knowledge on everything. Hiring a property management company means hiring a whole team of professionals, each with expertise in a particular area. Combined, they help to protect you and your property from legal and financial issues.
Contact us for a free quote on your property management needs. Our team is waiting and eager to assist you!