Being a Landlord in Massachusetts: The Ultimate Guide
Being a landlord in Massachusetts isn’t exactly the same as it is in other states. And certainly there is a difference between being a landlord in Boston or another city and being one in a rural area. Not only is the experience different, but it also can mean slightly different laws and regulations.
Massachusetts can be it’s only unique thing when it comes to rental property. Our property services in Boston and surrounding areas involves intricacies of the area that is a bit different than what we experience in Philadelphia or Texas. If you’re looking into being a landlord in Massachusetts, it helps to know the basics of what that means and also get some overall advice on the matter. Let’s explore.
Table of Contents
- How to Become a Landlord
- Basic Advice for Being a Landlord in Massachusetts
- How Property Management Can Help You on Your Journey
How to Become a Landlord
Becoming a landlord in Massachusetts (and most places) involves a number of things. First, most likely it means buying the property. This is a whole process in which you want to seek out a suitable investment property, figure out the financial aspects, etc.
The alternative to this step is to be hired to be a property manager or leasing agent, where you oversee rental units on behalf of property owners. Having experience in real estate, property management, or maintenance is the most common way in. Many states, including Massachusetts, require property managers to hold a real estate license or certification.
Once you have either purchased the investment property or gotten the credentials and been hired to be a landlord, get familiar with landlord-tenant laws specific to your state. Understanding Massachusetts regulations helps prevent legal issues. Getting landlord insurance is also important for protecting your investment.
Preparing your property for tenants is another big step. This includes making necessary repairs and making sure safety features are in place. Setting a competitive rental rate based on market research will also help in acquiring tenants.
Learn how to do tenant screening… it’s a key part of being a landlord in Massachusetts and really anywhere. Conducting background checks, verifying employment, and checking references helps in selecting suitable tenants. Paired with this, learn the ins and outs of what should be in a lease agreement and put one together that outlines the responsibilities of both parties.
Finally, learn how you are going to conduct ongoing property maintenance. Regular inspections and prompt attention to repair requests help maintain the property’s condition… and of course, keep the tenants happy. Staying organized with financial records and considering whether to hire a property manager are additional factors to consider as you establish your rental business.
Basic Advice for Being a Landlord in Massachusetts
As a landlord in Massachusetts, understanding your legal obligations and responsibilities is a big part of the job. Ignorance is not a good idea… you can still be held liable if problems come up. Let’s go over a number of general pieces of advice for keeping up with (and compliant) being a landlord.
Understand the Terms and Documents – Familiarize yourself with the different types of agreements that are involved, such as lease agreements and tenancy-at-will. A lease provides a fixed term, typically one year, offering stability for both parties, while a tenancy-at-will is more flexible. There are things like those and all sorts of other parts of a typical lease agreement that landlords should know well.- Maintain the Property – Make sure that your rental property meets the codes and safety standards in your state and nationally. Regular inspections and having a standardized way of getting repair requests will go a long way toward keeping your properties up to the standards that are required.
- Handle Security Deposits Properly – Massachusetts law regulates the collection, holding, and return of security deposits. Also, what a security deposit can be used for is something landlords should know. As a landlord, you have certain responsibilities when it comes to security deposits: provide a receipt, hold it in a separate bank account, and return it within 30 days after the tenancy ends. Managing security deposits correctly helps prevent legal disputes.
- Follow Proper Eviction Procedures – If eviction becomes necessary, adhere strictly to the legal process. This includes providing the appropriate notice to quit, filing a summary process action in court, and obtaining a court order before removing a tenant. Unlawful eviction methods, such as changing locks or shutting off utilities, are prohibited and can lead to legal penalties.
- Stay Informed About Housing Assistance Programs – Be aware of state programs like the Residential Assistance for Families in Transition (RAFT) and housing vouchers that assist tenants with rent payments. Understanding these programs can help you support tenants facing financial difficulties.
How Property Management Can Help You on Your Journey
If you’re looking for a property management team to help with your rental business, look no further than Bay Property Management Group! Property management can be a game-changer for those looking to get into being a landlord in Massachusetts, and we are very familiar with that area. We handle tenant screening, rent collection, and more… so you don’t have to. That way, you have more free time and turn your rental property business into a more passive source of income.
To learn more about property management in Boston and the surrounding areas, contact us today. We offer full-service rental management in Boston, Baltimore, Philadelphia, Northern Virginia, Texas, Georgia, and elsewhere.
