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By Matt Maher 23 Nov, 2022
Boston Property Care: Banker & Tradesman's Best Of 2022
Boston Property Care Named Best of 2020 Gold Winner
By Banker & Tradesman 24 Nov, 2020
We are pleased to announce that Boston Property Care has earned Banker & Tradesman’s Gold award for Best of 2020 in Residential Property Care.
23 Aug, 2017
There are a lot of folks becoming new landlords, both as first time investors and as a group we at BPC call "accidental landlords", or people who bought their home but are now moving and don't want to give up the option of returning in the future, thus renting it out in the short term. With real estate investment in Boston predicted to climb steadily, it’s a great time to begin generating income via homeownership and learning how to best do that. Spend Now to Save Later “Don't go cheap” on property upkeep, warns Al Norton, our rental manager with more than 10 years of experience. Yes, it may seem easier on your bank account to make your tenants do their own snow removal, but “if there's any sort of issue with someone getting hurt on snow/ice on your property, they're coming after your deep pockets, not the tenants”. As far as lawn care goes, how it looks impacts your bottom line in the short and long term way more than it does your tenants. Besides, taking care of all of that kind of thing can allow you to charge more in rent, as there are tenants out there willing to pay more for the convenience. Pay Attention to Your Insurance Policy A big thing that most landlords miss? For those who were living in the unit previously, you will need to reach out to your insurance company for a policy change. Since the property is no longer an owner occupied unit, your insurance provider needs to be updated of the change in case of liability. Not doing so can be disastrous: if landlords submit a claim for damage done by tenants, the insurance company may not cover it because they had the wrong kind of coverage. Reduce Stress with Property Management Some may think that being a landlord just means cashing checks every month. However, unlike stock market dividends or accruing bond interest, real estate investment is not a passive income stream. Landlords deal with property upkeep as well, which includes repairing appliances or fixing other issues as they arise. For many landlords, using a property management company is worth avoiding the hassle. While this service again costs money, it also means that the landlord is spared from everyday frustrations or emergencies. “The landlord isn't the one getting the call at 11:30pm on a Friday night about a clogged drain, or, worse, getting woken up a 3am because of burst pipes,” Norton says. Save Big with Real Estate Agents and Tax Breaks The best advice we can give is to use an agent. A licensed real estate professional will do the job for you, “the job” being all of the following: Marketing your property Showings for prospective tenants Collecting applications Completing financial and background checks to ensure the tenant is a good fit Writing the contracts and ensuring all other paperwork is completed Confirming that the process is done in accordance with the law In the current market of high demand and low inventory, using an agent’s services may not even cost anything. Even if you do end up paying them some part of the rental fee, that's a tax deductible expense: your house or condo is now a business, and therefore eligible for certain deductions. For more tips on real estate investing or long-distance landlording, we’re always available at info@bostonpropertycare.com. 5
12 Jul, 2017
One of my favorite rental urban myths – you know, the apartment leasing equivalent of being told that the student handbook has a rule that you can leave if your teacher is more than 10 minutes late – is that there is some sort of law about when landlords can ask their tenants if they are planning on renewing their lease; there is no such law on the books in Massachusetts, nor is the matter addressed in any of the Standard Fixed Term Leases I have seen (self-renewing and tenant-at-will leases are obviously different). So that leaves many landlords wondering, when should I find out if my tenants want to stay? My general advice is that a rental listing should come to market roughly 60 – 90 days before it is available to be occupied; even in a strong rental market like Greater Boston is experiencing now, where apartments can rent in days, or even hours, you want to give enough time for the unit to be properly marketed and shown. I’ve known some landlords to wait until less than 30 days before occupancy but the potential problem is that there usually aren’t that many people looking that close to their move-in dates, and the smaller the pool of potential tenants, the less able you are to maximize the full value of your condo/house. The best way to reach out to your tenants is with a letter, telling them that it’s that time of year again and that you’d like to know within two weeks if they plan on staying, with the understanding that if they aren’t staying, showings of the unit will begin right away. Most landlords will tell their tenants what the rent will be for a new lease in that same letter, although I’ve known a few who wait until people say they want to stay until they inform them of the new rent. When it comes to increases, I find it’s best to be honest with tenants and tell them that while their rent is going up $XX per month, the truth is if the apartment were going on the open market the rent would be going up $XXX; essentially let them know the discount you are giving them for being good tenants. Once you factor in the two weeks’ time you will give your tenants to make a decision and get back to you (and perhaps the extra few days to get them to respond), you want to get the whole process started no later than 90 days before you’d need a new tenant. And to answer your question before you ask, yes, there is such a thing as too early; no one other than undergraduate students are going to rent an apartment six months ahead of time, so putting it out there now for June 1 means it will likely end up sitting for a while, potentially letting your listing get stale and lost in the shuffle when the influx of property comes on weeks later. No matter when you decide to send your current tenants a renewal letter you should check in with your friendly neighborhood real estate company – like, say, the Coolidge Corner, Jamaica Plain or Newton Centre offices of Unlimited Sotheby’s International Realty, where there are well trained, full time rental agents waiting for you – to find out what’s going on in the market; maybe you’re way under the average price, maybe you should be thrilled with the rent you’re getting, but talking to a professional will give you peace of mind going forward. Boston Property Care can also take the hassle out of dealing with tenants for you. We are happy to reach out and coordinate renewals with your tenant or find you someone new! Al Norton Rental Manager, Boston Property Care
05 Jun, 2017
Home prices in Massachusetts continue to climb, especially as inventory continues to drop. The tight housing market that the Bay State is currently in will most likely continue to grow tighter, especially as Boston continues to attract an ever-growing number of families and professionals attracted to the Hub of the Universe. This attraction spells out an incredible real estate investment opportunity, but why does it exist in the first place? What’s the draw to invest in Boston instead of another capital city in the country? While Boston’s real estate market is only rivaled by San Francisco and New York City - which can be intimidating to would-be investors - there’s a wealth of potential even for those that don’t live in Massachusetts. Don’t let the high prices scare you away; the projected returns on Boston real estate are expected to grow even as global stock markets fluctuate. World reports, such as the Global Property Handbook, places Boston amongst the top 15 most desirable cities in the world. Boston is a strong city for practicality, emotional appeal (encompassing areas like shopping and cultural richness) and finances (including ease of doing business and high property value). Boston comes third on a world scale for practical factors alone: strong education, air travel connectivity, environmental friendliness, and personal safety culminate our appeal. Boston beats out other US cities like Chicago, San Diego, and Houston in this assessment. Boston is consistently ranked one of the best cities to live in for all types of individuals: there’s something for every runner, scientist, student, and entrepreneur, just to name a few of the lifestyles drawn to Boston. Our school smarts are of particular interest. More than fifty higher education institutions in the greater Boston area make it a sought-after destination, making it a hub for college students and young professionals looking to rent in and around the city. With the demand for housing continuing to skyrocket landlords and property owners have more advantages, such as more selectivity in choosing their unit’s tenants. The high demand for housing, coupled with the large number of renters and increasing rental prices, makes Boston real estate a wonderful, long-lasting investment choice for years to come.
05 May, 2017
Whether you're new to real estate investing or have years of experience, one of the first lessons you learn is that there's more to real estate investing than financing a home purchase. Is a new construction more attractive, or is a well-maintained older home better? Should your units be close to entertainment options, or would your tenants prefer somewhere more quiet? What neighborhoods offer the best balance between your personal preferences and projected cash flow? Discovering the right investment opportunity for your needs requires preliminary research. To get started, here's some of the best deals on the market for investment properties from our partner at Unlimited Sotheby's International Realty.
17 Apr, 2017
Upgrading appliances is an easy way to give a fresh new look to a kitchen, but it can certainly be rough on your bank account. To help that, here are some cost-effective alternatives and the types of places you can find some great deals. Craislist.org Scour craigslist.org for local,deals. Discount stores advertise there, as well as people looking to,upgrade to something better in their own kitchens. This is especially,great for those of us with ancient appliances looking to upgrade to,nicer, all black appliances instead of stainless steel. Make sure to,take a look in the FREE section as well, you never know where a great,kitchen table, chairs, or more will pop up, so check back often! CLICK HERE Apps & Websites There are a number of phone/tablet apps and websites that specialize in swaps,and resales of home goods, often including appliances. Check local buy,and sell groups on Facebook, often times people move into a new home and,upgrade their appliances leaving perfectly good, usable appliances,behind for sale. Also check out apps such as OfferUp, LetGo or Gone for,easy mobile searches. Scratch and Dent. And SAVE! Visit your local appliance stores “Scratch & Dent Section”. A few,scratches and dents can knock a huge chunk out of that price tag! The,best part is a lot of the scratches and dents you find are in a place,where you won’t even see them, especially when you put the appliance,into place in your home. Even if the scratch or dent is visible, you,might be able to fix it for cheap. Home improvement stores sell,appliances markers in a variety of colors and they work similarly to a,paint pen from the craft store. Just sweep over the scratches with your,appliance pen, let dry and repeat until you can’t see the scratch anymore. For Sale Watch for sales and additional discounts at your preferred appliance,stores. Most appliance and large home improvement stores have sales for,each holiday and, often times, there are additional discounts in place,on top of the sale price. Keep an eye out for Energy Star and,manufacturer discounts when you are in the store. Appliances can be,deeply discounted just by spending the time to look at all your local,stores, what kind of discounts they consistently offer and learn if that,store price matches. Pricing matching plus discounts could save you,even more money! Store Cards + a Little Planning = Savings! Store cards often offer discounts on products over a certain amount.,Figure out where the best deal is going to be, save up all the money,needed for those items and open a store card. The interest rates are,often high on these cards but if you purchase your items at a discount,and immediately pay it off you can save that much more. Additional “sign,up bonuses” are also available. Be careful though, you are dealing with,your personal credit, these alternative need to be carefully planned,,but the savings are definitely worth it. Some places to start are Ikea, Jordan’s Furniture, and Home Depot! No Tax, No Brainer! Wait for a tax free weekend! Massachusetts typically has a sales tax,holiday every August, and for 2017 this is expected for August 12 to 13.,Taxes on the pricey items really just add to the pain of that final,bill. Shopping on that tax free weekend will add to those savings,instead!

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