Apartment Rental Management

Apartment Rental Management in Worcester County Ma.

Find out why S & R Properties is one of the leading apartment rental agencies in Worcester County Ma.

Remodeling a rental property in Worcester County Ma may seem similar to remodeling a personal residence in many regards, but there are key differences that should be taken into account with your design decisions. This is a property that may be used by kids, pets and more, so durability as well as style are key to making thoughtful design decisions.

Flooring

When remodeling your rental property, you likely will replace the floors. At first glance, you may opt to put in affordable carpeting, and some landlords do plan to replace the carpeting with renter’s grade materials every year or two. Another idea that may be more cost-effective in the long run is to use vinyl adhesive tiles or even ceramic or porcelain tiles. If the ceramic or porcelain tiles become chipped, you only have to replace the broken ones rather than the entire floor. Choose darker grout, and seal the floor for the best results.

Paint Options

The paint colors and type that you select should also be taken into consideration. Most homes use a flat paint color on the walls, but this is hard to keep clean. Eggshell or semi-gloss on the walls is easier to wipe dirt off with. Choose a taupe, beige or other neutral color for the best results as these will hide some of the dirt and are appealing to most prospective renters.

Cabinetry

If you have decided to redo your cabinetry as part of your remodel, you may be wondering if veneer or real wood is a better option. A veneer or laminate material may seem better at first glance because of the price as well as the easy cleaning requirements. However, if these get wet, the wood will warp, and they generally will fall apart much faster. More durable options, such as hardwoods are a better solution even though they are more costly. These can also be wiped clean and may be more resistant to water damage, dents and dings.

Counter Tops

Laminate is the most affordable counter top solution, but it can burn, scratch and dent. If you want your counter tops to continue to look amazing in the space, granite may be a better option. This is because granite will not scratch, dent or burn. It is susceptible to damage from acidic items and harsh chemical cleansers, however. Because of this, you will need to educate your renters about how to care for the granite counter tops.

When remodeling a rental property, you may be inclined to choose cheaper features because you know that renters will be hard on the property and the features will need to be replaced quickly. However, some of the upgraded options are far more durable and may be a better option for a rental property.

5 Tips For Finding a Great Tenant for Your Rental Property in Worcester County Ma

Property Management Rental Ownership Advice from S & R Properties

Owning rental property can jumpstart your financial goals and let you retire years early. It can also be a disaster. To avoid horrible tenants, damaged houses, and unpaid rent, you need to effectively screen prospective renters. Here are five tips to make sure you find the best tenants possible for your properties.

Take Great Pictures–and Video–of Your Rental Property

High-quality tenants want to see high-quality properties. Don’t post a few grainy exterior shots of your rental home and expect to get applicants knocking on the door. Take high-resolution pictures and a walk-through video of the entire unit. Even if your property has a few less-than-desirable features, it’s better to be upfront about it. If you try to hide anything, smart tenants will figure it out before signing a lease.

Evaluate Their Texts and Emails

Before you schedule an in-person look at the apartment, try to exchange a few emails or text messages with the applicant. They don’t need to use perfect grammar, but they should demonstrate basic business skills. If they’re already asking you to waive the security deposit, change the day rent is due, or allow pets in a no-pet unit, they likely won’t be model tenants. Save yourself the headache and wait for a different applicant.

In-Person Meetings

It’s inconvenient to meet individually with prospective tenants, but this is one of the best ways for you to get a sense of character from applicants. They should wear clean clothing, they should show up to the appointment on time, and they should not bring adults who will not be living in the apartment. If your applicant shows up with a romantic partner or family member, they may be planning to move that person into the unit without notifying you. You’ll have to use your intuition. If you get an odd vibe from the applicant, take that as a sign to move on to the next tenant. You could be stuck with this person living in your unit for years, so put in the effort to find a good match.

Run a Credit Score

The easiest way for you to learn about a stranger’s personal finance skills is to run their credit score. You want a tenant who is responsible enough to pay their rent every month. If they have a credit score of 600 or higher, you’ll know they’ve paid their bills in the past. A few late payments or a medical bill in collections aren’t going to lower a tenant’s credit score below 600; that takes a consistent pattern of skipping out on financial obligations. You should let tenants know in your initial online postings that you require a credit score of at least 600. That will lower the number of bad-fit applicants who contact you.

Ask About Criminal History and Conduct a Background Check

You’re not running a background check to eliminate any tenant with a criminal history. That might be illegal in your state, and it wouldn’t be a good business practice. Someone with a misdemeanor from college pranks or recent arrests from political activism can still be a reliable tenant. Let potential applicants know that you will run a state and federal background check but that you’re willing to work with them. If a tenant is honest about their history, has non-violent offenses, and demonstrates a current sense of financial reliability, move forward with their application.

Your job as a landlord is to get the best-quality tenant in your rental unit that you can. It may seem harsh to use these metrics to evaluate applicants, but you have limited options for screening people before giving them access to your expensive investment. By using these five tips and clearly communicating your standards to potential tenants, you can get great renters with a minimum of fuss.

Real Estate investing 101 in Worcester County?

Apartments for rent in Worcester offer the best source of revenue for your success!

My real estate mentor and friend once told me that owning a multi family is, in essence, ownership of a business. He said It always amazed me how few understand the income producing stream in that business.
Your tenants are your revenue stream and selecting good and suitable people to live in your house equates to either success or failure. Many resources are available to assist you in following federal and state laws along with any local ordinances applicable. Along with my website and countless other resources you can successfully manage your rental property. Adequate screening techniques that are unbiased and open to all people create a net that allows you the greatest opportunity of success.

Properly applied Property Management techniques applicable to Worcester County and following local zoning ordinances can ensure that your building will be well managed and maintained.

I have seen many ill-advised buyers purchase investment property in Worcester County which are generating negative cash flows because they thought the property had potential. I currently manage many of these poor performers and sympathize with the poor business choices that their owners made. I am often asked for advice and potential selling strategies for these poor investments. As a property management specialist in Worcester County I sometimes encourage buyers to walk away from a would be deal. Good Real Estate professionals understand that their business is built with a strong foundation of relationships and trust.

Always remember that your Apartment for Rent in Worcester is not making you money if it remains empty. Sometimes lowering your price by 25-50.00 a month makes sense in the long run. Losing several months rent because you will not lower your price is not fiscally sound.

Condos for sale in Worcester County?

Current Worcester County property values remain very low, but real estate ownership may not be something that really interests you. Many people have no down payment and are not interested in committing themselves to the process of owning and maintaining a property. A great alternative is buying a Condominium in Worcester County. Condominium ownership has proven very popular, because it is a great way to receive the opportunities of home ownership without the hassle of serious maintenance and upkeep. It is a straight forward process much like a home purchase. Purchasing Condos for sale in Worcester County is unlike a home purchase as there is the consideration of the additional cost of condo fees. Condo documents which outline the bylaws of the association are also another factor to consider as some condo associations have certain stipulations that you should be aware of. The documents also present information on the association members and how you can serve on the condo board.

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Tenants and your Multi-Family

Most owners of multi-family properties offering Apartments for Rent in Worcester County lose sight of the fact that they are involved in an income producing enterprise and are business owners. Income generating streams are realized by tenants that live in your building, while growth equity(property appreciation) takes place over time. It is a great opportunity, but surprisingly, most home owners know very little about their business. Choosing the right candidate to live in your building seems quite obvious, but many owners either rush or procrastinate and lose money in the process.

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Property Management Worcester Ma.

Arriving at a Rate of Return is an important factor to consider when looking at a potential property. Analyzing an investment property requires asking the owner pointed questions regarding income and expenses. Some of this information can be provided by your realtor, who has access to local tax records and listing sheet data. Income sources are generated by tenant rents and available services such as coin-op Laundromats. While including typically known expenses such as taxes, water, sewer, and utilities do not make the mistake of forgetting other items such as insurance, property management fees, vacancy rate, and maintenance and capital improvement percentages.

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Apartment Rentals in Worcester Ma

Renting apartments in Worcester, Ma. requires a proper understanding of Federal and State Fair Housing Laws and the particulars regarding Lead Paint Notifications required by the State of Massachusetts. Without a proper understanding of these laws a property owner can face fines or perhaps a civil lawsuit. On my website SandRProperty.com I provide links to advise property owners about the laws regulating real estate rentals. One of the great benefits of income property ownership is the ability to realize a return on your investment and a steady cash flow from revenue streams produced by tenants occupying your property. Apartment rentals in Worcester Ma offers property owners a great way to invest in the future.

Like any business owner, a person that manages his income producing property, needs to manage wisely. An owner’s revenue is generated by having good and able tenants that pay their rent. With that in mind a thorough process that manages the selection of finding the right tenant is very important.

The screening process that we offer at S &R Properties is the best in the area and that is a statement I do not make lightly. A great application should start your process with advertising that does not violate State or federal laws. Each applicant is reviewed using the same standards and each must submit to a complete screening. Based on all your information you’re now ready to select your tenant. Just make sure you have a good rental agreement that does not violate laws governing tenant rights. Things like snow removal, appliances offered with the apartment are your responsibility even if it is written into the rental agreement.

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