New Landlord? 7 Things You Need to Know Before Renting Your Property
Whether you inherited a house, got relocated, or bought an investment property, becoming a landlord comes with a steep learning curve. Here are seven things every new landlord needs to know.
1. Know Your Legal Obligations
As a Massachusetts or Rhode Island landlord, you must maintain habitable conditions, follow security deposit laws, provide lead paint disclosures for pre-1978 buildings, respect tenant privacy, and follow the legal eviction process.
2. Screen Every Tenant
The biggest mistake new landlords make is renting to the first person who shows interest. A proper screening includes credit check, background check, income verification, and landlord references. It costs $30-50 per applicant and can save you thousands.
3. Use a Written Lease
Never rent on a handshake. A written lease protects both you and the tenant by clearly defining rent amount, security deposit terms, maintenance responsibilities, pet policies, and lease term.
4. Set the Right Rent Price
Pricing too high means extended vacancy. Pricing too low means leaving money on the table. Research comparable rentals in your area using Zillow, Apartments.com, and local listings.
5. Prepare the Property
Fix deferred maintenance, touch up paint, deep clean, ensure all detectors work, and take professional-quality photos before listing.
6. Set Up Systems Early
Do not wait for a tenant to figure out rent collection, expense tracking, or maintenance requests. Set up online rent collection, create an accounting system, and build a contractor list before you need them.
7. Know When to Get Help
There is no shame in hiring a property manager. If you do not live near the property, have a demanding job, or own multiple units, professional management is a smart investment.
