In general terms, our experts manage residential properties within 20 miles of Boston. I see our main function
Protectingof managing a real estate asset as being broken into three areas:
- Maximizing financial return
Protecting properties is the basis of our operation. It’s largely a defensive position but is meant to ensure your real estate asset continues to generate income and appreciate in value. There are three ways we do this:
- Maintenance/Upkeep of the property is one of our top priorities. Through our periodic inspections we regularly have eyes on properties to catch outstanding maintenance items that can evolve into more serious issues if left unattended.
- Safety concerns are significant in rental investing. The potential for liability exposure through accidents or health issues can be huge. Items like snow removal and pest control help to manage this exposure. Ensuring the security of the property through adequate locks on doors and windows improves residents’ peace of mind while minimizing the potential for damage to theft/trespassing.
- Quality tenants are a huge benefit to
Administering properties takes up the bulk of time. Careful administration prevents legal problems, ensures prompt attention to issues, and sets the foundation for increased financial returns
- Rental tenants require lease administration, managing deposits correctly, and rapid responses to issues reported.
- City/State compliance varies from area to area – Boston requires registration of rental properties while other cities such as Revere, Brockton, and Malden require a city inspection.
- Bill payment for all invoices avoids liens for non-payment of city utilities, ensures continuity of insurance, and that contractors continue to work on our projects.
- Cost tracking and financial reporting helps decision making about the property and assists with tax reporting.
- Condominium association management has administrative requirements in working with trustees and the association beyond some of the needs already listed.
Maximizing financial return of the property is usually the goal. Financial return is increased by minimizing tax obligations, keeping expenses under control, maintaining the property to realize the best appreciation in valuation, and getting and maintaining the best rent possible.
- Tax obligations can be minimized by using depreciation schedules as best as possible while capturing all expenses related to the property.
- Keeping expenses under control includes getting best pricing for repairs, having dependable help to have items fixed correctly, and looking for cost savings on operational expenses such as insurance, water, and heating.
- Realizing the best appreciation in value requires maintaining the property at a level where it will be both an addition to the neighborhood that increases value to the surrounding homes but also keeps the appeal to obtain the best purchase price when the time comes to sell.
- Getting the best rent possible makes use of available market information to identify the right price while using best in class marketing and selection techniques to place qualified and stable tenants.
Let me know your thoughts on what property management means to you!