My whole life I’ve wanted to be Dear Abby and offer people my advice (even when they didn’t want it). Now I get to be Dear Kimmi, a guide to the Boston real estate market. This is my tribute to the late, great Pauline Phillips, aka “Dear Abby.” Thanks for telling it like it is.
Have a Boston real estate question? Just ask me. All questions sent to me will be answered and we’ll be regularly featuring a lucky someone’s question in this blog and our newsletter.
Keep in mind, I am not a lawyer nor will I pretend to be one like that guy on “Suits.” All comments made by me are either my opinions and/or are based on my experiences & expertise as a Realtor. They should not take the place of legal advice.
Q. I own a condo in the Back Bay. I just accepted a job offer that will relocate me to my home state of California in just 4 weeks. I’d really like to hold onto my condo in case I ever move back to Boston but also to take advantage of the high rental potential and build equity. How do I go about finding a GOOD tenant in such a short amount of time and how will that work since I won’t be in the state?
A. For starters, you should hire a reputable and reliable real estate company. One where you are comfortable handing over the keys to.
Set up a meeting so they can view the unit and at the same time, you can size them up. Some real estate agents be crazy! ( I can say that since I am one.)
First, they should help you determine a rental price based on market value. Keep in mind, the time of year is also a factor.
Go over all specifics with them.
The agent should advertise the unit, screen applicants, run credit checks, collect move in funds, oversee all paperwork, coordinate key delivery and move in.
Remember, you have final say on any applicant. If credit, LL references or a less than asking price aren’t to your liking, you are not obligated to accept them. However, RE agents are obligated to present any and all applications/and less than offers to the LL. That’s our job. You have to make the decision. We can only offer our advice as to what we think would be best. Again, it’s how we get paid so don’t let an overeager agent trying to make a buck bully you into a bad tenant situation. (You can avoid that by adhering to step one of hiring a good agent.)
Paperwork shouldn’t be an issue. Applications and leases can be faxed or scanned for initial acceptance. You will want signed originals mailed to you though.
Since you’ll be 3000 miles away in the warm sun you might want to designate someone you know here in Boston for emergencies. This can be a friend or family member (if they’ll agree to it.) It is a big responsibility to ask of someone. That means if the pipes burst at 3am they must take care of it. It’s your responsibility to ensure that any issues with your condo get taken care of. Another option would be hiring a property management company. Prices for their services depend on what they will be in charge of taking care of. Some charge a flat monthly fee or a percentage of the rent and/or charge per issue they’re called upon to resolve. You can negotiate their fee depending on what you need them to take care of for you in your absence. The benefits of having a management company is that you don’t have to worry. They’ll be responsible for answering calls and any other issues you’ve agreed upon.
The biggest obstacle you’ll face will be trust. You are essentially putting your most valuable possession in the hands of a stranger. Make sure you choose the right one.
Good luck with the new job!