Rental process Boston

[Ruth Buckley]

Hi BP,

We are currently in the process of closing on a multi family as a primary residence. We plan to rent out our current townhouse where we live now and the second unit in the multi family (this is under lease until Nov 30th).

What would be the best approach for renting our townhouse in Brighton? Using a realtor? If so does the landlord pay a fee to the realtor in addition to the tenant? Does the realtor also carry out credit checks and screenings? We are thinking a family or three young professionals would be the best tenants as the townhouse was a new construction when we bought it three years ago so it’s in pretty good nick. 

Thanks in advance for any pointers!

[Jason Turgeon]

Use an agent who specializes in local rentals. The tenant will pay the fee + first, last, and security. I don't collect security deposits because of the major headaches surrounding their handling in Mass, FWIW. 

Make sure the agent pulls credit reports on all signers of the lease and make sure you review them. I usually let student loan issues slide because they are so common (our nation's tenants are drowning in student loan debt) and I don't want to screen out otherwise good tenants, but things like missed credit card payments, missed car payments, and of course missed rent payments that get reported to the credit bureau usually require some probing questions.

In your Brighton place, you can legally specify no undergrads. I won't rent to them because of noise and property damage potential, and your neighbors will thank you. But of course, you limit the pool of potential clients.