Here at Torres Turn Key, we call ourselves a full-service agency, for good reason – because that’s exactly what we are. We pride ourselves on being there for our clients every step of the way, and the reason we take such a proactive approach is that we know when someone enters the world of real estate investing, with the view to renting it out and becoming a landlord, there are myriad aspects to consider and decisions to make.
If, after research and consultation, you’ve decided that Rochester, NY, is the place you want to purchase a property, we’re here for you! And, rest assured you’ve made a wise and exciting choice, because this wonderful city is growing, thriving and attracting a wide range of professionals, families and young people.
Naturally, the first decisions will revolve around the purchase of the right property to help you realize your financial goals and get your plan moving, but for the purpose of this post, let’s consider that one done and dusted (with our expert help, of course!).
Inexperienced people dipping their toes into real estate investing for the first time might think that the hard work is done once the purchase paperwork is done – after all, buying a house or unit can be stressful and challenging, so as soon as the asset is ready to be rented out, the pay-offs must be just around the corner, right? Well, no – that’s wrong. Because, without being merchants of doom, the truth is, that for unsuspecting novices, there’s a lot that can go wrong when it comes to being a landlord. But the good news for you is that’s where we come in, because with more than fifteen years in property management, the team at Torres Turn Key knows every single one of those potential problems, and it’s our job (and our passion) to mitigate them.
When you hire us to manage your asset in Rochester, we commit to helping you grow your investment. That means being completely involved in the process and, basically, being your representative for all the duties and responsibilities a landlord must undertake in order to keep things running smoothly. As well as taking care of maintenance and repairs, inspections, collecting rent, taking care of insurance, emergency response and compliance issues, there’s another vital aspect we manage that actually determines whether your business in real estate investing is going to be smooth sailing or a potential tidal wave of problems! That aspect is attracting and choosing the right tenants.
Getting the Right Tenants
With our many years of experience, we know exactly what it takes to attract and keep quality tenants for your house or apartment in Rochester. Choosing a good tenant is one thing, but keeping them happy is another. When we say that “a happy tenant is a happy landlord”, we mean it – and the first step is putting the right people in place in the first instance. This is how we do it.
Know who you want
Depending on your property, there’s more than likely a particular demographic you should be targeting, so there’s no point wasting time trying to attract unsuitable ones. For instance, if you’ve purchased a family home in Rochester, you probably aren’t going to be looking for a young single person. The beauty of using a property management company like Torres Turn Key is that we know all the criteria required for a good tenant in any demographic and we apply them.
Know the property
Presenting the house or apartment in its best light to prospective tenants is imperative – and by this we mean not only physically (interiors and exteriors), but also in terms of its location. Again, this will depend on the demographic you are targeting, but it’s important to focus on things like proximity to schools and amenities, safety and security of the neighborhood, and its appeal in terms of entertainment, beaches, retail outlets, restaurants, and access to public transport. Inside the home you need to showcase the size, furnishings (if included), technology, car spaces, and any other add ons. Good presentation, quality appointments, and professional photography will help to attract good tenants, while giving an honest representation of the property’s attributes.
Thoroughly screen applicants
It’s not enough to think someone seems like a “nice person” when it comes to real estate investing and renting out your valuable asset. Things that need to be considered about a potential tenant are:
- Rental history
- Credit score
- Background (criminal record etc)
- Previous rental references
These are the kinds of things we check as standard, and because we’ve been in business a long time, we know what to check and have professional access in terms of where to find it.
Keep the property in good condition
In general terms, the age of a house or apartment will determine the level of maintenance it requires, but even a brand new one needs constant upkeep to retain its quality. Good tenants understand this, so if you skimp on maintenance they’ll assume you don’t care about the property – or them. Regular maintenance includes keeping paintwork and finishes in good condition, taking care of interior and exterior fixtures, and confirming there are no issues with the roof, downpipes, plumbing, electrical appliances, floor coverings and furnishings, if included. Scheduling regular maintenance will not only show your tenants you’re committed to keeping the home in good condition for them to live in, it also ensures your asset is kept in optimal condition and continues to appreciate in value.
Tenants need to be able to contact their landlord, not only in an emergency (like plumbing or electrical problems), but also for non-urgent maintenance issues with appliances and general wear-and-tear that affects their enjoyment and use of the home. They need to know that they have a polite, responsive landlord who cares about their tenancy. Many people who get into real estate investing don’t realise the extent of work and communication involved, which is why most make the (very smart) decision to use a property manager. At Torres Turn Key we care about your investment and we also care about your tenant, so we’re committed to being available to answer and act on any queries promptly and in a professional and courteous manner.
Employ a property manager
If you’re getting into real estate investing and want to ensure your asset grows in value and you’re on the way to reaching your financial goals, employing a reputable and experienced property management agency is vital. Get in touch with one of our friendly team members at Torres Turn Key and allow us to be part of your journey – we take care of all those points mentioned above when installing a quality tenant, and much more.