Investing in Rochester NY’s housing market is a really sound financial decision, especially right now as the market is doing well and the city itself is experiencing a brilliant resurgence. There has rarely been a better time to look for second homes or rental units in the city. It can be a great place for tenants and landlords alike, providing the tenancy is smooth and both parties can get the most out of the contract. This is where we can come in. A property management company like Torres Turn Key can ensure that the experience of being a landlord or a tenant is as smooth and stress-free as possible. Our team has a lot of experience in property management in Rochester NY, and we’re a well trusted name in the industry. But you might be wondering what it is that we do so well, and why you need a management company in the first place?
What Are the Signs of a Good Property Management Company?You shouldn’t just take it as a given that a management company is going to make your life easier, as there are a few things to look out for. These are things that we at Torres Turn Key really pride ourselves on and ensure that we deliver to all landlords when they engage our services.
- Communication: A really good organisation should ensure that lines of communication are close to constantly available in order to best manage a rental property. This doesn’t mean we’ll be contacting the property owner regularly, but a good company should be there for the landlord and tenant alike with any questions, queries or emergencies.
- No vacancies: One way of spotting effective property management in Rochester NY is to look at the vacancy rate. A low vacancy rate means that the property managers are clearly doing something right!
- Professionalism and expertise: It’s a hard line to balance sometimes between friendliness and professionalism when engaging with tenants, but with industry knowledge, property managers should be able to be friendly and approachable while avoiding decisions based on personal preferences or favoritism.
- Safety: This one is crucial. A good safety record speaks for itself, and is a clear indication that the property management company you’re looking at knows what they’re doing.
What Do You Look for in a Management Company?When you’ve found a management company that can demonstrate the above, it’s time to ask what you are looking for in your property manager. Perhaps the most important thing is their knowledge and experience in your location. You’ll want them to have insider knowledge of Rochester NY, as well as familiarity with the different neighbourhoods and the characteristics of each. A strong reputation within the local area is a good way of judging both how knowledgeable the property managers are, as well as how effective they are at their job! Your second home or building will be in good hands if you see lots of glowing reviews. One of the most difficult things about managing properties (and the main reason to hire a company to do this for you) is engaging with tenants in difficult or awkward situations like missed rental payments or other similar problems. Find a management team who share your perspectives on how these kinds of things should be handled. It can be dull to think about, but the proper licences and insurance to be involved in this industry are absolutely crucial. Your team will work tirelessly for you so you want to make sure they’ve got all the paperwork in place to do so. Not only will that give you peace of mind, it will be reassurance that their good reputation is built on solid foundations. These are just some of the great features of our team at Torres Turn Key, and they’re the fundamental reason behind our strong reputation and excellent track record.
What Are the Responsibilities of the Manager?The manager will help to organise the day to day running of your home or building, so that the tenants are well catered for and your lease is upheld to the letter. But what does this actually mean? There are a few key aspects to the role and understanding them a bit better can really help shine a light on why property management companies can be so valuable in Rochester NY.
- Collecting the rent: The most important thing about leasing a building is making sure you receive the rent each month as expected. The company can take care of this for you, leaving you with more time for other business or leisure interests.
- Finding tenants: When one tenant leaves the manager can take care of finding and fully vetting a new one. This process can be time consuming and it requires a lot of administration. Having somebody to take care of this for you can be invaluable.
- Dealing with emergencies and repairs: Nobody likes to think about it, but emergencies do happen. Having a 24/7 available property manager means that you can rest assured your tenants will be kept safe and secure – and your building too for that matter – in the face of any issues. They can also make sure that the more routine repairs and maintenance that are necessary are carried out in good time.
- Organising documentation: There is a lot of paperwork that comes from renting a home so hiring somebody to take care of this side of things for you can be a really prudent move. As well as documentation, your property manager will take care of organising more or less everything!