Whether you’ve recently acquired your very first rental property or you have a large portfolio of investments in the area of Rochester NY, property management is definitely something you should be considering. Although investing in real estate can be lucrative, it comes with many responsibilities that can quickly become time-consuming and cause a number of headaches. That’s where an experienced management company can step in and make being a landlord a hassle-free and enjoyable experience. Our team at Torres Turn Key have years of knowledge and first-hand experience in dealing with any issues that could arise when it comes to Rochester NY property management. From setting the right rental rate to marketing to maintenance and, perhaps the most important, finding the very best tenants for your home.
Over our many years of assisting our clients in managing their investments, we have learned that real estate is as much about relationships as it is about bricks and mortar. While landlords have their own list of obligations, it’s worth keeping in mind that tenants have responsibilities too. With our skills and expertise, we are perfectly positioned to ensure that both parties meet their obligations.
If your investment is located in Rochester, NY, property management companies like us know all the lease laws that apply but here are some key points to keep in mind.
Security deposit: Landlords in this area are able to charge up to one month’s rent for a security deposit, however, your management team has the responsibility of holding any deposits on behalf of the tenant and landlord.
Rent increases: You will have a few opportunities to increase rents (such as at the end of a lease) and in Rochester NY, property management teams will be able to advise you on when and how to do this.
Habitability: While tenants are obliged to take care of your rental, it’s up to the landlord to ensure that it’s kept in a liveable condition. Torres Turn Key can support you with this by carrying out regular inspections and ensuring that any maintenance needed is completed efficiently.
Eviction: Tenants may only be evicted for specific offensive reasons, including not paying the rent or illegal activity. However, this process will involve the court system so you’ll need the expertise of your management company, like ours, to guide you if this situation arises.
Discrimination: While finding the right tenant is essential, it is illegal to discriminate against individuals based on race, national origin, gender, religion, or other protected categories.
Lease agreement: This legally binding contract is just as important as your tenant’s as it outlines all the terms of your rental relationship, including maintenance, rent, deposit, and anything else required. Torres Turn Key can provide you with tried and tested contracts that can be adjusted to suit your needs.
Rent stabilization: Remember, stabilization laws are only effective in certain cities in New York State, and Rochester is not one of them.
Part of property management is about ensuring that the tenants are happy too – it’s all about relationships, remember! They have their own set of responsibilities that must be fulfilled.
Paying rent: An obvious but important one; your tenant must pay the full rent on the set date. Our management team takes away the headache of collecting rent and ensures that it’s paid on time every month.
Maintenance: Every tenant has a responsibility to look after the rental they’re living in, this includes keeping it clean and paying for any damages they’ve caused themselves. This is perhaps one of the most important reasons for working with a Rochester NY property management company. Torres Turn Key can carry out regular inspections to ensure that this obligation is fulfilled.
Follow lease terms: If we have drawn up your lease agreement, we will know every detail inside out and therefore be able to keep track of the tenant’s commitment to the terms.
Report any issues: While your management team will be making regular checkups to the property, it’s up to the tenant to report any maintenance problems as soon as possible. As your management company, we will be the first point of contact to ensure that landlords avoid dealing with this common headache.
Respect neighbors: The ideal tenant will be respectful towards their new neighbors as their relationship with the community reflects back on the landlord. This means no excessive partying and keeping loud noise late at night to a minimum.
Maintain the condition: At the end of a lease, the tenant must return the property in a decent condition; that is in the same state as when they arrived. Torres Turn Key can help with their check-in/out service to ensure that all terms are met.
This will have cleared up all the responsibilities that come with investing in Rochester NY property. Management companies, like ours, can be a huge help in ensuring that you reap all the rewards from your rental and avoid any hassles.