What is property management?
Property management is the operation, control, maintenance, and oversight of real estate and physical property. It typically involves the managing of property that is owned by another party or entity. If you’ve owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you’ve likely discovered that these responsibilities require a large commitment of time and effort. At Torres Turn Key Property Management in Rochester NY, Our job is to eliminate those headaches.
Why use a professional property manager?
Using an experienced property management company can make profiting from and owning rental properties a hassle-free experience. This decision can come down to a simple cost/benefit equation. Not only is our team experienced at handling properties and tenants, but we only take a small percentage of this monthly income for our services. When you consider what you get in return – a hassle-free, essentially passive income stream – the decision to employ our staff of professionals is a no-brainier for most rental property owners.
Property Management Services
Setting the right rental rate
While looking through the classifieds to see what other landlords are charging for similar properties is fine, a good property management company will conduct a thorough market analysis to set rental rates for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
Collecting and depositing monthly rental payments
If you’ve ever worked in a billing department you know that securing payment from clients can be both difficult and time-consuming. Property management companies have efficient, time-tested systems in place to effectively collect rent and maintain on-time payments. You’ll find this particularly important if monthly cash flow is a concern.
Marketing and advertising of your property
Through long experience, a property manager will know exactly where to market your property and how to develop compelling advertising material. This is a significant advantage when it comes to filling your properties quickly and avoiding costly vacancies.
Finding the right tenants
Experienced property managers are experts in finding good tenants. This includes taking care of all the details, including securing background and security checks, verifying employment, and collecting previous landlord references.
In addition to finding good tenants, a property management company will handle all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections and manage any situations where conflict resolution is required.
Accounting and billing
A major responsibility of the property manager is the bookkeeping relating to incoming tenant rentals, plus the off-setting expenses relating to your property (i.e. monthly utility bills, maintenance expenses, ongoing service contracts, etc.).
Manage vendor relationships
Property managers establish and maintain continuing relationships with maintenance workers, tradesmen, contractors, suppliers and vendors that an independent landlord cannot duplicate. Not only will the property manager get the best work for the best price, but they’ll also oversee these responsibilities.
Ensuring that you’re in compliance with housing regulations and property laws
There is a multitude of federal, state and county laws and regulations to abide by when renting and maintaining your rental property. A property manager can help you avoid lawsuits by keeping your properties up-to-date and compliant with these regulations.
Maximizing the profitability of your time
By having a property manager take care of the day-to-day responsibilities of running your income property this free time can be spent in identifying further investment opportunities or otherwise expand your current career.