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Anyone looking to invest in residential or commercial property and become a landlord is well advised to proceed with caution. While this kind of investment can be extremely lucrative when managed correctly, as in any kind of business venture, there are pitfalls and challenges that simply can’t be avoided. If you don’t mitigate against the potential issues, you might end up making some costly mistakes. Rochester, in upstate NY, is one of the most up-and-coming cities in the country. It’s become very popular with a range of demographics moving there for work and lifestyle, so it stands to reason it’s also a great place to be a landlord. Advice from Rochester NY Property Management As a new investor, one of the most proactive ways of ensuring you remain profitable is to put your asset in the hands of a professional management company. Professional Rochester NY property management will take care of the day-to-day running of your investment — allowing you to sit back, relax, and enjoy the profits without the stress. If you’re not familiar with the industry you’ll benefit from gaining a basic knowledge about what a property manager does, and why you need one! Here are some common FAQs answered by a Rochester NY property management insider. FAQ: What Does a Property Manager Do? The most basic and complex of all FAQs. Assuming you’ve done your due diligence and chosen a company based on reputation and recommendations, they will take care of a huge range of tasks for you. This includes (but is not limited to) finding and approving new tenants; conducting inspections; collecting rent; keeping up with maintenance issues, including emergencies; reporting on financials; various required administrational tasks; and ensuring compliance is up to date. FAQ: Do They Have Professional Qualifications? Yes. While legislation differs from state to state, at the least they must hold the required Real Estate License. In addition, there may be local permits or licenses required before they can set up business. Many people enter the profession via a pathway of a bachelor’s degree, and there are other certifications that can be achieved throughout their career to enhance their skills and earning capacity. FAQ: How Do They Get Paid? The most common method of payment is a monthly fee structure based on a percentage of the rent you receive. Of course the cost varies, but it is usually between 8-12%. Sometimes they may charge a flat fee every month based on the size of the property, but this is less common. The important thing is to ensure any and all conversations about fees take place before you sign anything. FAQ: Do I Really Need One? The answer is most probably yes. Handling the myriad day-to-day tasks involved in being a landlord can be a full time job that most people aren’t qualified or equipped to handle. You certainly can self-manage a rental property, but it’s not advised — particularly if you’re new to the industry. As you can see from the above there is a lot involved, and staying on top of compliance, tenanting, rent collection, and maintenance is a job much better left to an expert Rochester NY property management company. Do your research and choose a reputable, professional company and your asset will be safe, well-managed, and profitable. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience providing a holistic service for both domestic and international investors. When it comes to Rochester NY property management, investors can rest assured they are in good hands. The city is one of the most exciting places to invest in both commercial and residential properties and the company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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