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Property investment can be a profitable venture in Rochester, NY, especially if you’re buying to rent. The opportunities are many, however, like any business, it requires a strategic approach. There are many factors that determine your purchasing decisions, many of which require the knowledge of experts in rental management. Rochester NY investors need to consider factors such as the general property market, management administration, and legalities, to name a few. So if you have an interest in becoming a landlord in this area, find out what you need to know before you sign any deal. Get Your Finances in Order Financing a rental goes beyond getting pre-approval and securing a mortgage. There are other financial factors to consider that, if overlooked, can turn your property into a liability rather than an investment, say professionals in rental management. Rochester, NY investors need to consider maintenance and upkeep costs, in addition to the original price – which can cost 1% of the property value. In addition, management fees can cost 8% to 12%, and there’s also homeowner and landlord insurances, and legal fees. Research the Market If you know the area, you might already be familiar with the nuances of the local property market. However, if you live in a different state (or country), doing your research to find somewhere that aligns with your goals and objectives is essential. Aspects to consider include good school neighbourhoods and essential amenities such as restaurants, walking/cycling paths, parks, coffee shops, and shopping malls. According to U.S. News, the job market in Rochester, NY is healthier than the majority of similar-sized metros, which means it has a lower unemployment rate. For rental property owners, it is worth mentioning that about 61% of properties in the area are occupied by renters. Also, a high employment rate doesn’t necessarily equate to a high standard of living, but here, the cost of living is also low, making it attractive to renters. Know Your Potential Tenants Your investment goals will define the type of tenants you want to attract – and that’s something you should know before making any purchase decisions. You can consider factors such as the job market to understand the demand for rental units among the demographics of professionals, families, singles, and students. Other considerations like income levels and lifestyle preferences will also inform your strategy. For instance, if you are looking to serve college students or families, you should consider proximity to schools and universities. Employ a Reputable rental Management Company Property investment and management require time and finances, two resources that shouldn’t be wasted. So, in order to avoid any issues, it’s best to employ a company that specializes in rental management. Rochester, NY’s property market requires the services of well-seasoned professionals who have expertise in managing rental properties. Some of their responsibilities include tenant screening, by conducting background and criminal checks, maintenance, landlord-tenant legalities, and rent collection. In addition, they can use their knowledge of the market to provide strategies to earn more from your investment. Property investment can be a very lucrative business. However, if the process from acquiring your investment property to the tenants’ occupation is not done properly, it can turn into a liability. To mitigate against this, you need the knowledge, expertise, and skills of a company specializing in rental management. Rochester NY is a fantastic place to invest, and a professional and reputable local company will help you avoid any disappointment. 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 property rental management, Rochester NY is one of the most exciting areas to invest in both commercial and residential properties. 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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