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Buying property to rent can be lucrative with a high return on investment (ROI), but the chance to make it profitable depends on attracting quality tenants and acquiring property in a good location. As an example, Rochester, NY has become popular for real estate investing, because it’s known for low unemployment rates, low cost of living, and safe and secure neighborhoods with a host of amenities. In addition, there are various historical attractions, events and activities that are appealing to everyone. To succeed in this market as an owner, however, it is best to seek the expertise of a reputable property management company to handle the majority of responsibilities that will attract and retain good tenants. Here is how you can attract quality tenants: Promote the amenities Consider who you are targeting and the amenities that will appeal to them. Properties in a good school neighborhood will attract families, single parents, or couples or individuals looking to start families in the near future. According to Realtor.com, Rochester, NY, has public, private and charter schools. Other amenities include parks, grocery stores, restaurants and cafes. Ensure that you are reachable and flexible Tenants must be able to reach you whenever they have queries, complaints or anything related to their tenancy. It can be frustrating to wait for a couple of days or even weeks to report something as minor as a leaking faucet. To avoid issues, and keep tenants happy, they must be confident in their landlord or property manager. Consult the experts before choosing a tenant A good property manager has the skills, expertise, knowledge and experience of criteria that make quality renters. They will conduct marketing and advertising to attract your target audience and deal with the response. In addition, they will handle the screening or interview process by checking things like criminal records, credit scores, references and anything relevant to the tenancy. Safety and security Tenants want to live in a neighborhood where they can feel safe and secure at home and while walking in the streets. If you’re going to get into real estate investing, it is important to research where the good neighborhoods are before making any purchase decision and closing the deal. Maintenance of the Property Decent tenants care about the general upkeep of their home and with review sites like Yelp, Realtor.com, and Zillow, you need to make sure your renters don’t leave reviews related to lack of maintenance. People looking to lease or rent will often conduct an online search to see what’s been said about you. This is another reason it’s important to acquire the services of a reputable property management company. Include Appliances If you’re serious about real estate investing, make it easier for good tenants to choose your property by reducing their upfront costs of moving into a new home. They already have to pay security deposits and the first month's rent, and if they add appliances such as refrigerators, washers, and dryers, it becomes more expensive. Include these appliances, and you will not attract the best tenants, but you will also retain them for the long haul. Include valuable add-ons Add-ons such as energy-efficient lighting, extra storage, and new air-conditioning units not only attract quality tenants but also increase the value of your property, which will pay off over time. For profitable real estate investing, attracting quality tenants is vital. Failure in this aspect can ruin your chances of success and prevent you from maximizing your ROI. Hence, it is important to work with a property management company to ensure you attract the best renters and handle management responsibilities and daily operations. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international clients for real estate investing. Providing a holistic service for 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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