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As a landlord, one of the most important decisions you’ll have to make (after the initial purchase of the house or apartment) is who you choose to look after the day-to-day running of your investment. Nine times out of ten, the answer to the question of whether you need to appoint a professional company to manage your asset is a resounding “yes”. As well as finding quality tenants, they’ll be responsible for the myriad administrative, compliance and maintenance issues that come along with being a landlord. The sad truth is that the industry can be a bit of a minefield without the guidance and support of good rental property management. Rochester NY: A City to Invest with Confidence If, after you’ve done your due diligence, you’ve decided the city of Rochester NY is a good place to purchase a house or apartment with a view to renting it out, you’ve made a savvy choice. This vibrant, up-and-coming city has an A-plus rating when it comes to infrastructure, standard of living, affordability and culture – so it’s attracting an ever-increasing flow of professionals and families looking to live, work and rent there. In terms of professional rental property management, Rochester NY has you covered there, as well. Finding a company that not only does the job well, but that you “click” with and can feel confident enough to hand over the management of your valuable asset can be daunting. There are plenty of sources to tell you what makes a great property manager, but here are some of the red flags that might tell you they’re a bad one! They have no references Plenty of people can talk a good game, but the proof is in the pudding – or in this case, verifiable references or testimonials. When you have a shortlist of potential companies, take the time to actually follow up their references with a phone call. In terms of what questions you should ask the referees, take note of the next few points… Lack of local experience Particularly when it comes to keeping your asset compliant, property managers need to have a wide-ranging knowledge and stay abreast of important changes. You should take note of how long they’ve been in business, and ask them pertinent questions about the industry; but equally relevant is their local knowledge, because they will be your representative in Rochester. Understanding local legislation is imperative to ensure you remain on the right side of the law in terms of your tax and landlord responsibilities. They don’t have the right licenses Further to the points above, make sure you check that the person or company you’re considering is who they say they are in terms of their professional qualifications, and the correct licenses required to carry out their business. If a property manager isn’t licensed, you’ll have no comeback or support if you have cause to file any kind of complaint against them in the future. It can also cause major problems if you have a tenant file a complaint against you, as a landlord. They’re hard to contact or bad communicators This is possibly the biggest red flag of them all: if a potential property manager is difficult to contact, doesn’t return calls, or doesn’t keep in touch in terms of updates (even via a general newsletter or email), how can you have confidence that they’re working in your best interests? A professional property manager will be personable, prompt and proactive (not reactive), when you need any information about your investment – no matter how small the query. By the same token, they should also be responsive with tenants, so any maintenance issues are addressed promptly. Choose the right rental property management, Rochester NY When it comes to appointing rental property management, Rochester NY has a fairly wide selection of companies and individuals at your disposal – however, they’re not all created equal. Before you make your choice, do some basic research, ask the right questions of your shortlisted candidates, and keep an eye out for those red flags! 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 rental property 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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