by Laura Jeeves 05/16/2024

Investing in rental property is a tried and tested way of making money. Although it should be noted that the market will fluctuate and there are certainly risks involved, it’s still a popular means of turning a profit for many people. There are many ways you can make money from a rental, whether a residential home, apartment, or commercial building. Whatever your niche, there are opportunities to make money.

Getting a foot in

Simply owning a property can bring financial gain, as generally it will appreciate over time. This is especially the case if you find an up-and-coming location to invest in, such as Rochester, NY. With a booming job market, friendly community, and excellent cost of living, the city is becoming a popular destination for families and ambitious professionals. This growth is doing wonders for the rental market, so with an asset in Rochester, NY, you’re setting yourself up for success.

Even before you make a purchase, the next important step is to find the best property management company in the area. Whether you’re new to the real estate scene or already have a few under your belt, having an experienced professional managing your asset will ensure it reaches its full potential.

Apart from helping you from the very get-go, with advice on your purchase, here is an overview of what they can do for you.

Tenant selection

There are a few big decisions to make along the journey to operating a successful rental, and one of them is finding the right tenants. These people are going to be living in and looking after your biggest asset, so ensuring that they are respectful is essential. But just as importantly, you need to know that they can pay the rent and pay it on time! An experienced property management company will have the expertise to source quality tenants for you, and take away the headache of the hunt.

The rent

Once your ideal tenants have been found, the next recurring task is ensuring that the rent is collected, on time and in full. The hope is that your property management company has found a good, reliable tenant, but the money still needs to be managed and any potential issues handled. Having professional management means it will be easy for your tenant to pay their rent, they’ll keep on top of any arrears (and deal with the consequences), and they’ll make sure that the rate remains in keeping with the market.

Maintenance

As a landlord, you also have responsibilities to your tenants, including keeping the place well maintained and in a habitable state. Your property management company will take charge of this by making sure that regular maintenance checks are made, and any necessary repairs are carried out in a timely manner. These kinds of tasks will keep your tenant happy and your asset in good condition, so that it costs you less money in the long run.

Legislation

Last but not least, professional property managers will have a full rundown of all the recent laws and legislation relating to rentals. This means that they can keep your asset compliant, and any disputes will be resolved as quickly as possible.

Owning a rental property is a great way to earn income and can be a very profitable investment. With the right location and the best professional help, you’ll be on the track to success in no time!

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 investors. Providing a holistic service for both commercial and residential properties, as a professional property management company, Torres Turn Key brings together the experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.

amazines.com