Buying the right rental properties is a challenge in itself, but the act of being a landlord is by far the hardest part. However, owning rental properties and hiring Empire Realty can be the key to a great deal of profit and financial freedom. People around the world buy investment properties (multi family, mixed use, singles) for a multitude of reasons. Secondary income, retirement etc., and owning these type of properties can be life changing. So, why hire Empire Realty?
1. Setting the right rental rates: Especially to those out of town Investors, Empire will conduct a thorough market study in order to set a rental price for your property (ies), ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
2. Collecting and depositing monthly rent payments on time: We all know that paying bills for some people can be difficult some months, rents are included in that. Empire Realty has efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You’ll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
3. Marketing and advertising your property: Through long experience, Empire Realty will know exactly where to market your property and how to craft compelling advertising materials—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
4. Finding the right tenants: We at Empire Realty are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
5. Managing tenants: In addition to finding good tenants, Empire Realty will manage all aspects of the tenant-landlord relationship. We will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
6. Managing vendor relationships: Empire Realty has relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will we get you the best work for the best price, we will oversee any necessary maintenance projects.
7. Ensuring that you’re in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). We can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
8. Enabling you to invest in geographically distant properties: If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring Empire Realty for the Western New York Area, you can take advantage of investment deals happening in the real estate boom happening now, in our area!
9. Time is money: By having Empire Realty take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.
My best advice is this: Screen your tenants carefully and keep an eye on your property at all times. Don’t be afraid to lay down the law if needed, yet be respectful of your tenants and their families — especially the most reliable ones. Also, save for the repairs you know about… and for the ones you don’t. Because, when it comes to being a landlord, anything that can happen probably will.