Overseeing residential or business actual property in Lexington, South Carolina, entails a spread of duties, from tenant acquisition and lease assortment to property upkeep and authorized compliance. For instance, an organization would possibly deal with advertising and marketing vacant items, screening potential renters, coordinating repairs, and making certain adherence to native ordinances for a portfolio of rental properties.
Efficient actual property oversight is essential for maximizing returns on funding and sustaining property worth on this thriving South Carolina metropolis. By delegating these typically complicated duties, property house owners can mitigate dangers related to tenant disputes, property injury, and fluctuating market situations. This localized service has grown in significance alongside Lexington’s growth as a fascinating residential and business hub.
This text will additional discover key points of actual property oversight in Lexington, together with choosing the proper service supplier, understanding native laws, and navigating the distinctive challenges and alternatives of this dynamic market.
1. Leasing
Leasing kinds the cornerstone of profitable property administration in Lexington, South Carolina. A well-executed leasing course of instantly impacts occupancy charges, income streams, and the general well being of an actual property funding. Efficient leasing methods on this market require a nuanced understanding of native demand, aggressive pricing, and authorized necessities. As an illustration, a property supervisor would possibly leverage on-line advertising and marketing platforms to focus on particular demographics looking for housing in Lexington, making certain properties are competitively positioned to draw certified tenants. This proactive method minimizes emptiness intervals and contributes to a secure return on funding.
The lease settlement itself, a important element of the leasing course of, outlines the phrases and situations governing the tenancy. A professionally drafted lease, compliant with South Carolina regulation, protects the pursuits of each the property proprietor and the tenant. It clearly defines duties concerning lease funds, property upkeep, and different important points of the landlord-tenant relationship. For instance, specifying clear procedures for upkeep requests ensures well timed responses, fostering constructive tenant relations and stopping potential disputes. Moreover, a complete lease settlement mitigates dangers related to property injury, late funds, or different breaches of contract.
In conclusion, efficient leasing practices are important for maximizing the profitability and long-term worth of rental properties in Lexington. A sturdy leasing technique, mixed with legally sound lease agreements, establishes a stable basis for profitable property administration on this dynamic market. Navigating the complexities of native laws and market dynamics requires experience, highlighting the significance of partaking certified property administration professionals in Lexington.
2. Upkeep
Upkeep performs a vital function in efficient property administration inside Lexington, South Carolina. It instantly impacts tenant satisfaction, property worth, and long-term return on funding. Proactive upkeep applications reduce pricey repairs, stop potential authorized liabilities, and contribute to constructive tenant relationships. Take into account a state of affairs the place a Lexington property supervisor promptly addresses a minor plumbing difficulty reported by a tenant. This well timed response prevents a extra vital, and probably costly, downside from creating. Moreover, it demonstrates a dedication to tenant well-being, fostering a constructive landlord-tenant relationship.
Common property inspections are important for figuring out potential upkeep wants earlier than they escalate. These inspections would possibly reveal minor points like a leaky faucet or worn-out climate stripping, permitting for well timed repairs and stopping extra intensive injury. For instance, addressing roof injury promptly can stop pricey water injury and mould development, preserving the structural integrity of the property. Conversely, neglecting routine upkeep can result in vital restore bills, authorized disputes with tenants, and diminished property worth. In a aggressive rental market like Lexington, well-maintained properties appeal to and retain high quality tenants, minimizing emptiness intervals and maximizing rental revenue.
In conclusion, a complete upkeep technique is integral to profitable property administration in Lexington. Proactive upkeep, coupled with common inspections, protects property worth, mitigates dangers, and contributes to constructive tenant relations. This method in the end enhances the long-term profitability and sustainability of actual property investments on this dynamic market. Neglecting this important side can result in monetary and authorized challenges, underscoring the significance of prioritizing upkeep inside a complete property administration plan.
3. Lease Assortment
Lease assortment kinds a important element of property administration in Lexington, South Carolina. Constant and environment friendly lease assortment ensures predictable money movement for property house owners, enabling them to satisfy monetary obligations and reinvest of their properties. Efficient lease assortment practices additionally contribute to constructive landlord-tenant relationships by establishing clear expectations and procedures.
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Constant Assortment Procedures
Establishing constant lease assortment procedures is crucial for efficient property administration. Clear communication with tenants concerning due dates, cost strategies, and late cost insurance policies minimizes confusion and promotes well timed funds. As an illustration, a property supervisor would possibly implement a web based portal that enables tenants to pay lease electronically, offering comfort and transparency. Constant enforcement of late cost insurance policies, whereas adhering to South Carolina laws, ensures accountability and protects the proprietor’s monetary pursuits.
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Authorized Compliance
Adhering to South Carolina landlord-tenant legal guidelines is paramount in lease assortment. Understanding and complying with laws concerning late charges, grace intervals, and eviction procedures protects each the property proprietor and the tenant. For instance, a property supervisor should comply with particular authorized procedures when addressing late or non-payment of lease, making certain compliance with state regulation. Failure to stick to those laws can result in authorized challenges and monetary losses for the property proprietor.
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Addressing Delinquencies
Creating a transparent protocol for addressing delinquent lease funds is essential. This protocol ought to define steps for communication with tenants, utility of late charges, and initiation of authorized proceedings when mandatory. As an illustration, a property supervisor would possibly initially contact a delinquent tenant through telephone or e-mail, adopted by a proper written discover. Constant and well timed motion minimizes losses and reinforces the significance of adhering to the lease settlement.
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Monetary Reporting
Correct and detailed monetary reporting associated to lease assortment is crucial for property house owners. This reporting ought to present a transparent overview of rental revenue, excellent balances, and any related bills. Clear monetary reporting permits house owners to trace the efficiency of their investments and make knowledgeable choices. As an illustration, a property supervisor would possibly present month-to-month experiences detailing lease collected, late charges assessed, and any authorized prices incurred. This data empowers house owners to evaluate the monetary well being of their properties and modify administration methods as wanted.
In conclusion, efficient lease assortment is integral to profitable property administration in Lexington. Constant procedures, authorized compliance, proactive delinquency administration, and clear monetary reporting contribute to monetary stability and constructive landlord-tenant relationships. These practices are important for maximizing the return on funding and making certain the long-term success of rental properties within the Lexington market.
4. Monetary Reporting
Monetary reporting kinds a cornerstone of efficient property administration in Lexington, South Carolina. Clear and correct monetary information offers property house owners with the insights essential to make knowledgeable choices, maximize return on funding, and guarantee long-term monetary stability. This reporting presents a complete overview of property efficiency, enabling house owners to evaluate profitability, establish potential points, and modify administration methods as wanted. It serves as a important communication software between property managers and house owners, fostering belief and transparency.
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Earnings Statements
Earnings statements present an in depth breakdown of rental revenue, working bills, and web working revenue (NOI). These statements observe all income generated from lease funds, late charges, and different sources, whereas additionally accounting for bills comparable to upkeep, repairs, property taxes, and insurance coverage. For a property proprietor in Lexington, the revenue assertion reveals the profitability of their funding, permitting them to evaluate its efficiency towards market benchmarks and establish areas for enchancment. A constant decline in NOI would possibly point out the necessity to modify rental charges or implement cost-saving measures.
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Money Move Statements
Money movement statements observe the motion of money each into and out of a property. These statements element all money inflows, together with lease funds and mortgage proceeds, in addition to money outflows, comparable to working bills, debt service funds, and capital expenditures. Understanding money movement is essential for Lexington property house owners, because it reveals the property’s capability to generate adequate funds to cowl bills and debt obligations. A damaging money movement would possibly sign the necessity to re-evaluate bills or discover financing choices.
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Stability Sheets
Stability sheets present a snapshot of a property’s monetary place at a particular cut-off date. They define the property’s belongings, liabilities, and proprietor’s fairness. Property embody the property itself, in addition to any related gear or furnishings. Liabilities characterize excellent money owed, comparable to mortgages or loans. Proprietor’s fairness represents the proprietor’s stake within the property. Stability sheets supply Lexington property house owners a transparent understanding of their monetary standing, permitting them to evaluate their total funding portfolio and make knowledgeable choices concerning future investments.
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Expense Studies
Detailed expense experiences present a breakdown of all prices related to managing a property in Lexington. These experiences itemize bills comparable to upkeep and repairs, landscaping, utilities, property taxes, insurance coverage, and administration charges. Analyzing expense experiences permits property house owners to establish areas the place prices could be optimized, probably bettering profitability. For instance, a major enhance in upkeep bills would possibly point out the necessity for preventative upkeep applications to mitigate future prices.
Complete monetary reporting offers important insights into the efficiency and monetary well being of rental properties in Lexington, South Carolina. These experiences empower property house owners to make strategic choices, optimize profitability, and mitigate dangers. By understanding these monetary statements, house owners can successfully consider property administration methods and guarantee long-term success within the Lexington actual property market.
5. Tenant Screening
Tenant screening represents a important element of efficient property administration in Lexington, South Carolina. Thorough screening procedures mitigate dangers related to problematic tenants, defending property house owners from potential monetary losses, authorized disputes, and property injury. Cautious analysis of potential tenants contributes to a secure and constructive rental surroundings, fostering a way of group and minimizing disruptions for current residents. In a aggressive rental market like Lexington, attracting and retaining dependable tenants is crucial for maximizing occupancy charges and making certain constant money movement.
Efficient tenant screening entails a number of key steps, together with background checks, credit score historical past evaluations, employment verification, and rental historical past evaluation. These procedures present helpful insights right into a potential tenant’s monetary stability, reliability, and adherence to lease agreements. For instance, a background examine would possibly reveal prior evictions or felony data, whereas a credit score report signifies monetary duty and cost historical past. Verifying employment and contacting earlier landlords offers additional insights right into a potential tenant’s stability and reliability. These complete checks assist property managers in Lexington establish certified tenants, lowering the probability of future points.
By prioritizing thorough tenant screening, property managers in Lexington contribute considerably to the long-term success and profitability of rental properties. Mitigating dangers related to tenant placement safeguards property worth, minimizes potential authorized points, and ensures a constructive rental expertise for all residents. This proactive method fosters a secure and thriving rental group, enhancing the general worth and desirability of properties throughout the Lexington market. Failing to implement strong screening processes exposes property house owners to vital monetary and authorized vulnerabilities.
6. Authorized Compliance
Navigating the authorized panorama in Lexington, South Carolina, is essential for profitable property administration. Compliance with federal, state, and native laws protects property house owners from potential authorized challenges and ensures truthful housing practices. Understanding and adhering to those legal guidelines fosters constructive landlord-tenant relationships and contributes to a secure rental market.
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Truthful Housing Act Compliance
Adherence to the Truthful Housing Act is paramount. This federal regulation prohibits discrimination based mostly on race, coloration, faith, nationwide origin, intercourse, familial standing, or incapacity. Property managers in Lexington should guarantee advertising and marketing practices, tenant choice standards, and lease phrases adjust to these laws. For instance, refusing to lease to a household with kids or requiring the next safety deposit from an individual with a incapacity violates the Truthful Housing Act. Non-compliance exposes property house owners to vital authorized liabilities and reputational injury.
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South Carolina Landlord-Tenant Act
The South Carolina Landlord-Tenant Act governs the landlord-tenant relationship throughout the state. This act outlines particular duties for each landlords and tenants concerning lease agreements, safety deposits, eviction procedures, and property upkeep. Property managers in Lexington should be well-versed in these laws to make sure compliance. As an illustration, adhering to the prescribed procedures for returning safety deposits or offering correct discover earlier than getting into a tenant’s unit are important points of compliance. Failure to conform can result in authorized disputes and monetary penalties.
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Native Ordinances
Lexington, like different municipalities, has particular native ordinances that impression property administration. These ordinances would possibly deal with points comparable to property upkeep requirements, zoning laws, noise restrictions, and occupancy limits. Property managers should stay knowledgeable about these native laws and guarantee properties beneath their administration comply. For instance, neglecting to keep up a property in accordance with native housing codes may end in fines or authorized motion. Staying abreast of adjustments in native ordinances is essential for sustaining compliance.
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Lead-Based mostly Paint Disclosure
Federal regulation mandates lead-based paint disclosure for properties constructed earlier than 1978. Property managers in Lexington should present potential tenants with the required EPA pamphlet and disclose any recognized lead-based paint hazards. Failing to adjust to these laws can lead to substantial fines and authorized repercussions. Making certain correct disclosure protects tenants, particularly kids, from the potential well being dangers related to lead publicity.
Authorized compliance isn’t merely a guidelines merchandise however an integral side of accountable property administration in Lexington. By prioritizing adherence to those laws, property managers defend house owners from authorized dangers, foster constructive tenant relationships, and contribute to a secure and equitable rental market. Neglecting authorized compliance exposes house owners to vital monetary and authorized liabilities, underscoring its significance in profitable property administration practices inside Lexington, South Carolina.
7. Property Advertising and marketing
Efficient property advertising and marketing is integral to profitable property administration in Lexington, South Carolina. It instantly impacts occupancy charges, income technology, and the general return on funding for rental properties. In a aggressive market like Lexington, strategic advertising and marketing attracts certified tenants, minimizes emptiness intervals, and permits property managers to keep up optimum rental charges. A well-defined advertising and marketing technique considers the particular demographics and housing calls for inside Lexington, tailoring campaigns to achieve goal audiences successfully.
Take into account a state of affairs the place a property administration firm in Lexington makes use of on-line platforms, social media promoting, {and professional} pictures to showcase a vacant property. Focusing on potential renters focused on particular facilities or neighborhoods inside Lexington maximizes attain and generates certified leads. This proactive method minimizes the time a property stays vacant, contributing on to elevated income for the proprietor. Moreover, efficient advertising and marketing builds a constructive model picture for the property administration firm, attracting each house owners and tenants.
In conclusion, property advertising and marketing serves as a vital hyperlink between property administration firms and potential tenants in Lexington. Strategic advertising and marketing efforts appeal to high-quality tenants, optimize occupancy charges, and in the end improve the monetary efficiency of rental properties. Understanding the Lexington market, focusing on particular demographics, and using numerous advertising and marketing channels are important for fulfillment. Ignoring this important side can result in prolonged emptiness intervals, lowered rental revenue, and diminished property worth, highlighting its significance inside complete property administration methods in Lexington, South Carolina.
8. Eviction Companies
Eviction companies characterize a mandatory, albeit typically undesirable, element of property administration in Lexington, South Carolina. Whereas skilled property managers attempt to foster constructive landlord-tenant relationships, conditions sometimes come up necessitating the eviction of a tenant. These conditions sometimes contain lease violations, comparable to constant non-payment of lease, property injury exceeding regular put on and tear, or unlawful actions carried out on the premises. Understanding the authorized framework governing evictions in South Carolina is essential for property managers working in Lexington. Navigating this complicated course of requires strict adherence to authorized procedures, making certain the safety of each property house owners and tenants’ rights.
Take into account a state of affairs the place a tenant in Lexington constantly fails to pay lease regardless of repeated makes an attempt at communication and determination by the property supervisor. In such a case, the property supervisor should provoke eviction proceedings in accordance with South Carolina regulation. This course of entails offering the tenant with legally mandated notices, submitting the required paperwork with the court docket, and attending court docket hearings. Failure to stick to those particular procedures can invalidate the eviction, resulting in additional delays and monetary losses for the property proprietor. Conversely, a well-executed eviction course of, managed by a educated property supervisor, protects the proprietor’s funding and permits them to regain possession of the property.
In abstract, whereas eviction represents a final resort, it stays a important side of property administration in Lexington, South Carolina. Efficient property managers perceive the authorized complexities of the eviction course of and guarantee its execution complies with all relevant laws. This data protects property house owners’ investments, minimizes monetary losses, and maintains the integrity of the rental market. Ignoring or mishandling this course of can expose property house owners to vital authorized and monetary dangers, highlighting the significance of partaking skilled property administration professionals in Lexington.
9. Lease Renewals
Lease renewals represent a vital side of property administration inside Lexington, South Carolina, instantly impacting property proprietor income, tenant stability, and long-term funding worth. Efficient lease renewal administration minimizes emptiness intervals, reduces turnover prices, and fosters constructive landlord-tenant relationships, contributing to a secure and worthwhile rental portfolio.
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Tenant Retention
Lease renewals play an important function in tenant retention. Retaining current tenants presents vital benefits for property house owners in Lexington. It reduces vacancy-related bills, comparable to advertising and marketing and cleansing prices, and minimizes the disruption related to tenant turnover. Moreover, long-term tenants typically develop a way of group, contributing to a extra secure and fascinating rental surroundings. Property managers can incentivize lease renewals by providing aggressive rental charges, addressing upkeep requests promptly, and fostering constructive communication with tenants.
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Monetary Stability
Constant lease renewals contribute to monetary stability for property house owners. Predictable rental revenue streams facilitate budgeting, monetary planning, and long-term funding projections. Minimizing emptiness intervals ensures constant money movement, permitting house owners to satisfy monetary obligations, comparable to mortgage funds and property taxes, and reinvest in property enhancements. In Lexington’s aggressive rental market, securing lease renewals stabilizes rental revenue, safeguarding property house owners towards market fluctuations and financial downturns.
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Authorized Compliance
Navigating lease renewals requires adherence to South Carolina landlord-tenant legal guidelines. Property managers in Lexington should perceive and adjust to laws concerning lease phrases, renewal notices, and required disclosures. As an illustration, offering correct discover of intent to resume or terminate a lease is crucial for authorized compliance. Failing to stick to those laws can expose property house owners to authorized challenges and monetary penalties, underscoring the significance {of professional} property administration experience in lease renewal procedures.
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Market Evaluation
Efficient lease renewal methods incorporate market evaluation. Understanding present rental charges, emptiness tendencies, and demand fluctuations in Lexington informs lease renewal negotiations. Property managers analyze market information to find out acceptable rental charges for renewals, making certain competitiveness whereas maximizing proprietor income. This data-driven method balances market situations with tenant retention targets, optimizing the long-term monetary efficiency of rental properties in Lexington.
In conclusion, lease renewals characterize a significant factor of profitable property administration practices in Lexington, South Carolina. By prioritizing tenant retention, making certain authorized compliance, and incorporating market evaluation, property managers contribute to the monetary stability and long-term worth of rental investments. Successfully managing lease renewals strengthens landlord-tenant relationships, minimizes disruptions, and optimizes income technology throughout the dynamic Lexington rental market.
Regularly Requested Questions on Property Administration in Lexington, SC
This part addresses widespread inquiries concerning skilled property administration companies in Lexington, South Carolina. Understanding these key points can help property house owners in making knowledgeable choices.
Query 1: What are the everyday charges related to property administration companies in Lexington?
Charges differ based mostly on companies offered, property kind, and administration settlement phrases. Frequent buildings embody a proportion of month-to-month lease collected or a flat charge. It is important to make clear all charges with potential administration firms.
Query 2: How can a property proprietor in Lexington select the fitting property administration firm?
Choosing a certified firm requires cautious consideration. Components to contemplate embody expertise managing comparable properties in Lexington, native market information, shopper testimonials, and adherence to skilled requirements. Thorough analysis and comparability are really useful.
Query 3: What are the advantages of utilizing a property administration firm in Lexington versus self-managing a rental property?
Skilled administration presents a number of benefits, together with lowered workload for house owners, experience in native laws, environment friendly tenant screening and placement, streamlined lease assortment, and complete upkeep administration. These companies typically outweigh the related charges, notably for house owners with a number of properties or restricted time.
Query 4: How does a property administration firm deal with upkeep requests in Lexington?
Respected firms set up clear procedures for dealing with upkeep requests. These sometimes contain on-line portals, devoted telephone strains, or designated contacts for tenants to report points. Environment friendly response occasions and certified contractors are hallmarks of efficient upkeep administration.
Query 5: What’s the course of for terminating a property administration settlement in Lexington?
Termination clauses are sometimes outlined within the administration settlement. These clauses specify discover intervals, termination charges (if relevant), and procedures for transferring duties. Cautious evaluate of the settlement is crucial earlier than signing.
Query 6: What authorized duties does a property administration firm have in Lexington, South Carolina?
Property managers in Lexington function inside an outlined authorized framework. Obligations embody adherence to truthful housing legal guidelines, compliance with state landlord-tenant laws, correct dealing with of safety deposits, and adherence to native ordinances. Defending proprietor pursuits whereas upholding tenant rights is paramount.
Cautious consideration of those continuously requested questions offers a foundational understanding of property administration in Lexington, South Carolina. Additional analysis and session with respected property administration firms are inspired.
The subsequent part will delve into particular case research illustrating profitable property administration methods inside Lexington.
Suggestions for Efficient Property Administration in Lexington, SC
Optimizing actual property investments in Lexington, South Carolina, requires a proactive and knowledgeable method. The next ideas present helpful steering for efficient property administration inside this dynamic market.
Tip 1: Perceive Native Market Dynamics:
Thorough information of Lexington’s rental market, together with emptiness charges, common rents, and tenant demographics, informs strategic decision-making. Analyzing market tendencies permits knowledgeable pricing methods and efficient advertising and marketing campaigns.
Tip 2: Prioritize Preventative Upkeep:
Proactive upkeep applications reduce pricey repairs and protect property worth. Common inspections and well timed repairs stop minor points from escalating into main issues, enhancing tenant satisfaction and lowering long-term bills.
Tip 3: Display screen Tenants Completely:
Complete tenant screening minimizes dangers related to problematic tenants. Background checks, credit score experiences, and rental historical past verification assist establish dependable tenants, defending property house owners from potential monetary losses and authorized disputes.
Tip 4: Guarantee Authorized Compliance:
Adhering to federal, state, and native laws safeguards property house owners from authorized challenges. Compliance with truthful housing legal guidelines, landlord-tenant laws, and native ordinances is essential for moral and profitable property administration in Lexington.
Tip 5: Leverage Know-how:
Using property administration software program streamlines operations, enhances communication, and improves effectivity. Software program options facilitate on-line lease assortment, upkeep monitoring, and monetary reporting, benefiting each property managers and house owners.
Tip 6: Domesticate Optimistic Tenant Relationships:
Open communication and responsive service foster constructive tenant relationships. Addressing tenant issues promptly and professionally enhances tenant satisfaction, reduces turnover, and contributes to a constructive rental group.
Tip 7: Often Evaluate Monetary Efficiency:
Constant evaluate of monetary experiences offers insights into property efficiency. Analyzing revenue statements, money movement experiences, and expense experiences permits data-driven decision-making, optimizing profitability and long-term funding returns.
Implementing these methods enhances property administration effectiveness in Lexington, maximizing returns on funding and contributing to the long-term success of rental properties.
The next conclusion synthesizes the important thing takeaways mentioned all through this text.
Property Administration Lexington SC
Efficient property administration in Lexington, South Carolina, requires a multifaceted method encompassing authorized compliance, diligent tenant screening, proactive upkeep, strategic advertising and marketing, and clear monetary reporting. Navigating the complexities of the native actual property market calls for experience and a spotlight to element. From lease execution and lease assortment to property upkeep and evictions, every side contributes to the general success and profitability of rental properties inside Lexington.
Profitable actual property funding in Lexington hinges on knowledgeable decision-making and strategic planning. Partnering with certified property administration professionals presents a major benefit, offering the experience and sources essential to navigate the dynamic Lexington market. This method optimizes returns, mitigates dangers, and ensures long-term success inside this thriving South Carolina metropolis’s aggressive actual property panorama. Diligent oversight and proactive administration are important for maximizing property values and attaining funding targets in Lexington.
