Real Estate Property Management Atlanta, GA, On Why You Should Invest Now

Are you investing in Atlanta real estate, or thinking about expanding your portfolio into the Atlanta area? According to real estate property management, Atlanta, GA, rents are rising, making now the perfect time to invest. Learn more about our local rental market, and how you can make the most of your investment, by reading below.

Rents on the Rise

According to national statistics, rents are on the rise all across the country. Reports show that rents have risen as much as $37 compared to last year’s average. In fact, rents have risen steadily every year for almost a decade. While nationwide rents have risen around 3% in the last year, the biggest growth goes to Las Vegas at 8.8%. In third place, and tied with Sacramento, CA, is Atlanta at 4.7%.

Anecdotally, we have seen this statistic hold true for our clients. Those lucky enough to have bought investment property in the last decade are seeing their properties appreciate and their rental income soar every year. Even if you have not yet purchased rental property, it is not too late to start out as an Atlanta investment property owner. If you have ever considered rental property management in Atlanta, GA, now is the time to start.

According to RentCafe, single-family home rentals are becoming more popular than apartment rentals. The average real estate investment property in Atlanta brings in between $1,000-$1,500 in rent. Depending on your unique situation, such as your PITI (principal, interest, taxes, and insurance) and maintenance costs, you may be able to profit several hundred dollars per month, perhaps more as rents continue to rise. Additionally, a rental property can be part of your tax strategy, as you can claim a tax deduction on things like property management fees.

Atlanta Rentals are Some of the Highest In Georgia

Which areas in Georgia can get you the best return on investment?  Statistics gathered by RentCafe reveal 23 of the most expensive rental zip codes in Georgia are located in Atlanta. Even with statistics like this, it can be difficult to pick the right rental home. If you choose to work with our real estate property management Atlanta, GA, professionals will help you pick the right location, and a house that appeals to renters. One of our areas of expertise is finding you the perfect investment property, whether you are looking at buying in Atlanta or any of the surrounding areas. Choosing the right property will allow you to keep costs low, attract high-quality renters, and get the best return on investment. 

Who is Renting? It is Not Who You Think

In the article, “The Rise of the Rich Renter,” the author discusses the increase in highly-paid renters. In metro cities like Atlanta, individuals and families who earn well above the median income are choosing to rent, and driving up the price of rental homes and apartments. Who are these high-earners? According to AJC, both Millenials and Baby Boomers are choosing to rent now more than ever. 

Young adults who came of age in the 2000s (known as Millenials) are choosing to rent for several reasons. First, it gives them freedom. As someone considering rental property management in Atlanta, GA, it is important to be aware of this factor. Gone are the days of spending 30-40 years working for the same company. Without a mortgage to tie them down, Millenials are able to move as soon as a new opportunity arises. Some renters may even ask for a shorter lease so they can exercise this freedom. While less common in single-family home rentals, don’t be surprised if a potential renter requests a 6 month, 3 month, or even 1 month lease. Second, Millenials have nearly $42,000 of debt on average. Between paying for student loans, personal loans, and credit cards, many Millenials are putting off saving for a down payment and buying a house until they pay off debt.

As Baby Boomers enter retirement, they are increasingly moving back to renting. There are several reasons for this. First, many Baby Boomers are looking to downsize from the home they raised a family in to a smaller, more manageable home. Leaving the hard tasks to real estate property management, Atlanta, GA, Baby Boomers are able to spend their retirement relaxing instead of fixing up a home. Second, renting is often less expensive than owning when you factor in things like taxes, insurance, and maintenance costs. By selling their current home and moving to a rental, Baby Boomers can invest in other ways. For those entering retirement, simplicity and saving money are attractive qualities. Third, like Millenials, Baby Boomers enjoy the flexibility that comes with renting. Whether they want to spend a few months traveling or are trying to decide whether or not to move to a new city, renting allows Baby Boomers much-needed flexibility.

Why is it important to know who the new generation of renters are? In order to pick the right rental property and advertise it efficiently, you should know your demographic. Before you invest in real estate think about to whom your property will appeal. Is it in a good school district? Is it close to public transportation, parks, or shopping centers? Is the layout of the home a good choice for families, or better for someone who works from home? As the top rental property management in Atlanta, GA, we know how much you should weigh each of these factors when buying a rental property. 

How Specialized Property Management Atlanta Helps Property Owners and Tenants

A strong rental market makes it easier for property owners to make a good return on investment. But even with a strong market, mistakes can happen that cost you money. We offer a full range of services in order to cut down on costly mistakes and help you get the best return on investment. During a typical rental cycle our services will include:

  • Inspecting: We will inspect your home to make sure it is up to health and safety standards, and alert you to areas that need attention in order to bring in new tenants. We also perform regular property inspections during a tenant’s lease to ensure lease compliance. 
  • Marketing: We do more than just put a sign in your yard. Our marketing specialists work to aggressively market your rental property over dozens of websites, helping you bring in qualified tenants quickly.
  • Showing: Our video walkthroughs offer potential tenants a first look. When a potential tenant requests a showing we are quick to respond. 
  • Screening: Tenant screening is one of the most important parts of real estate property management, Atlanta, GA. We do a thorough screening of every applicant over 18 to ensure you get a qualified tenant.
  • Signing: In order to protect you from liability and risk we draw up all the appropriate documents for the lease. We also provide training for tenants on what to expect and who to call for maintenance and other issues.
  • Collecting: To avoid confusion and ensure you have a steady and predictable rental income we are firm and respectful with our rent collection procedures. In addition, we make paying rent easy with electronic payments.
  • Maintaining: We perform regular, proactive maintenance to keep your home in working order as well as respond 24/7 to maintenance emergencies.
  • Renewing: When it is time to renew the lease we reach out to your tenant and coordinate renewal. We start the process well in advance in order to avoid any delays.
  • Moving: When a tenant has decided to move out we organize every aspect in order to protect you from risk. From legal documents to the final walk-through we take care of it all.

In addition to the above services, we offer accounting, legal assistance, and partner vendors who work for a discounted rate. 

Online Portal for Real Estate Property Management Atlanta, GA

Our online portals offer you and your tenants a simpler way to do the business of property management. An online portal is available for your tenant, making it easy to submit maintenance requests and pay rent any time of day or night. Our owner portal allows you to see your property details at any time of the day or night. Detailed accounting documents, inspection and maintenance reports, and weekly communication about your property while in the leasing period are all available via your portal. This portal makes it even easier for our clients to live outside of Atlanta and take advantage of the great investment opportunities. 

Contact Specialized Property Management Atlanta for More Information

Our team of experts is here to help you make your investment into a success. Whether you are just starting out as a rental property owner, or you already have several homes you are renting out, we are here to help. With decades of experience in rental property management in Atlanta, GA, we know how to make the most out of your investment. Learn more about our services by visiting this page. Call us at 404-596-8454 to schedule your rental quote.

The Six Myths of Atlanta Property Management

Are you considering self-managing your rental property? Atlanta property management may seem easy, especially in a hot market such as Atlanta. But before you dive into the property management world, you should know it isn’t as simple as it is made out to be. We are here to dispel six myths of property management to help you decide whether self-management or hiring a property management company is right for you.

Myth #1 – Leasing a Property is Simple

The basics of leasing your property sound simple. Post a “For Rent” sign in your front yard, market the property on free sites like Craigslist, and wait for the qualified candidates to request a showing. Not sure what you should price your rental? Just look at a few other rentals in your neighborhood and average their price. Atlanta is a booming rental market, and your home should rent in no time. Now all there is to do is sit back and enjoy that cash flow. Hiring an Atlanta rental management company will only take money out of your pocket.

Fact #1 – Leasing is Harder Than it Looks

The average number of days a rental home is on the market is 52. This number will increase drastically for inexperienced property managers due to several factors. First, your home should be rent-ready before you begin to show it. Tenants will have a difficult time picturing themselves in the home if the bathroom is in the middle of a remodel, or the carpet is being replaced. Additionally, many tenants want to move in right away, and ongoing construction may scare them away. Secondly, you must market your rental on a wide variety of sites in order to get the exposure you need to bring in a qualified tenant. While you may have heard an anecdote about someone finding the perfect home by just walking by and seeing a sign in the front yard, the truth is that does not happen often. Specialized Property Management Atlanta will market your home on 90+ sites, including MLS. In addition, we do a full property assessment before you put it on the market, ensuring it is fully prepared for a tenant. Our Atlanta property management fee also includes all showings, screening applicants, lease signing, and collecting funds. 

Myth #2 – All Property Management Companies are the Same

You may have heard this myth from other property owners who self-manage. All property management companies are the same, and you should pick the company that offers their services at the cheapest price. You won’t get anything extra from a company who charges more than one of the “discount managers”, so why pay more?

Fact #2 – Hiring Specialists Will Give You a Better Return on Investment

Have you ever heard, “you get what you pay for”? That phrase is especially true in property management. Most property management companies have a handful of property managers, and will assign one to handle every aspect of your property. This model requires each manager to be an expert in all aspects of the rental cycle, rather than focus on their strengths. Instead of following this model, which is used by most Atlanta rental management companies, Specialized Property Management Atlanta has a team of professionals dedicated to their specific job. Our team includes experts in marketing, leasing, maintenance, collections, accounting, compliance, real estate law, and more. Our experienced professionals will give you a better return on investment by ensuring you get the best possible outcome at every stage of the rental cycle.

Myth #3 – Finding a Qualified Tenant is Easy

Finding a qualified tenant to rent your Atlanta property will be easy, right? Even if it takes a few weeks (as we stated above), most families who are interested in your home will easily qualify. After a quick background check, your new tenant can move in without hassle. If circumstances arise requiring your tenant to move out, re-marketing your home and finding a new tenant is simple and the home should still be in rent-ready condition. Simple maintenance tasks like re-keying and cleaning can be done in a day, making turnover easy.

Fact #3 – Placing the Wrong Tenant Can Cost Thousands

Our Atlanta property management experts take great care when placing a tenant because the truth is, placing the wrong tenant could cost you thousands. For example – if your tenant fails to pay rent for one month it can cost $1,500 in lost rental income. Add to that, eviction court fees ($500), the cost of additional days to evict ($750), repairing damages ($1,750), and re-marketing and vacancy days ($2,250). The average total cost of placing the wrong tenant is $6,750.

We perform a background and credit check on every person over 18 who will be living in the house. With today’s technology, it is easier than ever to create false documents, or appear more creditworthy than you are. We are trained to identify these issues, ensuring any tenant we place is qualified. We know it will cost less to wait around for the right tenant than to place a risky tenant.

Myth #4 – My House Will Bring in More Than Enough Rental Income

Some Atlanta rental management companies will tell you that when you have worked hard to get your house in good shape for a tenant, you can expect to bring in rent high enough to cover your costs. What’s more, your rental income should cover PITI (principal, interest, taxes, and insurance), other out-of-pocket expenses, and leave you with cash at the end of the month

Fact #4 – Most Rental Property is Cash Flow Neutral

Your home may be in great shape, but that does not always mean your rental will have positive cash flow. Most property owners can expect to break even on their rental property, and some owners must pay a small portion of their yearly expenses out of pocket. You may be asking, “is it really worth owning a rental property?” The answer depends on your unique financial situation. However, property owners we work with realize benefits beyond monthly cash flow. These benefits include using their property as a tax strategy, gaining equity as the home appreciates, and deducting property management fees on taxes. 

Myth #5 – Tenant Maintenance Requests Will Be Easy to Handle

When a tenant has a maintenance request, you should be able to respond quickly and efficiently. Getting an Atlanta property management company involved will only slow down the process. After your tenant contacts you, you simply need to send a reputable company to address the issue. Treating your tenant fairly and using common sense should help you avoid any tenant issues.

Fact #5 – Stringent Laws Mean the Landlord is Liable

Tenant-Landlord Law is strict, and ignorance of the law is not a defense for breaking it. The property must meet Health and Safety requirements, or you could risk a lawsuit brought by a tenant. According to Federal laws, local ordinances, and property codes, a landlord is responsible for certain, specific aspects of the property. Communication between tenant and landlord, items that must be fixed, and even the type of technician you hire to repair your rental home are all dictated by property law. Specialized Property Management Atlanta has property managers available 24/7 to take your tenant’s call. Every vendor we use has the proper licensing and insurance to keep your property safe and fix it correctly. Maintenance requests are not always easy to handle, but with our experienced professionals and proven processes, you will never need to worry about the health and safety of your tenants.

Myth #6 – Atlanta Rental Management Companies Just Collect Rent

After the hard work of placing a tenant all that is left is to collect rent and handle the occasional maintenance issue. Why hire a property management company for these easy tasks? The rare legal compliance issue can be dealt with swiftly by any attorney you know.

Fact #6 – Property Management Companies Do Much More Than Collect Rent

In a typical rental cycle, much more is needed than simply collecting rent and performing routine maintenance. To manage your own property, you must stay up to date on all housing laws, property codes, and city ordinances. Responding quickly to tenant needs, scheduling a licensed vendor to handle maintenance, and keeping your books in order are just a few of the daily tasks you will need to complete as a landlord. Even small mistakes could cost you thousands of dollars, putting your investment at risk. Our team includes experts for every aspect of rental property management, reducing costly mistakes and giving you a better return on investment. 

Call Us For Your Atlanta Property Management Quote

Specialized Property Management Atlanta provides comprehensive property management services. We take the hassle and stress out of running your rental property. You can trust our property managers to take care of the day-to-day tasks like rent collection and emergency maintenance, as well as rare issues like evictions. Your management fee covers our comprehensive services, so all you need to do is sit back and watch your investment take off. To learn more about all the services we offer, visit this page. Call 404-596-8454 today for a rental estimate.