You might be thinking about what it would be like to rent out your home in Atlanta.
There’s some good news: this is a great time to rent out your property. The rental market in Atlanta is strong, and we believe it will continue to stay strong. There are several other good reasons to rent rather than sell your property, and we’re sharing those reasons today.
If own a property or you’re thinking about acquiring a new investment home in the Atlanta market, we have some advice and tips we want to share so you’re more likely to succeed. At Specialized Property Management, we have been expertly managing residential real estate for investors and landlords for years. We understand the local market as well as the broader industry. We understand the best ways to succeed with rental homes.
Adopting a Buy and Hold Strategy with Atlanta Investments
The current investment trend is the one you’re considering. So, you’re in great investment company. This is the same approach professional investors around the country are using to earn more value in their real estate portfolios.
The strategy is known as a buy and hold approach.
There are several ways to succeed with the buy and hold investment strategy. While you may only have one investment property, you have similar goals to larger institutional real estate investors: you want to earn as much as possible on your investment.
To achieve that goal, you’ll need to hold onto your real estate asset as long as possible. When you do this, the value of your investment is growing. Atlanta property values are on the way up, and if you can hold onto and maintain your rental property, there’s a lot of potential for great cash flow and huge returns on your investment. Ultimately, your property will be worth a lot more than it was worth when you acquired it.
With reliable and caring tenants, you’ll have someone taking care of your home and paying down your mortgage debt. This is a huge opportunity for an investment win. You get to earn short term and long term returns on your rental home. Not only will you receive immediate cash flow in the form of rental payments, you’ll also passively allow your property to grow in value. This strategy works for you in so many ways.
Managing Your Investment Professionally
You probably get professional advice on other investments. Just like the stocks and bonds you own, your real estate investment deserves some careful and professional treatment. It allows you to make smarter and more educated decisions. You shouldn’t invest in residential rental properties without the help of professional Atlanta property managers.
There are a lot of reasons that you should work with a professional property manager to rent out your Atlanta rental property. There are four in particular that come to mind.
Property Management Helps You Avoid Costly Mistakes
Homeowners with little experience in the rental market turn to us to avoid costly errors. It’s easy to make mistakes when you don’t have the expertise and the training that professional property managers have. We see a number of common mistakes that can end up costing a lot of money, and you need to be sure your property manager will protect you from them.
- Violating fair housing laws. It’s easy to unintentionally violate a fair housing law. You might use the wrong language in your advertising or approve an application that’s more qualified than the one you deny. You might mistake a service animal for a pet and try to charge a pet deposit. Property managers can help you avoid these expensive mistakes. We’ll ensure you and your property are compliant.
- A lack of tenant screening. We see a lot of owners make the mistake of not screening their tenants thoroughly or correctly. It’s easy to get excited when someone shows an interest in your property, and you want to start collecting rent right away. But, you have to dig into their pasts and make sure they can be counted on to pay rent on time and take care of your home.
- Documenting a property’s condition. Another major mistakes property managers can help with is documenting the condition of your home before a tenant moves in. It’s important to take detailed notes and photos. Otherwise, you won’t be able to determine how much to charge the security deposit at the end of a tenancy.
Property Managers Can Improve Cash Flow
Professional property managers understand the intricacies of the Atlanta rental market, and they can help you make choices and decisions that will increase your cash flow. Your property manager will help you prepare your property for the market and professionally advertise and show the home. This will result in lower vacancy rates and a price that’s competitive but designed to earn you as much rent as possible. A reduced vacancy and turnover rate increases your cash flow and makes your rental experience a lot more pleasant.
Other things that improve your cash flow include constant inspections, an attention to maintenance, a strong lease, and even accepting pets. Many property owners don’t want to allow pets into their properties. We understand this tendency. No one wants to deal with the potential expense of the mess and damage dogs and cats can leave behind. But, allowing pets increases your cash flow. How? It eliminates long vacancies. More than half of the tenants looking for homes have at least one pet. So, not allowing pets will potentially lead to longer vacancies. It also allows you to earn more income. You can charge a pet fee or pet rent. With a strong pet policy in place and attached to your lease, you can protect your home and your investment while you earn more on it.
Property Managers Can Help You Save on Expenses
Keeping costs down is something that good property managers do well. If you hate the idea of paying a monthly management fee, consider what you’re getting in exchange for that fee. You more than earn it back by saving on expenses such as long vacancies, bad tenants, property damage, maintenance problems, and lawsuits or claims. Landlords managing their own homes spend a lot more on repairs than professional property managers.
You can expect your property manager to include a strategy of preventative maintenance. This will save you a lot on costly repairs that are put off or unknown. Your property manager will notice a small leak under a faucet. Taking care of these problems quickly with regular inspections and service calls will save you thousands on unplanned maintenance expenses. Repairs never get cheaper with time. As an independent landlord, you might not have the time to stick to a preventative maintenance schedule and budget. Your professional manager can take care of this for you. That saves money.
You’ll also save money on maintenance with the positive relationships most management companies have with good vendors and contractors. A local vendor might offer preferred pricing to a property manager due to the volume of work that management companies send to plumbers, electricians, and other contractors.
Part of increasing your ROI is keeping your costs down. Make sure you’re working with your property manager to spend less so you can earn more. Expert investment advice, property management experience, and a smart approach to maintenance will help you.
Professional Management Creates Long Term Stability
Stability is a positive thing for any investment, especially residential real estate. When you buy and hold a property, you can rent it out in any market. You’ll have access to best tenants who need a place to live. When you offer a well-maintained home that’s priced right, you can count on attracting high quality residents. That allows you to plan on regular and consistent rental income. It also allows you to plan your immediate and long term investment goals. Your professional manager can help you with your strategy and offer tips and advice that you wouldn’t get elsewhere.
Your property manager will do all this while keeping you informed 24/7. When you work with us at Specialized Property Management, you’ll have access to an online owner portal, where you can see everything you need to know and easily keep up with the performance of your property.
Too many homeowners learn the hard way that property management is a tough business. Small mistakes have big consequences. Unless you have a lot of free time and you’re experienced in the property management or real estate field, your investment property will be in better hands when it’s being managed by a property manager. This is one of your largest assets; you don’t want to take chances.
We are here to save owners time and money with a team of highly trained specialists dedicated to taking care of you, the homeowner, and your home. We develop great relationships with tenants, help you enforce your lease, and keep an eye on your home and the way it fits into the market.
Put our experienced team and proven processes to work for you. Contact us at Specialized Property Management in Atlanta. We’d love to tell you more about renting out your Atlanta property.