Specialized Property Management has been serving owners and tenants for over 35 years. When we went into the property management business, it was with a keen focus on managing single-family rental properties. In those days, most rentals units were apartments or properties in duplex or triplex buildings.
Things have definitely changed in Atlanta since then.
Real Estate Rental Markets Reflect Local Economies
Single-family homes have emerged as a popular type of rental property due to an evolving rental market and a growing local economy. We work with many landlords who have inherited a single-family home from a family member. They don’t always want to sell the property, so they turn to us for help in renting it out. We also see a lot of people who need to move out of their own home in order to buy a bigger home, leave town temporarily, or deal with other life changes. They rent it rather than sell it in order to earn more money in the long term. We also work with investors who love buying single-family properties to add to their real estate portfolios.
There are so many investment strategies for single-family properties. Some investors enjoy buying and flipping homes. This strategy allows you to buy a single-family home at a great price, and then put on some work to make it more desirable on the sales market. You’ll have to pay for renovations and remodels, but you’ll be able to sell that home for a lot more than you bought it. The strategy of flipping houses was popular for a long time, and some investors still enjoy doing it. When you’re in the right market and working with the right properties, it can be a great way to earn a positive return on your investment.
But, we’ve noticed a different trend that’s currently more popular among investors and owners. That’s the buy and hold strategy. Investors are focused on this strategy for single-family homes, more so than multifamily homes and apartment buildings.
The rental market in Atlanta offers so many great opportunities. Investors can earn short term cash flow as well as long term returns. With the arrival of highly-paid, well-qualified tenants, landlords and rental property owners in Atlanta and the surrounding areas are in a great position to choose the best tenants from a large pool of potential renters. Investors who offer a well-maintained and appealing home that’s priced correctly have an easy time attracting great tenants and earning an impressive return. Therefore, there’s no need to flip those homes. It makes more financial sense to rent them out.
The Atlanta economy also has an impact. It’s stable and growing, and unemployment rates are low. There’s a lot of energy in this city and its economy, which contributes to a stable rental environment for investors and landlords. With a solid real estate market, rental market, and economy, there’s no need for investors to buy and sell quickly. It makes a lot more sense to let the asset grow in value while renting it out to great tenants who are happy to help pay down the mortgage and maintain the home.
Why do Single-Family Homes Make Good Investments?
There are lots of options when it comes to investing in residential real estate, but we believe strongly in single-family homes. Why?
The investment strategy provides stable outcomes. Your long term goals will be easy to reach. It’s also more reliable than a multifamily model, especially now. There are several factors that explain this.
In Atlanta, you’ll find a larger inventory of single-family homes, even with new construction contributing to the growth of condos and apartment buildings. With all of Atlanta’s diverse and unique neighborhoods, it’s easy to find investment opportunities for people wanting to buy single-family homes. You’ll find them in every possible budget and size. Investors need to make smart decisions, and the return you earn on a single-family home will outpace the return you earn on a small apartment building or a duplex. You’ll spend less, and the asset will increase in value faster.
Another benefit to buying a single-family home in Atlanta is that you’ll have an easier time obtaining a mortgage. When you decide to finance your investment purchase, you’ll be more attractive to banks and lenders when you’re buying a single-family residence. This can make a huge difference in your purchase strategy.
Tenants in single-family homes are statistically more stable and usually planning to rent for a longer term. We can see this trend in a shifting cultural landscape. Today, families are more likely to seek the lifestyle that comes with residing in a single-family home. But, they want to continue renting instead of buying so they can maintain the freedom and flexibility in their lives. When you’re renting out a single-family home, the tenants you attract will be good risks. They will pay rent on time and take good care of your home. They will also be more cooperative when it comes to taking care of maintenance, and they will care for their yard and their outdoor space as well.
How Specialized Property Management Manages Single-Family Homes
We are leaders in the management of single-family properties at Specialized Property Management in Atlanta. Single-family homes make up over 80 percent of our management portfolio. You won’t find a more experienced property manager.
Our management platform includes a few special things:
- For starters, you’ll benefit from our technology-driven processes that help us manage single-family homes efficiently and effectively. Owners appreciate our user-friendly property management software, which allows us to organize and document every part of our process. With our technology and our superior dedication to communication, we can quickly rent your home out to great tenants. You won’t have to worry about losing money on vacancy. You won’t have to worry about failed advertising campaigns or empty open houses. Our marketing is strategic, our pricing is competitive and designed to earn you as much income as possible, and our screening process is consistent and thorough.Tenants also have a portal where residents can pay rent and request maintenance or repairs. The owner’s portal is for the benefit of landlords and investors. You’ll be able to receive your rental payments electronically through this system. You’ll be able to access your monthly and annual statements, and you can run reports or view the documentation we’re carefully keeping on your rental home. Check out leases, approve invoices, and view inspection reports and pictures. All the information you need is available in your portal.
- Second, our knowledge of the Atlanta rental market is substantive and based on our years of experience. We know where to find single-family homes in and around Atlanta, and how to evaluate them in terms of whether they’ll make profitable real estate investments. We can talk to you about how much you can expect to earn in rent, and how long it will take you to successfully rent the property out. We will also provide some advice about updates and improvements that you might want to make to the property to make it a more desirable home for potential tenants.
- Maintenance on single-family homes is a huge concern for many of the owners we work with. When you invest in a multifamily building, maintenance is fairly routine. However, when you own a single-family home, there will be several different types of maintenance that need attention. You’ll need to pay attention to routine maintenance, preventative maintenance, and emergency maintenance. Our team is consistent with managing routine repairs our tenants request them. We are available 24 hours a day and seven days a week to take care of any emergency issue that’s happening at your house. And, we put together a list of preventative maintenance measures that we believe will help you save you money on unexpected repairs and replacements.
- Finally, you can rely on our ability to develop and maintain strong tenant relationships. This gives us an advantage because we can increase your tenant retention and avoid turnover costs. With multifamily buildings and apartments, it’s difficult for property managers to get to know every tenant. But, with our single-family homes, it’s easy to get to know your property and your tenants individually. We work hard to keep in touch with tenants and make sure we’re meeting their needs. Our goal is to ensure the rental experience is a positive and successful one for everyone. We know that happy tenants lead to happy property investors.
The National Association of Realtors has reported that single-family homes are the preferred property type for real estate buyers. As an investor, you especially need to consider that these properties make the best possible investment homes, and they will help you earn more in the long term as well as the short term.
We stand above the competition that still relies on a multifamily model when it comes to professional property management. Talk to us about how those outdated models won’t work for any single-family homes, especially not yours.
Put our experience and our talent to work for you, and contact us today at Specialized Property Management in Atlanta.