Landlords have the right to approve or deny any changes that a tenant may request to make on a home, since it is the landlord who actually owns the real estate in Atlanta . In the event that you approve a tenant’s request to make any sort of changes, it is wise to write a letter of permission that outlines exactly what you are allowing. Watch this video for assistance in writing permission letters to tenant.
Permission letters are used to grant tenants permission to modify some aspect of the home that they rent. Be sure to be as specific as possible when writing this type of letter so that there is no confusion as to where the boundaries lie. Include any stipulations, caveats, and conditions that must be satisfied in order for permission to be granted, and ask your property management company to review the letter with you. Date and sign the letter, and then send it via certified mail as well as email.
Working in real estate in Atlanta can be an enjoyable and profitable experience, but not everyone has what it takes to thrive in this industry. Landlords must be able to work with people and network, survive the beginning without making much in profit, and rearrange their schedules to be available whenever their tenants need to reach them. Read on if you would like to take a closer look at the signs you should consider being a landlord.
You Are Extremely Personable
Personality and the ability to be social are important aspects of an ideal landlord’s resume. Although you may be using a property manager, it is still important to be receptive to your tenants and to provide them with what they need. This can sometimes be a frustrating process, so patience is another important factor. It is also helpful to be personable so that you can expand your network and find tenants to live in your homes. Owning empty properties that you cannot fill with tenants will not lead to a substantial revenue flow. This is especially important to consider if you own a number of properties.
You Will Start Working for Minimal Profits
Being a landlord may be very lucrative, but it is unlikely that the money will start flowing in immediately. The beginning stages of renting your properties may involve a substantial amount of work for minimal return. As you establish yourself as a landlord and acquire more properties, you can eventually build an efficient business. In the meantime, however, you must be content with putting in hours in order to ensure that your properties are safe for residents.
You Can Be Available at Odd Times
It may not be feasible for you to become a landlord if you already have a number of other regular responsibilities to attend to. You will need to be available to address any issues that may arise. However, hiring a property management company to help you manage your real estate can help ease some of the demands on your time.
If you run into financial trouble or encounter issues when trying to sell your home, you may want to consider talking to a short sale real estate agent. Real estate companies in Atlanta can sometimes use short sales to help you sell your home if you are in danger of going into foreclosure. There are many circumstances that warrant a short sale. Keep reading if you are interested in your own 101 guide to short sales.
What a Short Sale Is
A short sale occurs when an individual has a remaining balance on a mortgage but sells the home for a smaller amount. While a short sale can be helpful for many different people and in a wide array of situations, your mortgage company must agree in order for a short sale to be completed. Individuals typically seek short sales when the amount that they owe exceeds the total value of the home. People may also utilize short sales when they realize that they are unable to afford their home or cannot keep up with their mortgage payments. A short sale can help these people relieve their financial strains and find a more suitable living situation.
Short Sale Process
You must qualify for a short sale in order to go through with the process. If you are eligible for a short sale, you will need to work with your real estate agent to determine a sale price for your home. The two of you will also discuss your financial information and any offers that may have come in, and then decide on terms of sale. You and your real estate agent will then finalize the sale of your home with the buyer and his or her real estate agent.
Short sales are helpful for individuals who are in a significant amount of debt. This process can reduce that debt and prevent you from having to foreclose your home. A short sale can be an excellent first step in turning your credit around, and it can prepare you to purchase a new home, apartment, or living space sooner.
What Jobs Will Your Property Management Firm Perform?
While having an interest in real estate in Atlanta and owning property in the area may present you with the opportunity to become a landlord, these are merely pieces of the larger puzzle. Landlords often rely on property management firms to take care of a number of other aspects of the property rental process in order to ensure that everything runs smoothly and all parties are satisfied. Here is a brief overview of the jobs that your property management firm will perform.
Becoming a landlord may sound like a great idea, but it is important that you assemble the right group of people to help you through the process. A quality landlord has eyes and ears on his or her property on a regular basis to make sure that there are no problems that need addressing. Your property management firm can assist you with this property maintenance, and can help you find the right tenants to occupy the space. Property managers understand that renting to the wrong person or group of people can lead to disastrous consequences, so the firm will screen tenants before any deal is finalized and evict any tenant that fails to stick to your mutual agreement.
Owning real estate in Atlanta can be quite lucrative. If you have extra properties and are looking for an additional revenue stream, you may want to consider renting them out. It is important to keep in mind that landlords have a number of responsibilities to attend to, and not everybody is necessarily cut out for the job. Continue reading if you are wondering if you should start renting your properties.
Assembling a Team
In order to enjoy a successful career as a landlord, you will typically need to hire a few team members to ensure that the property is cared for. Many successful landlords enlist the services of residential property management companies to take care of some of the workload. A property management firm can help to develop a pool of potential tenants that are interested in renting your property, which is a crucial and yet sometimes difficult aspect of the job. Once these tenants have been identified, located, and moved into the property, any complaints they have must be heard; this is another area where a property management firm comes into play. In the event that your tenants violate your agreement and become a risk or liability, your property manager can take care of disciplinary action and eviction.
Being Available Around the Clock
If you are a particularly handy person, you can save on some expenses by maintaining your properties yourself. This may include a variety of tasks and chores such as mowing the lawn during the spring and summer, repairing any broken fixtures around the property, or even plumbing work. If you are not confident in your ability to complete these kinds of tasks, you should have the appropriate contractors on call so that any problems can be addressed in a timely fashion.
Considering Your Budget
Many people start renting their properties so they can start a business of their own. This expansion will be much easier if you can afford to purchase new properties in cash. Avoiding a mortgage means incurring maximum profits from your property rentals, which gives you a sense of flexibility when it comes to pricing.