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 are selling your home, you should make it as attractive and appealing as possible! Potential buyers want to see a clean and tidy home that they can picture themselves in. This is easiest when the home is kept clean and free from clutter that can take away from a space.
As you will see in this video, it is a good idea to start cleaning and caring for your for-sale home as soon as you list it. You never know when potential buyers might drive by, and a first impression can make or break your sale. Make sure your front yard looks great and use paint to touch up any marks or scrapes on your home’s exterior. Work with your family to clean and de-clutter your home’s interior for potential buyers.
A real estate agent can help you figure out what to do to make your home as appealing as possible, leading to the best sales in the shortest amount of time.
Answers to Your Questions About Real Estate
Whether you are interested in buying or selling a home, it is important to know how to get answers to your questions! You are likely to have a lot of questions during this process, but a little research and the right team can help you answer these questions and have a successful experience.
One of the first questions buyers and sellers have pertains to the difference between a realtor and a real estate agent. In order to become an official REALTOR®, agents must meet certain expectations set forth by the National Association of REALTORS®. Another common question asks about the differences between being pre-qualified and being pre-approved. The first simply means a loan officer has helped you figure out what you can spend. The second means a lender has approved your financial situation.
Do you have other questions about real estate ? Working with a professional real estate agent is the best way to get the answers you need to find the home of your dreams or sell your current home for your dream price!
In difficult times, it can be hard to know the best solution for overcoming financial turmoil. If you are behind on mortgage payments for your Atlanta home or real estate investment, a short sale might be the right option. A property management company in Atlanta can help you decide whether or not this is the best step. Your short sale real estate agent can also guide you through the process of compiling the necessary documents for a short sale package, listing the house, and securing a buyer.
Put an End to Mortgage Payments
There are many reasons that mortgage payments can become unwieldy. Maybe you already tried to refinance or alter your mortgage. Perhaps you owe more than your house is worth. It is also possible that you have tried unsuccessfully to sell your home at a value that would cover your mortgage. If any of these situations sound familiar, a short sale may be your best bet.
When someone fails to make payments or defaults on their mortgage, the mortgage company might eventually decide to repossess the property, a process otherwise known as foreclosure. This eventuality can have a serious effect on your credit score, and it may not even prevent you from owing the deficient balance on your mortgage. It is actually beneficial to both the mortgage company and the homeowner to avoid this costly and time-consuming process. A short sale may not seem ideal, but it is often a better option than foreclosure.
Get Out of Debt
When you have a short sale realtor from a property management company facilitate a short sale on your behalf, there are some benefits. You will be able to reduce or even eliminate the debt you owe on your mortgage. It is also possible to begin work to improve your credit score more quickly than if you had foreclosed on your property. If you are interested in purchasing a home in the future, this route may help you qualify for a mortgage sooner than if you had gone through with a foreclosure.
Tips for Choosing a Real Estate Agent
Choosing a real estate agent is an important step when selling or buying a home. You will work closely with your realtor during the preparation, sale, and closing process. Selecting an Atlanta real estate agent with whom you feel comfortable will ensure your experience is a positive one.
Check Licenses and Awards
Before selecting a real estate agent or company, check to ensure they hold a valid license. You can also check with a local regulating service to view any recent complaints or actions filed against the company. Additionally, check to see if potential real estate agencies have won any recent awards—particularly those awarded by a branch of the National Association of Realtors. These peer-based awards can point you in the direction of an outstanding realty company.
Choose Based on Specialty
Real estate agents often specialize in certain areas of their field. Some focus on regular home sales and purchases, while others are primarily short sale realtors. Still others specialize in rentals and property management. Once you’ve found your desired real estate agency, look within that agency to find a realtor with the credentials most relevant to your needs. Choosing a real estate agent with knowledge and expertise in your desired field will ensure you’re getting the best advice and guidance for your sale, purchase, or rental agreement.
Meet In Person
Keep in mind that you will be working closely with your real estate agent throughout your transaction. Each realtor has a unique personality and business sense, so it’s important that you feel comfortable and confident working with your agent. Meeting in person and getting answers to your questions can give you a good idea of whether your personalities will mesh so you can create a positive working relationship. Whether you want to buy, sell, rent, or lease a home, the right real estate agent is waiting to provide the help you need.
Top Reasons to Work With Realty 1st
When you need to sell or rent a property in Atlanta, an experienced real estate company can help ensure your experience is a positive one. Realty 1st of Atlanta has the expertise and experience you need; we aren’t just real estate agents—we are realtors who can provide many real estate services. We represent a range of clients throughout our many departments: sellers, buyers, landlords, tenants, and investors. Our real estate agents can help you price, list, and show your home or lot. Realty 1st’s short sale realtors can also help you successfully navigate the short sale process. Furthermore, we offer Atlanta-area rental property management of homes and condos, as well as rent-to-own purchase options. We will take care of tenant screenings, eviction management, and property preservation management so you can enjoy the benefits of renting your property without the hassle.
Realty 1st is proud to be a real estate company serving the Atlanta area. If you have questions about home sales, property management, or investment and acquisitions, contact your local Atlanta real estate agent today.
Tenant Screening Tips
If you rent out real estate in Atlanta, you probably know that screening your potential tenants prior to renting to them can afford you a lot of peace of mind. There are many risks that come with renting to people you haven’t fully vetted, such as damage to your property, loss of rent, and the added hassle and expense of legal fees associated with evictions and lawsuits. Luckily, there are a number of things that you can do to protect your investment and yourself from harm.
Always Use a Rental Application
You can find various rental applications online, or you can create a specialized one for your property. A good rental application asks for basic verifiable information for each person who will be renting from you, such as name, current address and phone number, employer, current and former landlords, employment and banking information, and personal references. If you allow pets in your rental properties, you will also want detailed information on the number, type, and breed of pets owned by the applicants. Verify all of this information by calling the applicants’ employers, references, and landlords.
Run a Background Check and Credit Check
You can check the applicants’ credit reports through one of the three credit reporting agencies. If an applicant is in major debt or has a history of paying bills late, he or she will likely not be a responsible tenant. Running basic background checks will provide you with the applicants’ criminal records and inform you if an applicant has ever been evicted. You can also find out if an applicant has filed for bankruptcy or has been sued by bill collectors or previous landlords.
Consider Using a Property Management Company
A property management company can be of great assistance to a landlord who lives far away from his or her rental properties or who simply doesn’t have the time necessary to conduct proper tenant screenings. A residential property management company will help you find and screen tenants, manage lease agreements, and handle maintenance issues and evictions.
Explaining Deficiency Balance
If you own commercial or residential real estate near Atlanta , you may have taken out a loan to initially pay for the real estate. If you put up collateral with the loan and then default, and the collateral is sold for less than the outstanding balance, the remaining amount owed is the deficiency balance.
A lender can sue a borrower over a deficiency balance, though that doesn’t mean they will. The purpose of the lawsuit is to recoup the lender’s losses, so if the deficiency balance is low, it generally isn’t worth the time and money to pursue a lawsuit. Defending yourself against a lawsuit brought against you due to a deficiency balance can be difficult and costly. Oftentimes, your only defense will be the discovery of an error in the original loan process.
If you know your real estate investment will soon be repossessed, you can avoid a deficiency balance by asking the lender to reinstate your contract so you can sell the property yourself with help from a short sale realtor. This may help you avoid having a deficiency balance.
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