Hiring residential property management in Atlanta is an expense, but in many cases it is one that is worth your while. Property managers can help to improve your business, retain tenants, and offer you some peace of mind. Everyone benefits when you hire a property manager, and it is important to remember this when deciding whether or not to hire one. Read on to find out exactly how your tenants benefit when you hire a property manager.
Renting out your properties involves more than simply buying them. These properties require regular maintenance and repairs in order to remain livable. Your tenants will appreciate prompt assistance when they need a repair, and this is something that property management services can give them. Property managers are especially useful—and often necessary—if you cannot provide this attention yourself. If you are not interested in answering emergency calls from your tenants in the middle of the night, you should find a property manager who is. Failing to provide your tenants with the attention that they need and deserve will typically lead to quick turnovers and a bad reputation. If you want your business to flourish, it is important to know when to hire a property manager.
Home Inspections: Why They Matter
Renting the properties you own to tenants can be an excellent choice if you are looking for a new income stream; however, it is crucial that you have your real estate in Atlanta inspected before new tenants move in. It is the duty of the landlord and property manager to ensure that the home is safe to move into. Continue reading to take a brief look at home inspections and find out why they matter.
If you allow new tenants to move into a home that does not provide safe and sanitary living conditions, you may find yourself involved in some legal issues. This is why it is crucial that you have all of your properties inspected before renting them out. A home inspection can ensure that the home has adequate structural integrity, a properly functioning plumbing system, and appropriate ventilation. These elements all play substantial roles in the safety of the home and the ability of your new tenants to avoid injury or harm. Your home inspector can also take a look at your ceilings, walls, and floors as well as your electrical systems and insulation. A home inspection will point out any problems that you may need to resolve before renting your house.
If you own and rent out multiple properties or do not live in the area where you rent your property, it is helpful to work with a property management company in Atlanta. This type of company can act as landlords’ liaisons and perform a number of important duties. In order for all parties to thrive, however, it is important to understand how to work with your property manager. Keep reading if you are interested in picking up a few helpful tips for working with your property manager.
Establishing Productive Communication
Landlords and property managers work together to ensure that all tenants are satisfied and all properties are taken care of. In order for this to occur, there must be a consistent line of communication between the landlord and the property manager. As a property owner, there are a few valuable pieces of information that you should regularly receive from your property management service. Your property manager should offer you information regarding tenant receivables and accounts payable, profit and loss information, and a bank statement copy every month. This will allow you to form an accurate and adequate picture of your finances and ensure that your properties and tenants are being properly tended to.
Organizing Your Funds
It is important to remember that as the landlord, you are the boss. This means that you always have the right to final approval, and you get to decide how your money is spent. Some landlords who wish to take a more active financial role in their business choose to set up several separate bank accounts. Your property manager can have access to one of these accounts, which will be filled with the funds that you allocate towards expenses. The other accounts, which only you will access, can receive your tenants’ rent payments and late fees.
Making Improvements on Your Properties
Tenants deserve to have any problems with your properties addressed in a timely fashion, and property managers can ensure that this is the case. Whenever improvements are made, have your property manager provide you with a schedule of the work being done and information regarding the funds that will be needed.
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.
A Look at the Short Sale Process
If you do not know much about real estate in Atlanta , the process of buying or selling a home may feel somewhat overwhelming at times. Fortunately, a short sale real estate agent can help you get through the procedure and be satisfied with your results. Watch this video clip for a quick look at the short sale process.
The short sale process can help you to sell your property at its current market value and in a timely fashion, and it can help you even if your debts on the property are not fully paid off. You may work with an individual caseworker, a buyers’ agent, and other real estate professionals that will guide you as you create a short sale package and list your home. Your short sale real estate agent will also help you secure a buyer and a short lender’s approval so that you can finalize the deal.
Moving into the realm of real estate in Atlanta can be a personally fulfilling and financially rewarding experience, especially when you go into it with the proper skills, knowledge, and mindset. If you are considering becoming a landlord for the first time, be sure to conduct some research so that you are equipped with these tools before beginning the process. Keep reading to learn a few tips for first-time landlords.
Use a Property Manager
When you first become a landlord, you will be charged with the task of finding tenants to rent your property. This may be difficult if you have no prior experience in real estate, but there are options for even the freshest of faces. Consider hiring a property manager to direct attention towards your rental property and find tenants to occupy your house or apartment. Although hiring a property manager may be an expense you had not considered, it is one that will pay for itself over time. You’ll be able to rely on your property management firm to find you tenants and address their needs.
Consider Your Location Carefully
If you are looking to purchase a property to rent, be sure to pay extra attention to location. Beachfront properties with gorgeous views always tend to garner attention, and city apartments keep people right in the thick of the action. Since your rental property is an investment, it is crucial that you consider the prospect of your property appreciating. Stable areas or neighborhoods that are on the rise have a greater chance of appreciating in value over time. Although appreciation is never a guarantee , general inflation may appreciate the values of many different areas.
Account for All Expenses
As the landlord, it is your responsibility to make sure that the property stays in reasonably decent shape. Keep in mind that there are many factors at play in this situation, and not all of them are controllable; you must be able to afford any repairs that your property requires so that you can continue to rent it out.