Over 35% of Atlanta households are renters. Because of this, owning an investment property in Atlanta is a good financial decision, especially if you're holding onto that property for your own future use.
But managing your own investment property isn't as easy as you might think. We're here with a few tips that can help you stay on top of your investment. Read on to learn more.
1. Communicate With Tenants
Too many property investors forget that all of their income is going to come from their tenants. They see their tenants as cogs in the wheel instead of valuable clients, and this is their downfall.
If your tenants aren't happy, your investment properties in Atlanta are going to turn into money pits instead of money-makers. Be a good landlord or you'll struggle to make your investment worthwhile.
When your tenants submit a request or concern, try to respond within 24 hours. It's helpful to have an online tenant portal to make this easier for everyone involved.
Remember that happy tenants are more likely to stick around, which means you'll have to spend less time and money on vacancies and marketing. Happy tenants make happy landlords (and vice-versa).
2. Stay on Top of Maintenance
You need to make sure that maintenance is at the top of your list of priorities as a landlord.
Your investment property in Atlanta might already be in good condition, but that doesn't mean that you shouldn't conduct occasional property inspections. There is always the chance for something to go wrong, and a small problem can turn into a large problem quickly.
Routine maintenance will make your job easier. When you make sure that the common areas, HVAC systems, and plumbing are all in good condition at least once per year, you'll save yourself time and money in the future.
If a tenant submits a maintenance request, even if it's small, address it right away. Even something as small as a leak can turn into a huge problem (like water damage) in the near future.
It's a good idea to have a maintenance professional (or several) on call for potential emergencies unless you happen to be handy.
3. Hire a Property Management Company
Managing an investment property in Atlanta is hard work, especially if you own a multi-family property, you own multiple properties, or you still have a day job. If you want your investment property to give you passive income, it might be in your best interest to hire a pro.
A good property management company will take care of all of the behind-the-scenes work like marketing, tenant requests, and more. You still have control over your property, but you can focus on other things.
If you feel like you're falling behind, why not ask for help?
Make Your Investment Property a Success
Make sure that your investment property is worthwhile by using these tips. Be responsive to tenants, stay on top of maintenance, and don't be afraid to hire a professional property management company if you're feeling overwhelmed.
Are you looking for a property management company for your Atlanta investment properties? We want to meet you! Get a free rental analysis so we can start working together today.