Owning a rental property in Atlanta, GA, can be a lucrative investment, with the average landlord salary being an impressive $51,959.
But if you've become an accidental landlord and want to achieve, and even exceed this amount, you need to learn how to maximize your profits. This knowledge will put you on the fast track to success and help you earn a rewarding passive income.
Keep reading to learn about the best strategies for accidental landlords.
Have a Comprehensive Tenant Screening Process
Putting a thorough tenant screening process in place is one of the most important property management tips. If you skip this step or don't do it properly, you could end up with tenants who can't afford to pay rent and treat your home poorly.
This can lead to a loss of income, unnecessary repair costs, and you may even have to evict your tenants. However, tenant screening procedures should confirm that a potential renter has the resources to afford rent and that they are of good character.
Create Straightforward Rules and Policies
Any accidental landlord guide should include strict, clear rules for tenants. When they sign a contract to rent your home, these policies will explain, in detail, what they can and cannot do while renting your property.
For example, you may decide not to allow pets in your rental home. Or you might advise that a tenant can make changes such as painting a room if they first get your permission.
By having these regulations in writing, you can reduce the risk of having disputes with tenants during the lease period.
Inspect Your Property Regularly
Keeping your property in excellent condition can be one of the most demanding landlord challenges. After all, you may not visit your rental home for months, and you'll be relying on your tenants to advise if there are any maintenance issues.
But one of the best Atlanta real estate tips is to regularly inspect your property. This means you can spot any problems early and help keep repair costs to a minimum. During these audits, you may also notice a tenant has caused damage, and you can discuss this and agree on compensation.
Be Ready to Fill Vacancies
The Atlanta rental market can be competitive, and you don't want your rental home to lie vacant. Even short periods when your home is unoccupied can cost you significant amounts of money.
Although finding tenants can be difficult, especially on short notice, you can contact a property management firm. They can help you market your rental home, and they may even have a waiting list of tenants who can move in immediately.
Rent Appeal, Inc. Helps Accidental Landlords Maximize Profits
Managing a rental property can be a steep learning curve for accidental landlords. However, when you work with professionals, you'll avoid common errors and get the maximum income from your investment.
At Rent Appeal, Inc., our team has the experience and skills to handle all your property management needs. From screening tenants, to conducting inspections and filling vacancies, we have you covered.
Contact our team today to learn how we can help you become a successful accidental landlord.
