While renting out a home in Buckhead can be an excellent method to generate income and increase your return on investment, there are some things you should consider before taking the plunge. You’ve been at it for a while, maybe even a few years, and you still haven’t cracked the code on how to turn a profit.
Or perhaps you’ve had nothing but trouble: problematic renters, costly repairs, ongoing maintenance issues, and so on. Regarding rental properties, there’s a fine line between thriving and barely surviving.
You can make or break your investment experience with the tips below
The property’s success or failure hinges entirely on its rental income. Avoiding a long vacancy, finding a great tenant, and constantly receiving rent on time can all be accomplished with an accurate rental price.
Overcharging will result in a lack of potential renters for the property. Otherwise, all your applications will be from people who aren’t qualified to rent and have already been turned elsewhere. They’ve reached the point of desperation where they’ll pay more than they can afford for a house. Research the market to find out how much comparable properties in your area are renting for. Place a fair price on your own home.
Prepare Your Property
The home should be in “move-in” condition before advertising it as a rental. Not much can be accomplished by advertising or showing a house that still needs work or cleaning.
Tenants will have a great experience renting from you if the home meets their high standards regarding cleanliness, aesthetic appeal, and functional appliances. Make sure everything is in working order, freshen up the paint, lay down some new flooring if needed, and perform any other necessary upgrades to get the place ready to rent.
The way you advertise your rental property is crucial. These days, the best tenants are most likely to start their search for a new rental home online. Photographs of your rental home’s most excellent features, taken by a professional, will be required. You’ll also want to include essential details like the number of rooms and bathrooms, the monthly rent, and any special terms for the lease in a short but detailed listing. When possible, renters start calling or messaging to set up viewings and be accessible. Tenants will leave if you are not available to answer their questions.
Property Management Experts in Buckhead
If you don’t live in Buckhead but still want to employ a property management company to conduct tenant screening, vendor management, rent collection, and lease enforcement, you should consider hiring a professional.
While it’s one thing to have rental property, it’s another to act as a landlord full-time. If you hire property managers, you can rest easy knowing that your investment property is being managed in the most profitable way possible. You can relax knowing that you won’t have to deal with tenant disputes, set a fair price for your home, or manage any legal issues.
Also, having someone between you and your tenants can be beneficial, which is why property management services exist. Neither the tenants nor the property will become an emotional burden on you.
We have some additional advice that could be useful to you and your rental property. Tameka Manns Realty Group is the company to call for all of your Buckhead property management needs.