The Atlanta rental market is pretty competitive, and when you invest here, you have to prepare to establish some strategies for leasing, managing, and maintaining your properties that will lead to success and profit.
Staying ahead of the competition will require you to build a portfolio of rental properties that is valuable and adaptable to any potential market shifts. Whether your portfolio of investment properties includes one rental home or a dozen or even a hundred; you need to know where you’re going and why. What’s your idea of success? How do you plan to grow?
Effective property management is crucial to the achievement of your investment goals. We’re professional Atlanta property managers, and we’re sharing some of our best strategies with you today, so you can set yourself up for success and continue to grow your investment portfolio.
Partner with a Professional Atlanta Property Manager
Managing an investment property on your own can be overwhelming, especially if you’re new to the landlord game or even an experienced investor who doesn’t have the time to collect ren, show homes and schedule maintenance. To access and leverage the very best strategies in property management, work with a professional.
Smart investors understand that the strength and success of their investment portfolio depend on their relationship with an outstanding and professional property manager. Your management partner will do all of the heavy lifting for you when it comes to marketing, screening, leasing, rent collection, lease enforcement, maintenance, security deposits, lease renewals – the list goes on.
A professional property manager has experience in managing properties, can negotiate with tenants and vendors on your behalf, and has a vast array of resources at their disposal. With a professional property manager handling your property, you don’t have to worry about the details of your portfolio. You can focus on other things, whether that’s a full-time career, a family, or identifying additional investment opportunities.
Understanding Atlanta’s Diverse Rental Market
A successful Atlanta investment portfolio reflects the local Atlanta real estate and rental market.
We can tell you that the real estate market in Atlanta is dynamic and it’s diverse, so if you want to invest here, you’ll need to learn about the unique neighborhoods, the competing properties, and the pool of potential residents. It’s crucial to stay updated on the latest trends in the local rental market and how those might impact your investment portfolio and your plans for the future.
Understanding the local rental market will help you answer important investment and property management questions such as:
- How much rent should I charge?
- Which renovations should I make to improve my property?
- Should I allow pets?
- How long will it take to find good tenants?
- Where can I locate reliable vendors and contractors?
Knowing the local Atlanta rental market will put you ahead of the curve and allow you to make informed decisions about your investment portfolio.
Streamline Your Communication Process
Real estate investing is really about relationships.
You’ll need to establish professional working relationships with your property managers, and if you’re not working with a property manager, the relationships with your tenants and vendors are going to be up to you.
Communication is key when managing your own properties. You need to have an open and timely communication process, whether we’re talking about the way you relate to tenants, vendors, or contractors. Establishing efficient and responsive communication channels will help you respond to and resolve tenant complaints, conduct routine maintenance, and address emergencies.
The use of technology and automation with emails, phone calls, and messaging can function as an important tool when streamlining communication.
Positive ROI Depends on Tenant Retention
Acquiring a new tenant is almost always more expensive than retaining a current tenant. When a tenant moves out, you’ll have to incur the cost of vacancy, but there are also expensive turnover costs. You’ll need to invest some money to prepare the property for a new tenant. Then, there are advertising costs, the time it takes to screen and negotiate a lease, and a new move-in inspection.
Retaining tenants is better for your bottom line and it’s also better for your property. Prioritize tenant retention when you rent out your home by:
- Providing a great rental experience that’s convenient and easy.
- Communicating responsively.
- Responding to maintenance needs in a timely manner.
- Implementing reasonable rental increases that are market-driven when you offer a renewal.
Identify, place, and retain the best tenants you can find for your best shot at success.
Embrace Property Management Technology
Utilizing various technology applications can help with all of your property management strategies. You might find that investing in applications and platforms is pricey for an individual investor. Working with an Atlanta property management partner, however, you’ll find that those systems are already in place. We use technology to automate responses, to provide for a fast and efficient leasing process, to screen tenants more rigorously, and to better document property condition, maintenance work, and income and expenses.
With the right tech tools in place, we make property management more consistent, more transparent, and more accurate. We have the time and the resources to develop better relationships with tenants and owners because so many minor details are streamlined.
The Atlanta real estate market provides numerous opportunities for smart investors. All you need is a solid property management plan to succeed and increase the size and strength of what you own.
You can’t have a successful investment portfolio without effective property management strategies. We’ve outlined some of the best ones here, and we’re available to talk through additional ideas that may help you have a better and more profitable rental experience.
We can help with all of your property management strategies, and we can also provide investment advice based on your unique goals and properties. Please don’t hesitate to contact us at Silas Frazier Realty with any questions.
Silas Frazier Realty serves rental property owners in Atlanta, Snellville, Stone Mountain, Lilburn, Conyers, Smyrna, Marietta, Lithonia, Jonesboro, McDonough, Vinings, Brookhaven, and Tucker.
