You may be asking yourself, 'How do I start real estate investing in Atlanta?' Maybe you have one rental, you love the income, and you're ready for more! Or, perhaps you don't live in the area, but you've heard good things about the Atlanta market, and you're ready to get started here.
No matter why you choose this market, growing the right way is critical for success! Before you invest your money into a property, make sure you're ready to grow sustainably. Keep reading to learn five of our best Atlanta property management tips to start expanding your real estate investment portfolio.
1. Research Comes First
Before deciding to invest in real estate (or add a new property to your portfolio), there are a few things you'll want to do first.
- Understand your market. What does it take for an investor or owner of real estate property to find success? You'll need to understand what's happening in Atlanta right now and how that might affect investments in the future.
- Determine what type of real estate investment opportunities match up with your goals. Should you choose a single-family home? Is a duplex, condo, or apartment building a better fit for your long-term investment goals? Consult a property management company to talk through options and how they fit within your portfolio.
- Research locations, competition, comps, and more. When you narrow down your search to a specific rental, learn everything you can about the property, potential rent amounts and income, and how the rental would stack up against similar homes. A property manager can deliver the market research you need and help you analyze a potential investment.
Doing your due diligence with an expert Atlanta property management team can help you avoid a bad investment property and smart decisions about growing your portfolio!
2. Skip the Money Pit
It can be tempting to go for an extreme fixer-upper that's on the market at a low cost. However, if it's your first property in Atlanta or you're still a new investor, our Atlanta property management experts advise skipping the money pit!
A home that needs extensive renovations can turn into a neverending project that drains your cash reserves before it's ever ready for the market. Atlanta rental property owners must provide safe homes for tenants to comply with the law. When a renovation takes too long and becomes more expensive than planned, cutting corners is not an option to get it listed and rented faster. Choose a home that doesn't require significant updates or out-of-pocket before it's rent-ready and generating income for you!
3. Protect Yourself With a Business Entity
An Atlanta property management group will tell you that with real estate comes the potential for more liabilities. Renters will call you about repairs, security deposits may be at risk in a court case, and the property itself can sustain damage or lose value over time. Any time something goes wrong with your property and a tenant decides to sue, your business and private assets and income are at risk without the protection of a business entity.
Create an LLC to protect yourself from any liability arising from your rental properties! That way, if anything goes wrong, it's on the business side of things-not you as an individual owner with personal assets. An Atlanta real estate investment company can help set up this entity, so you're covered when renting out these homes.
4. Hire Full Service Property Management
If you've managed your first rental property on your own, you already know how much work it is to keep it in excellent condition, respond to renters, and somehow generate a profit. When adding more properties to a growing portfolio, the work increases, too!
Most real estate investors turn to professional property management companies in Atlanta when they decide to own multiple rentals. Depending on the mix of investment types (single-family, condos, or apartments), it's challenging to manage each one effectively because they all require different strategies and resources for success.
With residential property managers, Atlanta rental owners don't have to worry about not delivering safe homes or making enough money! The right property management team helps you:
- Research and find properties with excellent long-term potential
- Get them rental-ready
- Market properties, conduct tenant screening, and place quality residents
- Handle the leasing process
- Take care of all routine maintenance and repairs
- Respond to tenant requests promptly
- Collect the rent
- Analyze returns to make sure every property in your real estate portfolio contributes to your long-term success
Growing a rental property portfolio with property managers is a smart way to build long-term wealth! Partnering with an expert that delivers professional Atlanta property management services is the best way to manage rentals for success.
Grow Your Portfolio With Atlanta Property Management Services
The right strategy is key to growing a successful real estate investment portfolio! Revolution Rental Management can help you maximize your returns and avoid bad properties with our expert property management services, such as tenant screening, lease negotiation, maintenance requests, and more. Have you considered hiring an experienced company like ours? We're here when you're ready to talk about how we can support your real estate investment growth through our full-service property management experience.