Property investment can be a reasonably reliable way to generate a source of passive income. However, like all investments, expanding your property portfolio should be done with care to avoid losing money.
While you do not have to know everything about managing rental properties to invest wisely, having someone knowledgeable on your side can increase your chances of success. Working with an Atlanta property management company as you build your investment portfolio has so many advantages!
If you are looking to expand your real-estate portfolio, here are just a few reasons that you should partner with a property management company from the very beginning.
Property Managers Know the Industry
The housing industry can be complicated and confusing if you are not an expert. Between choosing properties and keeping them competitive in the rental market, an investor must do a lot of research before committing to a property.
On the other hand, a property manager will not only have the market knowledge but will also be up to date on the most current market trends. Finding properties that generate the income you need and offer what Atlanta renters want is easier with expert insights!
Property Managers Know How to Research and Choose the Best Properties
Property managers are adept at researching properties and can save you the trouble of having to do the research yourself. Your property manager evaluates several aspects of market research to guide investors to properties with the best potential.
The State of the Housing Market
The housing market is known for constantly fluctuating. At some points in time, the market favors the property owners because there are many tenants and few available property units. On the other hand, the market may flip to favor renters if there are too many units for rent and not enough people looking to rent a living space.
Compare and Analyze
Whether you are looking to invest in an apartment building or a single-family home, the size of the property is important when pricing and marketing the rental. Renters won't pay for a small property with "big" property prices! Understanding how your rental compares in size and price to similar rentals helps attract the right tenants.
Property & Nearby Amenities
Amenities such as washer and dryer, pool, and backyard will help make your property more appealing to potential renters—but don't stop there!
When investing in real estate, getting to know the neighborhood is extremely important. This includes checking local safety ratings, crime rates, traffic, nearby entertainment opportunities, and even the school district to help potential renters evaluate the community that goes with your excellent rental property.
In addition to gathering information about a potential property, an Atlanta property management company will also research local competitors and similar rental properties. Knowing what your competitors are offering and charging for the monthly rent will help you set the right rent prices for your future property.
Working with a Property Manager Ensures Good ROI
Finding the right properties is only the first step toward generating the revenue you need for success!
With the ongoing management of the right property manager, your rentals continue delivering excellent ROIs. With expert processes, tenant screening, maintenance services, and more, trusting a property management professional means you don't have to worry about a property with excellent potential that continues to deliver on its promises!
Your Property Managers Provide Invaluable Ongoing Services
A property manager will continue to work with you after the property is acquired, providing invaluable services, advice, and resources. Here are just a few things that a property manager will help with after you have acquired the property:
Because property Atlanta property management companies know the industry and the market, they know how to put together a professional property listing and place it to attract quality potential renters. From professional photos to telling potential tenants everything they need to know about your property, expert marketing catches the eye of quality renters while reducing vacancy times.
Paperwork and Tax Deductions
Between rental applications, rental agreements, and income and tax reporting, the sheer amount of paperwork can overwhelm property investors. Your property manager helps track income, expenses, and potential tax deductions to maximize rental property revenue every year.
Tenant and Pet Screenings
Property management companies have a thorough screening process to review every applicant that applies to be your tenant. Screening helps investors bad tenants who become costly mistakes while highlighting the best applicants to become your next residents. For pet-friendly properties, your property manager can even pre-screen pets.
Rent Collection and Maintenance
Collecting rent and dealing with maintenance concerns is time-consuming, especially when chasing down late rental payments. There's no need to spend your valuable time collecting the rent when a property manager can handle it for you—no matter how many properties you have in your portfolio.
Grow Your Portfolio With an Atlanta Property Management Company
Get ready to grow your portfolio (and your wealth) with an Atlanta property management company to help ensure your success! Renters Warehouse Atlanta is here to help you buy your next property and manage it to maximum profitability.
If you are ready to expand your property portfolio with a property, download our free ebook, “The Guide to Finding the Best Atlanta Property Management Company,” today.