When you first start out in the rental property business, you may think that self-managing your properties is the way to go. After all, property management fees are just an added expense that cut into your profits.
And when you’re a new investor, purchasing that first property can leave you strapped for cash.
That said, you may not realize how much time and money goes into managing a rental property on your own. In fact, by self-managing your rental, you may actually end up spending more money than if you had professional help.
That’s why today we’re going to show you how hiring a property management company in Atlanta can save you time and money.
How Hiring a Property Management Company in Atlanta Saves You Time & Money
1. Perfect Rent Rates
Property managers understand the rental market. They also know how to set rent rates that generate a profit and encourage tenants to lease from you. In fact, a good property manager understands what it takes to find the perfect balance when it comes to rental rates.
If you rely on yourself to set the rental rate for your rental property, one of two things might happen:
- Extended Vacancies. If you set the rent rate too high, you risk alienating high-quality tenants that might be interested in your property. Your rental will then sit vacant, and if you have a mortgage, you’ll have to keep paying it.
- Zero Profit. If you set the rent rate too low, you risk not collecting enough money to cover your property’s expenses. For example, you have to pay for the mortgage, maintenance and repairs, HOA fees, and insurance with or without tenants.
Wondering how much rent to charge tenants leasing your Atlanta, GA rental property? Get in touch with Atlantic Property Management for your Free Rental Analysis and find out what your property is worth.
Doing this will help you lease your property quickly to high-quality tenants willing to pay what your property is really worth. It will also generate you enough money to cover all the expenses of being a landlord, plus some.
2. Reduced Vacancies
If you don’t have tenants in your rental property paying rent each month, you’re losing money. That’s why, according to Brenton Hayden, vacancies rank as the number one reason people hire a property management company.
A good property manager will be able to attract the right kind of tenants willing to pay your asking rent. With proper advertising and exceptional customer service, you’ll have someone leasing from you in no time.
Also, your property management company will be able to conduct thorough tenant screenings. This means only high-quality tenants that will pay on time and care for your property will be considered.
In the end, with the help of a property manager, your rental can be leased within days or weeks, as opposed to months. With their experience and resources, your property will only sit empty for the minimal amount of time needed to find a great tenant.
3. Lower Maintenance Fees
Sure, hiring a property management company in Atlanta is going to cost you each month in property management fees. Yet, using a property manager to handle your rental’s maintenance and repairs is a great way to control those associated costs.
Not to mention, having a maintenance crew saves you loads of time.
Take a look at why you want a property management company handling your maintenance requests:
- Property managers have a list of affordable contractors to help with maintenance issues
- On-site maintenance crews may be available to help with minor issues, so you don’t have to pay out of pocket to fix anything
- Anything from early morning leaks to midnight electrical problems will fall onto your property manager, not you
With a property manager handling your tenant’s maintenance requests, you save money. But best of all, you save time, so you can enjoy your life without having to deal with repairs.
4. Effective Rent Collection
You might think that collecting rent from your tenants is an easy thing to do. But the truth is, collecting rent is actually very time-consuming. And, if you fail to collect rent from your tenants each month, you lose out on your expected rental income.
Property management companies have strict rent collection procedures in place to ensure you always get paid on time. They also make things easy on you by directly depositing funds into your bank account
But that’s not all.
Having a property manager collect rent helps save you time and money in the following ways:
- Non-paying tenants will be dealt with immediately, so you don’t continue to lose money
- Your lease agreement will include what happens when a tenant fails to pay rent on time
- There will be several ways, such as through an online portal, for tenants to conveniently pay rent
- During the move-in, your property manager will discuss with your tenants what’s expected of them when it comes to rent
- If a tenant abandons your property without paying their rent, your property management company will back you in court
It pays to have a knowledgeable expert behind you when it comes to collecting your monthly rental income. After all, the rent you collect from tenants is what keeps your rental business going.
5. Higher Quality Tenants
If you place a problem tenant in your property, you are at risk for many things. For example, your tenant may not pay their rent, causing you to have to deal with a lengthy eviction and vacancy. You might also end up with a damaged property at the end of a lease term.
But screening tenants can be complicated. Not only do you have to find qualified applicants, but you also have to follow the laws related to housing discrimination. And if you don’t know the laws, you’ll be forced to waste a lot of time learning them. Worse yet, you run the risk of losing a lot of money dealing with legal troubles if you violate the law.
If you choose to hire a property management company in Atlanta, you’ll find that they know how to find the perfect tenant for your rental property. And they’ll do so without discriminating against applicants.
In fact, a reliable property management company will be so confident in their tenant placements, they’ll offer you a guarantee.
For instance, we offer a Quality Resident Placement Guarantee. This guarantee will replace a non-paying tenant with a new one, without charging you the leasing fee.
The more qualified the tenant, the more money and time you’ll save. It just so happens that having a property manager to help you makes things a lot easier.
Are You in Need of Atlanta Property Management?
Contact Atlantic Property Management today to discover how we can help you save time and money with your investment property. We have experienced property managers dedicated to handling the daily tasks associated with your property, so you don’t have to. We also strive to save you money in any way we can.
But best of all, we make being a landlord a stress-free journey. Rather than worry about rent collection, tenant placement, or the law, you can enjoy your investment, and your life, while still making a profit.