The housing market in Atlanta is enticing, with property prices going down by 2.7% in 2024. However, buying property comes with inherent duties and responsibilities, especially if you plan to rent out your unit.
Your renters have certain rights whether or not their stay is part of a contract or lease. Read on to discover essential property management tips for accidental landlords in Atlanta, GA, and enhance the success of your investment.
Learn Your Local Laws
Local laws are different from one state to another. So, if you are a first-time property owner in Atlanta, get familiar with the local property laws that apply to you. Go through the specific regulations that govern the landlord-tenant relationship.
Some of the areas of the law you should pay close attention to are:
- The rights of the tenants
- The legal process of eviction
- The changes in the law
Failure to stay informed about the local property laws could result in hefty fines and charges. Talk with the property management company to help you understand the laws of Atlanta and how you can better safeguard your real estate investments.
Conduct Tenant Screenings and Set Clear Policies
Accidental landlords need to ensure they have reliable tenants who do not pose a risk to their investment. Conduct thorough background checks and examine any prospective tenant's criminal and behavioral history.
Some of the requirements you can impose for new tenants include:
- Good credit score
- Stable income and impeccable employment history
- References from previous landlords
After finding the right tenants, draft clear policies and include them in the lease agreements. Managing rental property is similar to running a law firm, where contracts need clear rules and guidelines. Get local government assistance to ensure the right regulations are in place to strengthen your landlord-tenant relationship.
You can have a property management company handle tenant screening and tenant management. We know what policies work and how you can draft lease contracts that protect your investment.
Inspect and Maintain Your Property
The best way to avoid legal issues facing an accidental landlord is to conduct regular maintenance and inspection work. If your property is falling apart, tenants might be in harm's way, which could lead to costly lawsuits and settlements.
You can easily coordinate the inspection and maintenance work needed for your property through a property management company. This company can schedule inspections and repairs.
At PMI, we enhance maintenance work by:
- Providing responsive 24/7 maintenance support
- Enhancing communication with owners
- Implementing after-hour emergency services
Get Landlord Insurance
Buying landlord insurance is the best way to mitigate any unforeseen risks. Your insurance policy can cover various items if your tenants or guests sustain injuries on your premises.
Further, having insurance gives you coverage and eliminates the need to incur costs when something unexpected happens. A comprehensive cover can also help you meet the cost of repairs and maintenance.
Maximizing Profits for Accidental Landlords
The Atlanta rental market is ideal for anyone looking to make real estate investments. However, how you manage your rental property determines whether your investment will pay off. Accidental landlords need more property management tips to protect their long-term investments.
PMI Property Management has the necessary knowledge to help you navigate local property laws and enhance the tenant-landlord relationship. Contact us today, and let us help you manage your rental property.
