The housing market in Atlanta has remained strong and continues to grow post-Covid-19. As a prudent real estate investor, it's normal to want to get a piece of the action. So, what do you do next after buying your first rental property?
The next step is looking for tenants and making money from your investment. However, there are specific steps you need to take and factors to consider to make the rental property profitable.
Read on to discover essential steps you should take to maximize your investment.
Focus on Property Management
Finding excellent properties to invest in is the fun side of the housing market. The other side is where all the action happens: property management. After your purchase, look for a property management company in Atlanta to help you navigate the Atlanta real estate market.
Working with a property management agent or company is a deal because they can:
- Handle the day-to-day operations of the property
- Offer unique real estate solutions
- Provide reports of research on the local property management
Select a reputable property management company to help you realize a faster return on investment (RoI). Look for property managers with significant experience in Atlanta, GA, such as PMI Property Management.
Prepare Your Property for Tenants
Getting the right tenants requires a well-prepared property that meets the needs of any prospective renters. Inspect to make sure the property is in good condition. If repairs or maintenance are necessary, do the job before letting the property go on the market.
Get conversant with the landlord laws in Atlanta, GA, by reviewing the landlord laws handbook. Having a property management company in your corner can fast-track your property preparation process and get your house on the market as fast as possible.
Find Tenants
Once the property is ready, it's time to find tenants and maximize your investment. You have to market your property to the right target market. However, don't just sign over the lease to the first tenant who comes along.
Finding tenants must go hand in hand with tenant screening. Our property management company can efficiently handle the tenant screening process to ensure your investment falls into the right hands. Some of the info we check out includes:
- Income background and employment info
- The tenant's criminal background
- Tenant's credit score
- Tenant behavioral history via public records and national eviction search
Conduct Maintenance and Expand
Whether you have tenants or not, stay on top of maintenance to ensure your property retains its value. Quality maintenance work can enhance the aesthetic appeal of your property, making it easier to find tenants.
A critical first rental property advice is to expand your portfolio. Buying more property is ideal for maximizing rental income from Atlanta's housing market.
One of the best property management tips from PMI property management is on which properties to purchase in Atlanta. We provide you with the latest housing market information and advise you on which path to follow.
Become a Real Estate Investor in Atlanta, GA Today
For a first-time real estate investor, it can take time to understand what to do with your new property.
Luckily, PMI Property Management is here to guide you on ideal investment strategies in Atlanta to maximize your income. Contact us today, and let us help begin the journey to wealth accumulation.
