What Every Investor Should Consider Before Managing a Rental Property in Atlanta
Let’s talk about what you need to consider before you begin managing your own rental properties. Even though managing on your own might seem like a no-brainer, and for many people it’s a great alternative to utilizing property management services, if you’re new to this industry, there are a few things you need to consider.
For many people, rental property income gives them a way to enjoy a particular lifestyle. Retirees and millennials look for investment opportunities that can provide additional cash flow. If you’re looking for a hands-off way to earn money, managing your own property can pose a few challenges. Tenants don’t always call during business hours, and when they do call it’s usually because they’ll need you to coordinate something quickly. You’ll also be investing time in drawing up documents, performing bookkeeping and managing collections unless you outsource those tasks.
When a tenant calls with a burst water pipe in the middle of the night, do you know who to call? You’ll need a list of local contractors and vendors you can call who will be willing to help you around the clock for affordable rates.
If you have more than one property, you can feel stretched at times. You’ll need a plan to manage multiple properties efficiently and effectively.
Proximity to Property
The distance between you and your property can define your success as a property manager. You need to be available at all times in case there is an emergency. You’ll also need to do inspections and work on repairs and maintenance without traveling a long distance to do so.
Organizational Skills and Multitasking
As a property manager, you have a relationship to uphold with your tenant and you also have to keep in touch with contractors. Be prepared to switch gears at a moment’s notice. You will be responsible for the accounting, maintenance, billing and rent collection, as well as everything in between. You’ll need to stay organized.
Handling Stress and Change
As a property manager, you have to brace yourself for change. Mother Nature strikes, accidents happen and people move out. Through all of these things, you are ultimately the person who carries much of the burden. If you don’t shy away, then managing can be a good fit for you. You will save some money and be able to handle everything on your own, making important decisions and running your property like a business.
Managing a rental property on your own can be rewarding for people who enjoy it. If the hassle of dealing with constant problems, phone calls and maintenance issues becomes too much for you, then please contact us at ALH Podland at 404-937-1850.