If you're a new real estate investor, you need to be prepared for a big learning curve.
Investing in Atlanta real estate has never been a bad idea, but the rental market will fluctuate. Currently, one in ten rental units are unoccupied, but you don't need to be scared. If you do things the right way, you can make sure your rental property is a success.
Today, we'll explain the first steps to take after buying your first rental property. Keep reading and these tips will get you on your feet and earn money from your real estate portfolio right away.
Property Maintenance
If your new rental property needs work, that's always the first thing to do before you welcome renters. Property maintenance is one of the hallmarks of a good landlord. Rental properties go through a lot of wear and tear, so the more diligent you are about maintenance, the better it is for your investment and tenant happiness alike.
Marketing Your Unit
When your property is ready for tenants, start marketing it by creating a rental listing. Take plenty of professional photographs and write a detailed description of the property and the local area, then list it on the rental listing sites of your choosing.
Investing time and money into marketing your rental will help you cast a wide net for potential tenants. This, combined with great tenant screening practices, will help you find the best people to live in your unit.
Tenant Screening
Good tenants are good for business as a real estate investor. If you have good tenants, you need to look after them so that you can retain them and avoid costly vacancies. Bad tenants will actively cost you money and do potentially long-term damage to your investment.
That's why tenant screening is so important. This process involves looking into applicants' personal and financial backgrounds to determine whether or not they're a good fit for the unit. You'll perform criminal background checks and credit checks, and then speak to references before making a final decision.
Financial Matters
With your property set up with a great tenant, you'll finally start earning your monthly income. It's important to operate your rental property like a business, especially as you start adding to your real estate portfolio.
Each rental unit should get its very own bank account. This will help you track the money coming in and going out of each property to determine how lucrative they are. It's also helpful when you go to file taxes as a landlord to not mix your personal and landlord finances.
Become the Best Real Estate Investor You Can Be
You'll quickly learn that being a real estate investor and landlord isn't for the faint of heart. Between maintaining the unit and dealing with tenant needs, you're looking at a second full-time job.
If you're actively adding properties to your portfolio, the work is only going to increase. That's when hiring a property manager becomes a good idea.
Property management can take care of all aspects of running a residential or commercial property. At PMI Marietta, we offer comprehensive property management services in Atlanta. Contact us today to learn how we can help you maximize your investment.
