Congratulations on becoming a property owner in Northwest Georgia.
The success of your rental business now lies in your property’s management. The way your property is managed can make all the difference.
Should you hire a property management company or should you manage it yourself?
This is a question that many new rental property owners ask themselves.
In this article, we’ll discuss the benefits of both options to help you in making the right decision for your Northwest Georgia property.
Benefits of Hiring a Property Management Company
1. You will free up your time.
As a landlord, you have many responsibilities. Among other things, you need to advertise your vacant properties, screen all prospective tenants, inspect the property, and carry out maintenance tasks.
If you don’t have the time, carrying out these responsibilities will be very difficult and may have a negative effect on your business. For example, by not responding to your tenant’s repair requests, you may have a hard time retaining tenants.
2. You may enjoy reduced vacancies.
Rental income is the bread and butter of a rental business. However, it can only be earned if you have a tenant occupying your property.
The average property management company will have the proper experience to create effective marketing strategies for you. This will ensure that your property gets rented in the shortest time possible.
3. Avoid issues with laws.
Federal, state, and local laws govern the residential rental industry and the landlord-tenant relationship. Understanding these laws is an important step towards establishing a successful rental management business.
Examples of these laws include the landlord-tenant laws, security deposit laws, habitability laws, and the Federal Fair Housing laws.
Hiring a Property Manager in Northwest Georgia
Property managers, just like other professionals, aren’t all created equal. Some have your best interests at heart, while others don’t.
How do you ensure that you hire the right manager for your property?
Look for recommendations from your colleagues or from your local apartment association.
Following this, conduct interviews. Ask questions such as:
- How do you market your clients’ properties? Avoid property managers who are only using “For Rent” signs and newspaper ads. Look for a property manager that uses a variety of marketing strategies.
- How do you ensure the property gets rented to the right tenant? Look for a property manager that uses an elaborate screening process.
- Do you know what the Federal Fair Housing laws entail? If the property manager seems hesitant to answer, then he’s likely not knowledgeable about these fundamental laws. Continue your search.
- How do you collect rent from your tenants? Make sure the property manager accepts more than just cheques.
- How many tenants renew their lease with you at the end of their lease? If a tenant is happy with the services they are getting, chances are that they will continue renting the property.
- What is your average eviction rate? Look for a property manager with a low eviction rate.
- How long have you been managing properties in Northwest Georgia? Look for companies that have lots of experience.
Benefits of Self-Managing your Rental Property
1. You will make more money.
By self-managing your property, you’ll avoid paying the property management fees, increasing the amount of money you make.
2. You will take part in the day-to-day running of your business.
You will have control over things like the collection of rent, maintenance issues, and how your property is marketed.
Becoming Your Own Property Manager
If you decide to manage your own rental property, there are essential things that need to be done:
A) You need to gain the necessary experience.
B) You need to be knowledgeable with all relevant laws.
C) You need a solid lease or rental agreement (Ensure that it stipulates key terms like subleasing, pet policies, and rent rules. If you need help drafting an agreement, make sure to hire someone qualified).
There you have it. Benefits of both hiring a property manager and self-managing. To make the right decision for your Northwest Georgia property, weigh your options based on your specific needs and skill set.