Are you a current landlord or thinking about buying an Atlanta investment property soon?
If you follow the right strategy, renting property to tenants is a great way to gain financial freedom. Being a landlord means you can make passive income in exchange for a set amount of work.
It takes a bit of work to get started in property renting. But after a while, you'll be able to do a relatively small amount of work for a nice profit.
Here's how to be a successful Atlanta landlord so you make a profit with a reputation for quality and fairness.
Becoming a Landlord
If you'd like to become a landlord and make a living by collecting rent, the first step is to find an attractive property. You'll want to choose a building with features that all renters like.
Besides basic amenities, you should offer your tenants things like wheelchair access, gardening areas, and covered parking options. The key is to find a property with enough unique features to create strong rental demand, and maybe even a waiting list.
To get started, contact a realtor in Atlanta and start searching. You should have a list of property characteristics ready so you can immediately rule out options that won't work for you.
Once you've found the right property, make any needed repairs and renovations. Then have a lawyer write up your rental contracts and help you file your business documents. After these steps, you can start advertising and get your first renters to sign a lease.
What It Takes to Be a Successful Landlord
So what's the secret to renting property well? If you're wondering how to be successful at landlording, the key is to strive for fairness. Treat your renters like you'd want to be treated, and keep communication open and honest.
In addition to maintaining good landlord-tenant relations, it's important to follow good business practices like paying your taxes and working with a good accountant and marketing manager.
If your property is large, it makes sense to hire groundskeepers and a property management team. Otherwise, you could be up at all hours of the day and night dealing with emergencies.
Best Landlord Qualities
The best traits of a landlord include the ability to stay professional under stress, have a good head for business, and use their people skills.
Good landlords know how to choose tenants and resolve any conflicts that may arise. While it's not necessary to become best friends with tenants, landlords can still be friendly and helpful while keeping a professional attitude.
As long as you maintain good relationships with your tenants and keep your rental property full, you'll be able to achieve financial freedom as a landlord.
This will require a lot of effort in the beginning, it's true. But after a while, you'll develop a reputation for being someone everyone wants to rent from. You'll never have to worry about having unrented space.
And the best part? Once you have one successful Atlanta rental property, you can take the profits from it and invest them into another new Atlanta rental property.
Find Financial Freedom as a Landlord
If the idea of having multiple rentals intimidates you, we're here to help. We have experienced property managers in our office and can answer all your questions about renting your property to Atlanta tenants.
Being a landlord is one of the best ways to make a living, and we can help you succeed in this business. We offer free consultations and can meet with you to discuss your property goals. Contact us today!
