If the idea of owning rental property has you waking up in a sweat after a seemingly real nightmare, you are not alone. Many would-be investors feel the same way about plowing their hard-earned money into a rental property, especially after hearing some horror stories about how much could go wrong.
However, for every bad story, there are at least eight or nine good ones. Therefore, it is down to you to overcome these fears and take the plunge. Here is how to make it possible:
Landlords Do Not Need to Be Alone
Renting out a property does not need to be done without help. Getting help from a property management company in Atlanta with a full-service such as marketing and advertising, tenant screening, lease administration, rent collection and accounting, maintenance coordination, a property inspection will ensure nothing is left to chance. Agents from a property management company you choose will take much of the unknown and scary prospects of owning a rental property out of the equation, leaving you with peace of mind and ready to enjoy the additional revenue stream being a landlord presents.
Property management companies have trained, professional agents whose sole job is to ensure that their client’s interests are protected. As a landlord, you would be responsible for many onerous tasks that come with renting out your property. For a percentage fee, property managers take care of them on your behalf.
One area where property management companies have a significant advantage over individual landlords is their ability to screen prospective clients. If you do not know what you are doing or lack access to the resources necessary for a thorough background check, you will wind up with nightmare tenants who make being a landlord a living hell. The CBRE Group Inc. is one of the top commercial property management companies and stands by its rigorous tenant screening policy as one of the hallmarks of its success.
There is a Lot More Information Available
Even if you choose to go it alone, you have access to many resources that landlords of previous decades wished they could have laid their hands on. Take advantage of the information available to you at the click of a button without you even needing to leave home.
Landlords unsure of where to set their rental price to remain competitive can easily look online to compare with similar properties. Requesting a credit check is simpler than ever before. While there is an attached fee, it is money well-spent if it helps you determine whether a tenant is worth the risk.
Many landlords have found downloaded sample rental agreements an invaluable tool to avoid the need for costly legal advice. Most are editable so that they can be customized to suit the property owner’s needs.
Inexperience Does Not Mean Failure
According to Property Services of Atlanta, Inc., many first-time rental home buyers worry that they will fail because of a lack of experience. While there may be established landlords in any area, it should not prevent you from dipping your toes into the market.
If you are worried about what a lack of experience could mean for you as a rental property owner, evaluate some alternative options. As mentioned before, employing a property management company will take many landlord burdens off your shoulders. Alternatively, consider partnering up with someone with rental experience and buying a property together.
Property is a Wise Investment
When wondering if you should commit to buying a rental property, remember that real estate is one of the soundest investments around. While you might face a few ups and downs after buying property, the odds of it appreciating are highly in your favor. Investing in property is less risky than playing the stock market and should provide steady gains as time passes.
Many potential landlords fear that they will lose money if they go ahead. While it is possible, there are ways to mitigate such risks. For example, research into the property market generally and in a specific geographical area will let you evaluate how potentially successful your investment could be.
Unfortunately, no one can make perfectly accurate predictions about the property market. However, educated guesses and predictions are possible. Even so, initial losses might occur but should be overcome if you hold your nerve and stay the course.
Having What It Takes
As a landlord, you need great communication skills. Most successful rental property owners have sound relationships with their tenants. This does not mean becoming overfamiliar with them. Indeed, this is a mistake that many landlords make. Open communication is not the same as being overly friendly and letting tenants walk all over you.
However, if you worry that your personality will not lend itself to being a landlord, consider getting help. Property management company agents act as a buffer between the property owner and their tenants. They prevent the line in this relationship from becoming blurred, as this can lead to legal and personal complications that no landlord would want to involve themselves in.
