I see that I did not scare you away on Monday.
As promised, I have additional tips for you.
Tip # 5 – Treat this as a business. You did not get into this business to help tenants with their personal problems, be their best friend, give them free rent, etc. Be firm, but fair with your dealings.
Tip # 6 – Location, Location, Location. If you have a rental property in a bad neighborhood that is difficult to rent, you will be dealing with tenants from weakness rather than strength. You will always be afraid the tenant will move and my property will sit empty for months.
Tip # 7 – Be prepared to maintain your property and do repairs as needed quickly. A property in disrepair will get less rent and more tenant turnover. This is your asset, treat it as such. You are not a slum landlord.
Tip # 8 – Have a published system to create the rent. One system I recommend if you have a small number of properties is to open a bank account for rent deposits. Send the tenants deposit slips where they can make the deposit at any branch of the bank. Make sure that your rentals all have a different rent amount, so you can tell who paid the rent. Transfer the money out of this account by the 5th of the month leaving only a small balance.
Tip # 9 – Don’t jump to go to court. Always try to settle disputes first. If that fails, you must go to court. Do not let a tenant drag rent payments out. You will not receive your money. Cut your losses, evict and place a new rent paying tenant in your property.
You may have a number of reasons why you would prefer not to manage your own home:
1. You do not want to handle plumbing calls at all hours
2. You value your home life
3. You are unsure of the landlord/tenant laws in your state
4. You do not want to deal with tenants
5. Moving out of the Atlanta, Georgia area
Whatever the reason, PowerHouse Property Management understands tenants and the law. Call us today for a free, no obligation consultation on renting your Atlanta area home.