The topic today is professional Atlanta property management and whether it’s really necessary.
If you’re an investor and you own property in the Atlanta area, there are a few benefits to working with a professional property management company. Let’s take a look at some of the value you can get from a good manager, and why it makes sense.
Atlanta’s Rental Market Covers a lot of Ground
Atlanta investors can benefit from property management for the same reasons that investors all over the world can benefit: you save a lot of time, and you don’t have to worry about things like resident complaints and emergency maintenance issues in the middle of the night.
A benefit that’s unique to Atlanta is that this market covers a lot of green space. The metro Atlanta area is huge and includes a lot of different neighborhoods that stretch across a geographically large city. Investors have a lot of opportunities in suburban Atlanta, but getting from one property to another will take a lot of legwork. When you have a property that needs attention, it’s not as easy as jumping in the car and getting there to do some maintenance. It’s going to take some time to get there and you may have to plan on spending the whole day at your investment property. Many Atlanta neighborhoods are more than an hour from the city.
Atlanta Investors and Time Value
Your Atlanta rental property also requires a lot of attention. We talk to a lot of investors who start off trying to manage on their own. They believe it will save them money to do all the leasing and maintenance and management and accounting on their own.
It doesn’t take long before they realize that they don’t know how to handle effective vendor relationships. They don’t know what various legal statements and notices mean. They’re not sure how to evict a resident who isn’t paying rent.
Managing your own rental home is a tedious process. It’s so much easier to pay a small percentage of your rental income to a professional property manager in Atlanta and let the expert do the work and do it well.
It’s common for real estate investors not to think about the value of their time. But, you should be thinking about how this impacts your overall ROI and personal wealth. Is it really worth your time to drive to different parts of Atlanta to show a property or talk to a resident or supervise a repair?
Legal Mistakes are Easy to Make
Another benefit to professional Atlanta property management is that you don’t have to worry about legal risk and liability. There are a lot of laws that govern what landlords need to do when renting out a home, and these laws are frequently updated. Different cities and regions have different laws. What you do when you’re managing your property in Florida is much different from what you need to do with your Atlanta rental property.
Unless you are willing to commit the time and resources required to become completely educated in landlord and tenant law, you’re taking on a lot of risk.
At some point, you’re going to run out of hours in the day. It’s hard to be effective when you’re scrambling to meet the needs of your property and your residents while staying up to date on the law and the rental market trends in Atlanta.
Property Management Atlanta: Accounting and Maintenance
In addition to leasing and managing a rental property, there’s also maintenance and accounting to consider. These are not easy things to fit into your schedule, and it’s hard to do everything properly. Something will eventually have to drop off.
Many investment owners are making residual income from their rental properties. Maybe you have a full-time career of your own. Investment real estate should advance your life and not suck the joy out of it. But that’s exactly what can happen when you’re trying to remember the different ways that utilities are set up in College Park versus East Point.
Managing your own property requires you to jump through a lot of hoops just to get the simplest thing accomplished. You don’t have to do everything yourself. If you’re like the average investor, you have a job and a family. You didn’t get into real estate investing to take on a second or third job. But, that’s often what happens when investors try to manage on their own.
Owning a rental property doesn’t mean running the rental property. When you have money tied up in a piece of Atlanta real estate, the best thing you can do to help it earn you more money is to have professionals take care of it. Don’t take chances. You don’t want to break a property code law because you didn’t know something or you were too busy to get to a repair in time.
The value of professional property management is in protecting your asset.
If you’d like to learn more about Atlanta property management, please contact us at Mynd Property Management. We are here to help you protect your real estate assets and to ensure you have a better and less stressful investment experience.
We also have other opportunities to connect with us and learn more about investing in Atlanta. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.