Becoming a landlord is the first step towards earning a passive income and achieving financial freedom.
But this isn't always as easy as it seems. There are many responsibilities to fulfill, and this can quickly lead to landlords becoming stressed. Unfortunately, this can take the joy out of what should be a wonderful job.
That's where using the right property management strategies becomes invaluable.
Here are five ways to be a stress-free landlord in the Greater Atlanta area.
Thorough Tenant Screening
Bad tenants can cause unnecessary disputes and disruption. You may receive noise complaints from neighbors, and they might not pay their rent on time. However, a thorough tenant screening process can help you find responsible tenants who will treat your property with respect.
Don't be tempted to skip any steps during the screening process. Take the time to review the tenant's references and make sure you are happy with the applicant. This can save you hassle further down the line.
Regular Property Inspections
The number one priority among landlord responsibilities is to maintain a safe and habitable property. By carrying out regular inspections, you can identify any issues that need to be fixed before they become a hazard.
Not only will finding a problem early protect your tenant, but it can also reduce the cost of repairs.
Review Your Accounts
Few things cause more stress than finding out you're not making as much money as expected. This is why you should review your accounts and always be aware of your income and outgoings.
Property management companies invest in landlord tools such as financial reporting software. This means you can clearly see the relevant figures at a glance. You'll then know what to expect in terms of future income and can put money aside in a landlord emergency fund.
Having this cash ready to pay for any unexpected issues can provide you with much-needed peace of mind.
Understand the Eviction Process
It's never pleasant to have to evict a tenant. But sometimes, after trying to resolve a situation, there is no other option. In fact, there are thousands of evictions each month.
In such a situation, your levels of landlord stress can skyrocket. The eviction procedure can be difficult, and you have to adhere to the proper legal process at all times.
Many landlords prefer a property management company to handle an eviction. At PMI Georgia, our property managers understand the legalities, and they'll also be responsible for finding a new tenant.
Keep Your Rental Property Occupied
There may be times when you feel like leaving your property empty so you don't have to deal with tenants. But this is a mistake. You'll be missing out on income and an unoccupied property could run into disrepair.
Instead, allow a property manager to liaise with tenants and keep your rental house in excellent condition. This is a win-win situation for both landlords and tenants.
Landlords Enjoy Working With PMI Georgia
PMI Georgia is proud of our people-first approach. We work closely with landlords in the Greater Atlanta area to understand your needs and provide ideal solutions.
Our experienced employees handle all aspects of property management, such as marketing, tenant screening, maintenance, and evictions.
Schedule a consultation and let us take away the stress that can come with being a landlord.
