Every year, landlords in North Atlanta, GA, earn an average of $85,960 per ZipRecruiter. The highest earners, constituting the top 4%, generate as much as $148,716!
As a new landlord in the area, you should aim for those figures or at least do what you can to maximize your property's rental income potential. But to achieve this goal, you need high-quality renters.
Luckily, tenant placement and rental management services can help.
PMI North Atlanta put together this guide to help you choose between the two. Read on to discover situations when one may better suit your needs and make more sense.
Tenant Placement for More Involvement
When you become a landlord, one of the most crucial things you must understand is how the third-party service of leasing vs. managing properties differs.
A leasing-only service, also known as tenant placement, involves:
- Marketing your property to renters in North Atlanta
- Responding to potential applicants and coordinating property showings
- Performing tenant screening background checks
- Helping vetted, selected tenants move into the property
Once tenants have moved into your property, your tenant placement service ends. You'll then have to perform everything else, including but not limited to:
- Enforcing the lease
- Managing tenants
- Collecting rent
- Maintaining the property
Conversely, all those other tasks not included in tenant placement are part of full-service rental property management in North Atlanta.
So, consider tenant placement if you only need help finding quality residents and want to handle most tasks related to your rental business.
Rental Management for Hassle-Free Income Generation
As a North Atlanta real estate rental property owner and landlord, you must adhere to housing laws regarding landlords' and tenants' rights and responsibilities. A perfect example is Georgia Code Title 44, Chapter 7 - Landlord and Tenant, which outlines:
- Your duties to repairing and improving the rental property
- The legal eviction process (e.g., having valid grounds for eviction and issuing required notices)
- Your tort liabilities (e.g., being responsible for third-party injuries caused by failure to keep the property in repair)
If you self-manage your rentals, you must remember and follow all those laws; otherwise, you may face legal problems. Juggling this with all your other duties and tasks, such as collecting rent and performing rental property accounting, can make being a landlord complex and tiresome.
So, go with a full-service rental management firm to keep earning like a landlord without doing all the hard labor. You'll enjoy tenant placement benefits and the convenience and simplicity of generating passive income without the same responsibilities.
Ready to Make Your Life as a Landlord Simpler?
Both tenant placement and rental management can help you find and secure high-quality tenants. However, the latter is much more comprehensive, offering a full suite of services like rent collection, lease administration, property oversight, and legal compliance.
So, if you want to do little to nothing yet still earn income as a landlord, choose our full-service property management firm, PMI North Atlanta. We'll handle everything on your behalf, so you'll have little to worry about. Our owner, David Kane, brings over two decades of accounting and over ten years of operations and property management expertise to the company.
Talk to us today to learn how we can make your life simpler while maximizing your rental income!
