Roswell is a thriving city that attracts many families in search of a high quality of life. The city is close to wonderful natural attractions, family-friendly activities, and a thriving job market.
These aspects make Roswell a good choice for any real estate investor wanting to benefit from rental properties. That said, those who are new to property investments should tread carefully; being a landlord is a challenging undertaking.
Read on to explore the first steps for mitigating real estate investing risks and ensuring your success as a landlord.
Know Roswell's Landlord Laws
You don't need a license to rent your Georgia property, but it's always best to inquire about any local legislation that could apply to your rental business and investigate your tax obligations at the outset.
The most important laws applicable to residential rentals are detailed in Georgia's landlord-tenant legislation. Be sure to familiarize yourself with these legalities and stay up-to-date with any changes.
Market Your Property Effectively
When it comes to real estate costs, money spent on marketing your property is money well spent. Consult a real estate expert about how best to go about advertising your property.
These experts will help you conduct a rental valuation to determine a fair rent price, discover your target market, and advertise your property on the best platforms. They can also advise you on value-added improvements to your rental property and assist you with preparing it for the market.
Protect Your Investment
Well-maintained homes retain their value better and attract more rental applications. You can also charge a higher rent if your rental unit is in good condition.
Georgia has recently implemented increased tenant protection measures regarding the habitability of rental housing. As a landlord, you must ensure your tenants' accommodations are safe and maintained to an acceptable standard.
Seasonal and preventive property maintenance is vital for legal compliance and will also prevent unnecessary, costly repairs and replacements. Compiling a rental maintenance calendar and setting aside funds for repairs and maintenance are important first steps for effective property maintenance.
Hire a Property Manager
Hiring a property manager just makes sense for first-time investment property owners. An experienced real estate professional can best advise you about getting started as a landlord and help you thrive throughout your journey.
Unless you're a financial guru, you'll need someone to take care of the books for your rental property. A property management firm employs skilled accountants to assist you with capital allocation and financial forecasts to help you manage your investment portfolio most effectively.
Help for Every Real Estate Investor
Buying your first investment property is an exciting and often overwhelming time, with many boxes to check. Hiring a property management team is the best way to get off to a good start.
PMI North Atlanta can assist every real estate investor with the most important aspects of their Roswell rental business. We serve commercial and residential clients and have decades of experience in local real estate and financial services.
Our team is committed to providing every client with dedicated, personalized service to ensure maximum profitability of their Roswell short- and long-term rentals. Get your landlord journey off to the best start by signing up with us.
