If, for some reason, you've become one of Atlanta, Georgia's accidental landlords, here's some fantastic news for you. According to ZipRecruiter.com, ATL landlords earn an annual average of $83,113, with some even making up to $145,210!
However, to generate good rental property returns, you must still do your due diligence and learn the ropes of being a landlord.
Fortunately, you've landed on the right page. Team PMI Atlanta West will share landlord legal advice and property management tips, so please read on.
1. Understand Georgia Landlord-Tenant Laws
One of the most crucial first steps for accidental landlords in Atlanta is to learn more about Georgia's Landlord and Tenant Act (Georgia Code, Title 44, Chapter 7). It codifies the laws governing matters like:
- Landlord and tenant rights and responsibilities
- Security deposits
- Evictions
The Georgia Department of Community Affairs has published a downloadable copy of the Georgia Landlord-Tenant Handbook to help you get started.
2. Get a Rental Property Valuation
A rental valuation is a strategic analysis of how much you can rent your property. It often involves searching for comparable properties (also called "comps) to determine their pricing. You can then use their rates as a guideline when setting your rental property's price.
3. Set the Right Rental Price
Georgia doesn't have statewide rent control laws. However, while landlords can establish rates at their discretion, setting exorbitant rates is never okay.
For your reference, Atlanta, Georgia's median rent is $1,512, per Niche.com. Given it's already higher than the U.S. median of $1,268, charging far more than what comps do will likely put off potential renters. If they can rent a similar property for less, why would they pay more to rent yours?
4. Implement a Fair Tenant Screening Process
Screening tenants thoroughly and in compliance with the Georgia Fair Housing Act (FHA) is a crucial rental property strategy. The act prohibits landlords from enforcing discriminatory practices, such as implementing a blanket ban for all applicants with criminal histories. Another is conducting background checks on only select individuals.
5. Consider Professional Property Management
While being an accidental landlord in Atlanta can be rewarding and lucrative, it's a 24/7 job. For instance, you must be ready to answer the phone in the middle of the night if a tenant calls to report a burst water pipe. Moreover, as mentioned above, running a rental business involves legal complexities.
The good news is that you can generate rental income with little stress by partnering with a full-service property management company. They can handle your rental's admin and managerial tasks, from marketing to tenant placement, property maintenance, and evictions.
PMI Atlanta West: Helping Accidental Landlords Maximize Income
Accidental landlords in Atlanta, GA, can make good money, but since they didn't intentionally choose this job, they often lack the preparation and knowledge of "intentional" landlords. For this reason, it usually makes more sense for them to outsource property management to the pros.
PMI Atlanta West is your go-to for full-service rental property management in the ATL. With our comprehensive solutions and state-of-the-art technology, we can make managing your rental more manageable. We're also a proud member of PMI, one of the fastest-growing property management firms in the U.S., managing over $5 billion in real estate assets.
Speak with us today, and we'll happily give you a free property analysis and consultation!
