Managing Residential Rental Properties
As a property management company in Buford Georgia and the owner of rental properties, I focus on 4 areas to get the best return on my rental properties as well as our clients. Whether you are an accidental landlord or purchased the property for an investment, focusing on these key areas will get you pointed in the right direction.
First, get the home rent ready. Yes, I know you’ve heard this before. As a property manager, I focus on two key areas. Direct your attention to not only cosmetics, but maintenance. By having the home neat, clean, safe, secure, freshly painted, and move in ready, will reduce the time on the market and ultimately save you money. Perform a walk thru and make a list of all of the items that need to be done to achieve rent ready. Secondly, check all plumbing faucets, pipes, electrical switches, outlets, lights, gutters, appliances, heating and air, water heater, roof leaks, and anything else you can discover. By fixing items when the home is vacant and time is on your side, you will probably get it done for less money.
Second, use the most up to date leases and forms possible. The reason forms are updated are usually because of litigation, changes in laws, or problems that have come about recently. Make getting these leases and forms a priority. Our property management company uses the most up to date GAR Forms. They are updated regularly.
Thirdly, use a communication log to track conversations, email, texts, and maintenance requests with residents. This will help you communicate more efficiently, keep track of prior conversations, and ultimately keep you out of hot water or court. Not to mention, create a more professional relationship with the resident. Several years ago, our management company was taken to court by an unhappy resident. After presenting their side which mostly was told from memory, we opened our folder which comprised of more than 35 pictures and over 75 pages of documents including paid invoices and emails.
Fourth, learn the Landlord Tenant Laws in your State. If you are going to be your own property manager, do not learn on the job. Property Management is one of the most litigious professions today. I can guarantee you that a resident will know the law.
By focusing on these 4 key areas, you will set yourself up for a great experience in rental properties, less headaches, and decreasing your chances of major problems down the road. If you are considering hiring a Property Management Company in Gwinnett County GA, please keep us in mind. 4th Avenue Property Management specializes in Buford, Lawrenceville, Suwanee, Sugar Hill, Dacula, and surrounding areas.