While it is generally accepted that the best way to manage any property is to enlist the services of an Atlanta property management company, some decide to do it alone. Those acting as their own landlord may wish to consider a few useful and highly informative tips. For example, the most basic elements of being an efficient and successful landlord is to always screen applicants carefully. Avoid simply just renting to anyone prior to carefully checking credit history, references, and background. Failure to do this may result in problems that could become ongoing.
Notice Must be Given Before Entering
Equally important is to always make sure anything related to the leasing of an Atlanta property whether commercial or residential is always done so in writing. A comprehensive lease or rental agreement should cover all details including how tenant complaints will be handled and how repairs are to be addressed. Even how much notice must be given before entering a tenant’s rental space is essential. Another aspect of being a successful Atlanta landlord is to establish in advance exactly how security deposits will be handled.
Conscientious and Dedicated Landlord
If you are managing a property on your own, establish a fair and equitable system of calculating, collecting and holding, as well as returning any security deposit funds. With respect to these funds it is always essential to inspect and thoroughly document the overall condition of a rental property or leased unit upon tenant move-out. This will help to avoid any potential disputes over a security deposit at the completion of the lease. Making repairs is another important responsibility of a conscientious and dedicated landlord. Repairs should be made promptly and correctly. This will reduce the chances of tenant dissatisfaction that could ultimately lead to more cost, especially by having to find new tenants.
Greatly Enhance an Investment Property in Atlanta
Another important aspect of managing a property as a landlord is to provide secure premises. Landlords in Atlanta should always carefully assess each property whether commercial or residential for overall security and safety. Proper and adequate lighting as well as frequently trimmed landscaping and even the installation of a security system can greatly enhance an investment property making it more attractive to potential tenants. This is especially true of retail spaces, office buildings, and restaurants. A small investment in security and safety will pay for itself many times over in the long run.
Commercial Property in Atlanta
Finally, if there are any potentially hazardous environmental issues associated with a commercial property in Atlanta or even with a residential property it is absolutely essential to disclose this information to a prospective or existing tenant. Everything from the presence of mold to lead can present serious health hazards and potential legal repercussions. Stay ahead of any environmental issues and ensure that exposure to toxins on a rental premise is addressed properly and professionally. Consider these basic tips for Atlanta landlords and property owners who are managing a property on their own and keep in mind that professional management is often the smart option.
Contact Wiedmayer & Co. for professional property management services by experts in the field.