5 Common Property Management Mistakes

Did you know that nearly ten million Americans profit from rental properties?

If you intend to become a landlord, it is essential that you avoid common blunders that will reduce your return on investment. While being a landlord may appear simple, there are some minor details that most people overlook. At 3 Options Realty, we have an experienced team of property managers in Atlanta who are ready to help you realize your dream of owning rental property without sacrificing available revenue sources.

Not Screening Your Tenants

The primary goal of investing in rental property is to make a profit. This entails lowering vacancy rates to ensure a steady stream of income. Even if you have tenants lined up to rent your space, we recommend conducting a thorough screening process to detect red flags prior to signing the lease. Our professional property managers use cutting-edge technology to conduct thorough tenant screening, ensuring that you do not lease to a bad tenant.

Not Investing In Marketing

Landlords must invest in marketing in order to increase the visibility of their properties. However, some people are fortunate and find tenants right away. Hire a professional property management company if your rentals aren't getting the attention they deserve. We go above and beyond to handle everything from social media marketing to listing your property on popular websites. Our goal is to reduce vacancies by ensuring that your listing is seen by the right people.

Not Aware Of The Current Rental Market

As a rental property owner, it is critical to research comparable properties in your area. The last thing you want is to set your rental rates too high or too low, compromising your long-term return on investment. It is difficult for landlords to maintain a busy schedule while also keeping up with local rental rates.

Working with a property management company, on the other hand, ensures that your rates are reasonable, giving you a competitive advantage.

Doing It All Alone

As previously stated, landlords with a single property frequently handle the majority of tasks on their own. While this is a low-cost solution, it can be difficult when you have multiple properties.

Working with a property management company is the best way to reduce your workload and maximise your profits. We can handle the behind-the-scenes work of property ownership so you can focus on other important issues.