Here are a few tips to help Atlanta rental owners make monthly mortgage payments on time.
Keep Your Rentals Occupied
I know. Duh…
Although oversimplified, this is the most obvious way to ensure you’ve got rent money coming in each month to cover your mortgage payments. Stay in constant communication with your tenants leading up the end of their lease term to see if they are moving out. If they plan to move, then start advertising for a replacement months before the term ends.
Know that filling your vacancies is the most important part of your REI business success, and establish a good system to ensure you have minimal to no lag time when your next tenant moves out.
Rent to Quality Tenants
While you want to keep your properties full, finding good quality tenants is key. By “good” it means they pay their rent on time, keep the property maintained, and don’t abuse the lease. Background and credit checks will give you the information you need to find good tenants and ensure reliable rent payments.
Depending on your market and the property you are renting, however, finding a renter with a 700+ credit score may be next to impossible. In this case, previous landlords can be your best source of information on how your prospective tenant will treat you and your property. Do your best to TALK on the phone with the previous landlord – you’ll learn more that way than by email.
Look for Long Term Tenants
Don’t assume that quality tenants will necessarily be long-term ones. Students or travelling healthcare professionals may know that they can stay for only a few months. Whatever the situation, opt for long-term renters when the choice is available. Doing so will make filling a vacancy at least a more infrequent possibility, and turning over tenants costs money.
Keep the Property Well-Maintained
If you want solid long-term tenants who pay their rent on time, then do your part to keep them. Deal with maintenance issues quickly. Make repairs as necessary. Upgrade appliances or at least ensure the ones you provide are in good working order. Respond to your tenants calls quickly – not enough can be said about keeping open lines of communication.
Being a good landlord will go a long in way in developing lasting relationships with your tenants, which will in turn, help you keep them in your property longer. Often a tenant and landlord relationship can turn an average tenant into a great one simply because they want to keep that relationship intact.
In a tough economy, it’s important to do all you can to keep up with mortgage payments. That applies just as much to an REI professional as it does to the average homeowner. These simple tips can help you find reliable, long-term, rent paying tenants.
If you are tired of dealing with your tenants or your properties, simply fill out the form below and we’ll be happy to help!