Most rental property owners thought they had seen the worst the market had to offer during 2008’s Financial Crisis. However, COVID-19, which caused unemployment levels hovering around Great Depression numbers, proved that there is no predicting market behavior as too many extraneous factors can alter it within a matter of days.
As rental property owners watched the full horror of a pandemic unfolding and its subsequent economic knock-on effect, they began facing challenges, including tenants unable to pay rent due to job losses. Inevitably, another earth-shattering event lies ahead of us. What can you, as a rental property owner, do to manage your properties during a crisis?
Get professional help
Rental property owners who engaged experienced Atlanta property managers to facilitate the rental process have weathered this storm better than those who opted to go it alone. Despite Atlanta being a growth area with rising demand for rental properties, things got tough for landlords during the pandemic’s worst months. Rental property owners who prefer to work with international residential property managers could approach Pinnacle Property Management Services or Greystar Real Estate. If you choose to work with a local company, consider Specialized Property Management Atlanta or the Atlanta Property Management Group.
Evernest is an established residential rental property management company with a strong presence in Atlanta. The company’s customer-centric approach makes engaging property management services quick and easy to complete. After that, this company takes the reins on your rental property, ensuring that you, as its landlord, need never worry about the minutiae of rental property ownership again.
Facing the storm
With a wealth of knowledge and experience, property managers have helped landlords navigate the stormy waters that accompanied COVID-19. These companies have managed to overcome previous crises and have systems to minimize their effect on clients. This gives landlords some reassurance that choppy waters will not derail their rental income business.
Top-notch property managers have critical local market knowledge, which gives them an edge over landlords who do not have the same connections. For this reason alone, many Atlanta property owners choose to work with local property management companies as they are more connected on the ground in their specific area than large multinational giants.
Dealing with tenants
Property management companies typically find and vet potential tenants, have them sign rental agreements, collect their rent, deal with maintenance and repairs, and manage processes like evictions, should they become necessary. Their job is to fill the homes in their Atlanta portfolio with paying tenants and ensure that houses do not stand empty.
Property managers understand that their job is about more than the bottom line as they interact with unique human beings during a frightening and uncertain time. Therefore, they walk a tightrope between keeping landlords and renters happy by acting as a go-between who gets things done promptly. For example, many companies have helped clients by implementing assistance programs for late mortgage payments that stem from rental delinquency. Similarly, they assist tenants in accessing rental repayment assistance programs. Their expertise in navigating these processes speeds things up, bringing much-needed relief to landlords and renters.
During an economic crisis, ensuring that tenants can afford their rent is even more vital than before. Landlords who operate independently struggle with the onerous task of checking references, confirming employment and salary rates, and running credit checks.
These are built-in services offered by property managers, meaning that you do not need to worry about them. When presenting a potential renter’s application and details to you, your property manager attaches this information to help you decide whether to go ahead and sign a rental agreement with a tenant who wants to rent your Atlanta property.
Keeping things legal
During this recent crisis, the federal, state, and local arms of government promulgated new laws on rent freezes and eviction moratoriums. Understanding any implications of such legislation is essential to avoid being caught on the wrong side of the law.
Some landlords are not even aware of these changes, and this could lead them into legal trouble. Property managers in Atlanta have utilized all new regulations to ensure their clients’ compliance. Knowing that experts are managing your portfolio of rental properties while adhering to the law gives you peace of mind as a landlord.