You Bought the Property, Now What?

What are you supposed to do with your rental property, now that you’ve closed on the investment?

At Property Services of Atlanta, we are always excited for new investors who close on their first rental property. It’s a process that’s full of ups and downs, challenges and successes. Making it to the finish line can feel like a huge accomplishment. 

Except that you’re not quite at the finish line, are you? 

You’ve bought the property. Now, it’s time to rent it out. 

Let’s take a deeper dive into what to do now that you’ve bought the rental property.

Change the Locks and Secure the Property

This may seem obvious, but it’s a step that’s often overlooked by new investors. Once you take possession of the property, rekey all exterior doors or change the locks entirely. You never know how many keys are floating around from previous tenants, owners, contractors, or even real estate agents. This ensures your new tenants and your investment are safe from day one.

Consider keyless entry if you don’t love the idea of changing the locks every time you have a turnover between tenants. This is not only a modern and efficient way to keep your property secure, it will also help with the management of that property going forward. When vendors need to get in to do work, instead of meeting them at the property to let them in, you can share the code. That code can be changed as frequently as you’d like. Smart home technology like this is also extremely popular among well-qualified renters who are looking for convenience and ease when they rent a home. 

Also inspect security features like outdoor lighting, gates, fences, and window locks. Make sure everything works and consider installing a smart lock or security system if it adds value in your rental market.

Inspect and Document the Condition

Once you have complete possession of your investment property, conduct a complete walkthrough of the property and document its condition thoroughly, even if you’re planning repairs or renovations. Take photos and videos of each room, including appliances, floors, walls, ceilings, windows, and fixtures. This will serve as your "before" condition record and protect you from disputes over damage later on.

You’ll also want to test all systems inside the property, including: 

• Plumbing 

• Electrical

• HVAC

• Smoke detectors

• Appliances 

This is the best time to identify what needs repair, replacement, or upgrade.

Schedule Any Needed Repairs or Renovations

Before listing the home for rent, tackle all maintenance issues, safety hazards, and upgrades that will help the property rent faster or bring in higher rent. These updates and improves most often will include:

• Painting and freshening walls

• Deep cleaning carpets or replacing flooring

• Fixing plumbing leaks

• Servicing HVAC units

• Updating outdated kitchens or bathrooms

• Improving curb appeal

Remember: the condition of the property directly influences the quality of tenant you attract.

Choose Your Property Management Partner

The most successful investors we work with will contract with a professional property manager even before they invest. We can help you choose a property that’s likely to earn consistent rental income and grow in value. 

Assuming you’ve invested without the help of a property manager, now is the time to partner with someone who can effectively lease, manage, and maintain your rental property. 

Managing your own property may save you money in the short term, but it requires time, availability, and knowledge of state and local landlord-tenant laws. Mistakes are easy to make, especially if you’re new to investing. Most investors are not interested in handling the day-to-day tasks that are so essential, such as marketing, emergency maintenance calls, and rent collection. We can take care of all the operational needs of your property, be the first point of contact for tenants, and provide insights and recommendations that will help you earn more and spend less on your new investment. 

A good manager will help you avoid costly mistakes, find qualified tenants faster, and keep your investment performing. If you decide against professional management and you choose to self-manage, be sure to study local landlord laws and prepare for ongoing involvement and time commitments. You’ll need to re-prioritize your own schedule to accommodate the needs of your tenants and your rental home. 

Set the Right Rental Price

Determining the right rental rate is critical. Price your available too high, and you’ll likely have to endure a vacancy that’s longer than it should be. But if you price your property too low, you’ll lose out on potential income. This is another area in which a property management expert can be invaluable. We have the data, the market knowledge, and the technology to accurately price your property. We use comparable rentals in the area, we balance what you’re offering against what competing properties have, and we examine vacancy times and occupancy rates. 

Understanding and Complying with Local Landlord-Tenant Laws

Georgia is pretty landlord-friendly when it comes to rental laws and tenant protections. There’s no rent control, for example, and evictions are timely and straightforward when they’re necessary. But, there are still a number of laws and regulations that you have to understand, and mistakes are not only easy to make, but also expensive to correct. Familiarize yourself with:

• Required notices for entry

• How to handle lease violations

• Security deposit limits and rules

• Fair housing laws

• Eviction procedures

• Habitability standards

If you’re working with a property manager, we’ll be the first line of defense against legal mistakes, and we’ll make sure you and your property are compliant. 

Prepare a Legally Sound Lease Agreement

Your lease is the most important document in your rental business. It outlines the rules, responsibilities, and expectations between you and your tenant. Don’t just download a generic lease from the internet. Instead, use one that complies with your state laws and includes clear terms. We have a lease agreement that’s been reviewed by legal experts and is customized to fit the unique needs of your property and your tenants. It includes pet policies, our rent collection policy, move-out procedures and renewal conditions, and maintenance responsibilities. 

Create a Rental Listing That Attracts Good Tenants

Once you’re ready to rent, the marketing and the listing of your property is going to require strategy and an understanding of the local tenant pool. High-quality listings get high-quality tenants. Your marketing should include:

• A compelling, honest property description

• A list of amenities and recent upgrades

• Neighborhood highlights (parks, schools, transit)

• Professional-quality photos of each room

• A clear monthly rent amount and security deposit

• Your screening criteria and any restrictions (pets, smoking, etc.)

Post your listing on popular rental platforms like Zillow, Apartments.com, Facebook Marketplace, and HotPads. Respond quickly to inquiries so you can get the leasing process moving.

Screen Tenants Thoroughly and Fairly

Screening is where many new landlords make costly mistakes. A strong tenant is an important part of ensuring consistent cash flow and low maintenance headaches. As property managers, our screening process includes:

• A complete rental application

• Proof of income (typically 3x the rent)

• Employment and landlord references

• Credit and background checks

The consistent application of any screening criteria is essential to avoid fair housing mistakes. 

Collect Move-In Funds and Schedule the Lease Signing

Once you’ve approved an applicant, collect all move-in funds (first month’s rent, security deposit, pet deposit if applicable) before turning over the keys.

Schedule a lease signing and go through the agreement with your tenant. Explain the rules, highlight important sections, and answer questions. This sets the tone for a professional, respectful landlord-tenant relationship.

Walk through the property with your new tenant on move-in day, if you can. This will allow you to use a checklist and document the condition of every room, appliance, and fixture together. Have your tenant sign the inspection form and keep a copy for their records and yours.

This protects both of you from disputes over damage at move-out and reinforces accountability.

Set Up Rent Collection and Maintenance Systems

Before your tenant moves in, set up processes for:

• Rent payment. Will you use an online portal, bank transfer, or check?

• Maintenance requests. How will tenants report issues?

• Emergency repairs. Who will respond 24/7 if something urgent comes up?

• Communication. Will you use email, text, or a property management platform?

Buying your first rental property is exciting, but success as an investor requires more than enthusiasm, doesn’t it? Success requires preparation, systems, and professionalism. By taking the right steps before renting out your property, you avoid costly missteps and set yourself up for long-term profitability.

Think of your investment like a small business. That means documenting everything, staying compliant, treating tenants respectfully, and being proactive instead of reactive. 

Work with a professional property manager in Atlanta if you want to enjoy the success of your first investment without the hassles that often come with being a full-time landlord. We can provide you and your tenants with a well-maintained rental and all the systems and processes that lead to a pleasant and profitable rental experience. 

Let’s talk about your property and how to maximize what you’re earning. Contact us at Property Services of Atlanta.