Do you find yourself working on your property as an unofficial handyman instead of an actual real estate investor? The truth is that owning and managing rental property in Atlanta has challenges, such as tenant emergencies and interpreting local laws.
In this guide, you will learn how a professional property manager can help you turn that stress into passive income. We will explain the main advantages of working with a property manager, and provide a simple checklist to help you find the best partner for your investment.
The Benefits of Hiring a Property Management Company
When you find a property management partner you can trust to handle the day-to-day operations, you get to enjoy passive income without all the stresses and time demands that accompany being an active landlord.
So, let’s take a closer look at why you need a property manager:
Time & Stress Reduction
Stop dealing with midnight repair calls and tenant complaints. A management company is a buffer and will take care of all operational and emergency problems in your rental property. This gives you back your personal time and saves you the headaches that come from owning a rental property.
Tenant Quality & Retention
Proper screening will place reliable, long-term tenants in your properties. Inspections and background checks will help identify renters who will pay the rent on time and show respect for the rental property. This will lead to less turnover, lower vacancies, and a consistent and steady rental revenue stream.
Maximized Rental Income
Real-time knowledge of your local market rents ensures you are priced correctly. They ensure even your most expensive properties have minimum vacancies, collect your rent in an organized and timely manner to improve cash flow, and minimize acting like a bill collector when you have a tenant that is slow to pay.
Legal Protection & Risk Mitigation
Landlord-Tenant laws are complicated. It is important to have a professional perform lease agreements, evictions, and security deposit returns to ensure that all state and local laws are followed. This level of professionalism greatly reduces your legal exposure and the risk of an expensive lawsuit.
Maintenance Network
Get access to a well-vetted network of licensed and insured contractors. Managers get priority scheduling with vendors and negotiate lower repair and maintenance costs, protecting your property’s value and keeping money in your pocket.
What Do Property Management Companies Do?
Understanding what do property management companies do is essential for property owners looking to save time and reduce stress. In simple words, a property management company is your personal overseer for the entire life cycle of your rental property.
They manage every aspect on a day-to-day basis, allowing you to have what should be a passive investment. Property management includes certain services, which ensure that your property is producing income, or at least supported, maintained, and compliant with any local laws.
Property management tasks will oversee the following tasks:
- Marketing & tenant placement
- Thorough tenant screening
- Lease administration & rent collection
- Maintenance & repairs
- Financial reporting & legal compliance
You can think about property management as your eyes and ears on the ground. They take care of accepting applications, creating leases that protect you legally, conducting tenant screenings, and managing an entire network of trusted repair vendors.
Key Responsibilities Explained
The duties of a property management company are extensive. Whether you own a single-family home or an apartment complex, property managers in Atlanta can tailor their services to your needs.
Let’s take a more detailed look at these responsibilities.
Marketing & Tenant Placement
An empty property costs you money. Professional property managers minimize the burden of vacancy by rolling out a complete marketing plan. They use professional photographs and videos to create artistic listings and syndicate your property on all major rental websites to get the most exposure.
They manage all inquiries and showings, and pre-qualify each applicant. This coordinated and systemized approach provides qualified renters quickly and minimizes vacancy allowances so that you are never off the market long.
Rigorous Tenant Screening
The property management company does a full, comprehensive multi-point check on all applicants. The screening will verify income and employment, check credit history for financial responsibility, and investigate prior evictions. Additionally, the applicant’s references will be contacted, including the prior landlord or other individuals referenced.
The checking is not only for a tenant who can pay the rent. It is finding a responsible occupant who will respect your property, obey the lease agreements, and create fewer headaches later.
Lease Administration & Rent Collection
Managers implement legally compliant leases based on Georgia and Atlanta regulations that protect you from any possible liabilities. Rent collection is handled fully by the manager, charges are clear, and due dates and late fees are established without an emotional connection.
This frees you from the potentially awkward experience of asking for payment on a lease. Most firms provide a tenant-friendly online payment portal that encourages timely payments, where funds are placed directly into your account quickly.
Maintenance & Repair Coordination
Property managers have access to a vetted list of licensed and insured contractors who do good work at reasonable costs. The Managers are available 24/7 for contact concerning tenants’ repair requests. They receive the tenant’s request, gauge the urgency of that request, and dispatch the vendor who is most appropriate for that tenant’s request.
The Managers will also schedule routine seasonal maintenance, such as having the HVAC serviced and gutters cleaned. They can even suggest cost-effective and affordable renovation ideas for your property, to make it look more appealing to new renters.
Financial Reporting & Legal Compliance
Every month, you get complete and detailed financial reports that show you every single income and expense to make tax time easy and to give you clarity into your investment performance.
Most importantly, managers stay up-to-date with the changing and complex federal, state, and local laws and regulations regarding landlord-tenant laws. With every decision they make, managers ensure it is compliant with federal, state, and local laws, thereby preventing potential future lawsuits.
How to Choose the Right Property Management Company for Your Rental
Choosing the correct property management partner is a key decision for your business that will have a significant impact on the ultimate success of your investment and your peace of mind.
Here’s how to find the best property manager for your needs:
- Assess Experience & Local Knowledge: Make sure a firm has experience in Atlanta, and that they know the rental market in your specific neighborhood, especially the relevant tenant laws and pricing.
- Examine Fee Structure: Be aware of exactly what their management fee includes, and also inquire about any potential additional fees (e.g., leasing fees, maintenance markups, vacancy fees) to avoid any unexpected expenses.
- Read Their Service Agreement: Read the management contract closely, and make sure you are clear on their services, the contract duration, and the terms for how to terminate the contract.
- Evaluate Their Communication & Technology: Ask about how they will keep you informed, via regular reports, an owner portal, etc., and ensure their style matches your expectations.
- Investigate References & Reputation: Ask for testimonials from existing clients, and read online reviews to get third-party input on their reliability, responsiveness, and overall quality of service.
Finding the perfect property manager might take time, but doing this ensures you get value for your money and that your property stays profitable throughout its life cycle.
Conclusion
Depending on yourself to manage a rental property can quickly become a full-time job. By hiring a professional company, you can turn a hands-on job into a real passive investment.
You have professional support to maximize your income, protect your assets, and be compliant with laws, all while freeing up your time.