Unfortunately, rental property ownership does not consist of sitting back and collecting rent checks from tenants each month. Indeed, there is far more to it than that. Landlords must handle tenant relations, deal with repairs and maintenance, and ensure that renters adhere to the lease agreement.
However, that should not put you off investing in Atlanta’s booming residential real estate market. Help is at hand as you can hire a property manager to relieve you of these additional duties. Here are tips to selecting one of Atlanta’s best property management services:
Find a company with an established presence in Atlanta
There are several property management services across Atlanta, Denver, Jackson, Nashville and other major cities. You might choose to work with multinational rental property companies like Pinnacle or Alliance Residential. The alternative is local operations, such as the Atlanta Property Management Group and Specialized Property Management Atlanta. Landlords with years of experience in the business recommend working with smaller local companies. They have a greater network of connections on the ground and a more insightful understanding of the primary rental market.
Evernest is a growing property rental management company that offers top-quality service at reasonable rates. The company’s agents are equipped to deal with all rental-related matters, including rent collection, evictions, and repairs and maintenance. They are highly familiar with Atlanta’s growing rental market and will expediently suitable tenants for your rental.
Investigate a property manager’s track record
While interviewing a potential property management company or agent, determine their history of filling vacancies. The last thing any landlord wants is a vacant rental property and an agent who seems to have difficulty finding suitable tenants. No rental income for months at a time can be a financial challenge for property owners who still need to make monthly mortgage payments.
Inquire about marketing and advertising processes that an agent will undertake to find tenants for your rental. This includes questions about where they intend to advertise and how. Agents should be using multiple online platforms, including some specific to Atlanta and a For Rent sign outside a rental home as part of their advertising strategy. Ask to see previous advertisements to ensure that an agent uses professional photographs and detailed descriptions highlighting your rental house’s features.
Find out about day-to-day operations
Property managers tend to have several rental homes on their books and must manage their time carefully if they are to honor all their client obligations. This includes screening tenants effectively, collecting rent, addressing tenant complaints, and keeping detailed financial records. If the property management company also handles repairs and maintenance issues, the agent must incorporate these activities into their busy schedule. In this instance, property managers have an extensive network of Atlanta contractors and artisans to deal with such problems promptly.
Agents should be using technology to manage their time and diarize their commitments. Ask your potential property manager what they do to ensure they finish the day with all their tasks completed.
A property manager needs to be a people person with the ability to communicate with others, make decisions, solve problems, and work collaboratively. These are soft skills that cannot be taught when the manager obtains their qualifications. Most outstanding agents have these innate qualities that make them an ideal match for their job description.
Of the skills an agent requires, communication is imperative. A property manager should keep their client informed and updated about anything relevant to their property. This would include late rental payments, property damage, complaints from tenants or neighbors, and efforts to secure new renters.
The typical Atlanta property management fee structure varies between 4-12% of the monthly rental income. Factors that impact a fee include how far an agent must travel to reach a rental property, what services are included, such as repairs and maintenance, and a rental’s precise Atlanta location. Fees in some neighborhoods may be higher as they work on a sliding scale of property size and value.
Compare prices from a few property management companies to find a fee structure that suits your needs, context, and budget. Some landlords see having a property manager as an unnecessary expense that dips into their rental profits. However, given the burden they take off an owner’s shoulders, it is money well-spent.