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Explore How a Property Manager Can Help You in Atlanta, GA
According to the 2015 American Housing Survey, more than 48.5 million Americans were residing in rental properties, and that doesn't account for the millions of businesses that are renting commercial and industrial properties across the country. With such staggeringly high numbers, there are plenty of opportunities for landlords to gain an advantage over their competition. For many, enlisting the help of a property management professional is the quickest way to get it.
Regardless of the type of rental space you own, hiring a property management professional is the best way to ensure your space stays in good repair and is occupied by quality renters. A property manager typically handles all aspects of rental property management, making it easy for you to sit back and collect income from your investment while putting in little work.
Below, we discuss exactly how a property manager can help you look after your tenants and the space they rent from you as well as the best way to hire a property manager.
How Property Managers Serve Landlords
You may be wondering what a property manager can do to make your life easier. This is especially true if you haven't worked with one in the past. Of course, it goes without saying that services offered by property managers vary, as do their rates.
In most cases, property managers offer marketing services, manage tenants and leasing, and oversee the property. This includes performing regular maintenance and repairs, handling requests from tenants, and responding to emergencies. Keep reading for more information about how property managers take care of rental properties.
Help finding tenants
One of the most important parts of owning a rental property is finding quality tenants to rent your space. Finding the right tenant takes time and costs money. It includes marketing your rental, showing the space to prospective tenants, conducting background checks, and negotiating lease terms. Depending on the quality of the applicants you receive, this process can take anywhere from a few days to several weeks or even months.
To save yourself time, money, and energy, you may want to hire a property manager who can take these tasks on for you. Property management professionals are experienced in marketing tactics and usually know the best way to market individual properties to the people of Atlanta, whether that's placing a billboard along Peachtree Street or taking out an ad in the Atlanta Journal-Constitution. In some cases, finding a renter may be as simple as connecting with others in their network.
After finding suitable prospective tenants, the property manager takes on the responsibility of carefully screening them. This typically includes calling former landlords for references, obtaining credit and criminal record checks, and verifying their income and employment details. For commercial rental properties, this can also include revenue verification.
Once the screening process is complete, the property manager will reach out to the individual to negotiate lease details and/or offer the tenant the property and arrange a time for them to come by and sign their lease. At this point, the property manager can also turn over the keys and complete a thorough move-in inspection.
Collecting rent
In Atlanta, the average residential property costs $1,602 to rent, and whether you're renting a single apartment at a similar rate or multiple units or commercial spaces for much more, the income you make from collecting rent from your tenants is considerable. That's why it's so frustrating for landlords when renters don't pay as agreed, and unfortunately, that's all too common. In fact, more than 30% of renters failed to pay their rent in July 2020.
When you hand management of your rental property over to a professional, the collections process is taken care of for you. This is true whether your tenant pays as agreed upon or not. Once rent is collected, your property manager will handle all of the bookkeeping and ensure your rent is distributed to you as per your arrangement with them. If the need arises for legal proceedings against your tenant due to nonpayment, your property manager typically handles that on your behalf, too.
Some property managers also offer protection against nonpayment or eviction. This means that for a period of time, usually a few months, your property manager may cover the costs involved with obtaining rent or finding a new tenant for your vacant property.
Property maintenance and repairs
Maintaining a clean property that's in good repair is crucial if you're renting it out. That includes making sure all appliances, electricity, and plumbing are in working order and common areas or outdoor areas are appealing and safe. By taking care of these tasks, you're providing your tenants with a habitable property, reducing the likelihood of tenant turnover, and ultimately, increasing your rental revenue by maintaining positive relationships with your tenants.
Keeping up a well-maintained property is a lot of work, and unless you don't have other responsibilities, it can be difficult to stay on top of things. That's where a professional property manager comes in. They can take on these duties or hire them out to contractors to ensure your property is in tip-top shape at all times. In some cases, your property manager may have a list of preferred contractors who can take care of repairs and regular maintenance work at discounted rates.
Typically, the cost of regular maintenance and upkeep, such as landscaping and cleaning of common areas, is built into the cost of your contract, while repairs and appliance replacements will subject you to additional charges.
On-site property management
If your rental property is relatively large and includes multiple units, you may want to consider hiring an on-site property manager. In this scenario, a property manager keeps an office on the property, or in some cases may even reside at the property. While on-site, there are a number of ways your property manager can serve you better.
Maintain familiarity with tenants
While working on-site, your property manager is bound to run into tenants on a regular basis, which can instill confidence in your tenants, as they know someone is always available when they're in need. Additionally, it allows your property manager to keep a watchful eye on the property and ensures they'll be in the know if anything is awry.
Ensure emergencies are handled promptly
Emergencies such as frozen pipes, blackouts, and gas leaks can happen when you least expect it and when they do, your entire property can be put at risk if the issue isn't handled urgently. Having a property manager on-site, whether on a daily basis or around-the-clock, means that these matters are tended to before they get out of hand.
Handle walk-in traffic at vacant rental properties
If you have vacant suites or units, you may have potential renters popping by unannounced to take a look around. An on-site property manager can take the time to greet these visitors and fill them in on details about the property before either showing them the vacant unit or booking an appointment for them to come back and see it.
How to Hire the Right Property Manager
When you're ready to find a property manager, you may be wondering how to get started. There's a certain amount of due diligence you should conduct when investigating potential property managers and before offering them the opportunity to watch over your rental property. That should include taking time to meet with them and discuss their experience and skills as well as checking their references, credit, and criminal background, just as you would with a prospective tenant.
Questions to ask a property manager
When you're ready to sit down and talk to a potential property manager, there are several important questions you might want to ask them that will help you understand their previous experience and how they intend to carry out their job if you decide to hire them.
Do you hold a valid license from the Georgia Real Estate Commission?
Under state law, any person acting as a property manager must hold a valid GREC license. At a minimum, they may hold a Community Association Manager license; however, a Real Estate Broker license is also acceptable for those in a property manager position.
Do you manage other properties?
Some property managers take on multiple properties for multiple clients. If you are just looking for a bit of help with one or two units, then hiring someone in this position is perfectly acceptable. However, if you're looking for someone to take on a multi unit commercial or residential property, you might want to consider a dedicated property manager who can focus their attention on you alone.
What services do you provide?
Every property manager is different, so it's important to be specific when discussing the duties you expect them to take on to ensure it's within their scope of services. Some providers strictly handle marketing or tenant screening, while others may only take on the task of maintaining the property. If you're searching for someone who can handle all aspects of rental management, search for a full-service property manager.
What types of properties have you managed in the past?
If your property is a large commercial space, it's important to seek out a property manager who has experience managing this type of rental. The same can be said if you're looking for a manager to handle a multifamily residential property or a single-family home. The issues that arise at each type of property can be vastly different, and you want to ensure the person you hire to oversee your rental can handle anything that comes their way.
What happens if a tenant needs to be evicted?
If you have a tenant who doesn't pay their rent or breaks their lease in another way, you want to find out how your property manager plans to respond. If legal proceedings are required for any reason, find out if the manager takes care of that or if it becomes your responsibility. Additionally, it's important to find out if they provide financial protection in the event of an eviction.
What do you charge, and what may subject me to additional fees?
Of course, finding out the cost is necessary before signing any contract, but you also want to find out if you'll be charged a flat rate or a percentage of rental income. Additionally, you want to know if the rate is all-inclusive or if you'll be subjected to additional charges for things like repairs and maintenance.
Property manager skills
Property managers should possess a broad skill set. They're responsible for everything from marketing and meeting with tenants to accounting. Additionally, they need to know how to quickly respond to minor maintenance requests. Your property manager should demonstrate the following skills:
- Organization and time management
- Marketing savvy
- Effective communication
- Bookkeeping
- Basic maintenance skills