Working with a Discount Atlanta Property Manager for Tenant Placement May Cost More
The idea of hiring an Atlanta property manager, especially a discount property manager, may seem appealing as it could save you the hassle of running your rental properties and other “chores” yourself. However, at best, they may save you some time — but certainly not money. When looking for house rentals, choosing the wrong property manager could result in dire consequences.
Property managers’ duties include filling vacancies, screening tenants, taking care of maintenance requests, rent collection and many other responsibilities involved in the upkeep and daily working of your rental home. Many landlords choose to take on the property manager’s duties on their own. Other landlords lack the time or motivation or are too far away to take on the responsibilities.
Property Managers in Atlanta suggest you take the following into consideration before you decide to hire an Atlanta property manager, either for your tenant placement or for full management.
The Time Factor
Posting ads for house rentals, replying to inquiries, meeting with and screening prospective tenants and handling maintenance requires a lot of time. The more properties you have, the more time consuming these tasks will be. Hiring a discount property manager clears up your time to take care of other matters like another full-time job. If running your rental property is your source of primary income, having a property manager allows you more time to seek out more properties and expand your business.
Having someone else there to ease tenant relations, makes tenant placement much less stressful. Good property managers respond and resolve complaints and keep you from having to deal with difficult tenants. If you hire a professional and experienced property manager, they will have full knowledge of landlord-tenant law. If you’re a little rusty on legal requirements, a property manager could protect you from trouble and make sure you’re operating your property in compliance with all regulations. However, if you hire a discount Atlanta property manager, they may be much less aware of the laws involving tenants and house rentals.
Your Bottom Line
Although having a discount property manager to take care of most of the work can be especially time-saving, it comes at a cost. If you hire a discount property manager, expect them to charge a considerable cut from your rental income. A professional property management company usually charges around five to 10 percent of the rent per unit managed, plus any other additional fees. Some of them even tack on a placement fee of up to one month’s rent every time they sign a new tenant. You’re not safe from other hidden costs,so if you’re sure about going with a discount property manager, negotiate and get all the specifics on paper first.
Trust and Honesty
The problem with discount property managers is you’re basically paying someone a large amount of your income based on the honor system. You expect them to operate well and collect your money honestly. Unfortunately, not everyone is perfectly honest or even competent. Property managers have the opportunity to pocket extra cash from tenants, overcharge for maintenance and take advantage of you in other ways. It’s important to go to an organization you can trust, rather than settle on a lower-rated source just to save money. You could end up getting ripped off in the end.
Marina Shlomov, a managing partner at ALH|Podland Realty & Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company in Atlanta is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, Bigger Pockets and REI CLub and LinkedIn.