There is a wide range of benefits for investors in rental properties, such as ongoing income, inflation protection, and leveraging other people’s money.
However, it comes with its challenges, unlike genuine passive income sources.
Some landlords in Atlanta choose to outsource the labor to a property management company. The problem is that property managers demand steep fees, and they also come with a variety of risks and quirks. Ensure you understand all the advantages, disadvantages, and risks before hiring a property manager.
In case you have a property in Atlanta and are wondering if property managers are worth it, read till the end!
How Do Property Managers Work?
Getting the most out of a property manager begins with understanding exactly what they do and don’t do. Here is what you can expect if you hire someone for property management in Atlanta:
Rent out vacant properties
Most of the labor and hassle in being a landlord comes from turnovers.
Service property management handles everything from clearing away the old tenants’ belongings and securing the security deposit to advertising the unit and screening potential tenants. Unlike most people think, there is a lot of work involved.
Collect rent and interact with tenants
As the front line of all customer service and communication with tenants, property managers play a vital role.
Their job is to collect and deposit rents. The management team also answers calls and emails and collects positive and negative feedback from tenants. They are all on the front lines, and they put on smiles while rude or aggressive customers – commonly tenants, but sometimes it is landlords too – yell at them.
In addition, they get plenty of calls regarding maintenance issues.
Maintain and repair the building
It is only the beginning of a maintenance problem when a tenant initially reports it. Following that, property managers must send someone to inspect the damage, gather quotes, and discuss repairs with landlords.
Upon deciding how to address a problem, the landlord informs the property manager, who coordinates with the contractor. Essentially, they take care of the process from beginning to end, even if they never use a hammer or nail themselves.
Check rental units
The landlord of each rental unit should inspect it at least twice a year. The property manager inspects the rental units.
A property manager often looks for maintenance issues or necessary repairs, as tenants rarely report them. Lastly, they check that the tenant maintains the unit following the lease agreement and that they treat it with respect.
Advantages of Hiring a Property Manager
Properly managed properties provide a valuable service when they are performed honestly. Think about the following pros when you are contemplating hiring one.
Here are the advantages of hiring a property manager for property management in Atlanta:
Help you earn passive income
It is not entirely passive to earn income from rental properties. It takes a lot of effort to manage them, unlike owning stocks, bonds, or real estate investment trusts (REITs).
Landlords can hire a professional to manage the entire process, and they might do it much better than they could.
Local Market Knowledge
A property manager knows his or her local rental market intimately.
Your rental unit can be inspected in three minutes and they can tell you the exact market rent within seconds. They will do the writing and the photography for the rental listing so that it appeals to a wider audience than competing units.
Network of Local Personnel
Investments in real estate are a team sport. Besides real estate agents and home inspectors, you will also need lenders and contractors. Property managers have a wide network of local personnel, which means they can bring you, clients.
Freedom from “on-call” obligations
The feeling of being on call all the time is not appealing to most of us. Nobody likes getting woken up at 3 am for any reason, whether it be a serious problem or a minor one. Property managers in Atlanta do that hard work for you as well.