As a Property Management Company in Buford Georgia, we have had the opportunity over the past 12 years to experience the good and difficult times in property management. Below are 3 key mistakes I see landlords make on a regular basis when working with a rental management company.
First on the list, the home owner is doing too much or spending too much on repairs and upgrades. We use to see owners doing too little, but that has changed over the past 12 months. Focus on the basics and the preventive maintenance on the home and you will save yourself money over the lease term. Make sure the home is freshly painted, landscaped, and everything is in working order. A management company can help with detailing what should be done and can assist you with proven, reliable contractors. Many landlords call us after they have spent the money. Let us help before you start the repairs.
Second on the list, the owner is trying to rent the home themselves. Placing a sign in the yard and an ad on the internet is easy and will generate calls. The phone still needs to be answered, emails returned, and showings need to be scheduled. Once the potential tenant is found, a credit and background check needs to be done, lease needs to be signed, and a walk thru inspection performed. While the above seems like a short list, consider the challenges. Most calls are from people who probably will not qualify for the home and will not show up at the scheduled time. Most leases are either too vague or too one sided depending on the author of the lease. If the walk thru inspection and security deposit isn’t handled in the correct order, you may find a severe penalty or challenges at the end of the lease. By attempting to save the Lease Up Fee, the landlord opens themselves up to excessive vacancies and liability issues with screening potential residents.
Thirdly, the owner is attempting to save money by handling maintenance calls themselves. Most management companies handle the service calls and use licensed and insured contractors or have full-time maintenance people on staff. By the volume of business and knowing they will get paid on time, contractors give discounts that directly benefit the owner. Many of the service requests we receive can be handled without sending a contractor. By simply walking a tenant through a series of checks, many of the service calls can be avoided. Far too many times, I have seen the owner too willing to pay for a call or far too angry when a request is received. As a third party and having systems in place, the conflict is avoided, typically cost less, and is handled more quickly.
By hiring the right property management company, the home can become an income producing asset and not an anchor around your leg. 4th Avenue Property Management serves Buford, Dacula, Lawrenceville, Braselton, Sugar Hill, Suwanee, and surrounding areas. To discover how to make owning a rental property profitable with fewer headaches, call a qualified property manager today or visit us at www.4thavenuepropertymanagement.com.