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Why You Don’t Save Money When You Self-Manage Your Peachtree Rental

Cindy Rampley - Tuesday, June 7, 2016



We’re sharing some of the best reasons to hire a professional property manager, and explaining why it can actually help with your profit margins.


Strong Leases and Low Turnover 

First, we write the lease to benefit our clients - the landlords. Our goal is to keep the property occupied and ensure that consistent rent is coming in. We advertise the date the house will be available, and the rental has to begin within 10 days of that date. Sometimes, tenants will expect landlords to delay the start of the lease to suit their moving schedule. That can cost money. If the rent is $1,200 a month, that’s $40 a day.


Security Deposits and Avoiding Tenant Damage 

The security deposit is typically equal to a month’s rent. Georgia law requires we do a move-in inspection to document the condition of the property when the tenants get the keys. If that’s not done properly, no part of the security deposit can be held for damages. We hold that deposit until the move-out inspection has been completed at the end of the lease. Our lease provides we can assess the tenant for damages, less normal wear and tear. Also, our lease allows us to keep 25 percent of the security deposit for the landlord’s turnover expenses, regardless of the damages.


Collecting Rent on Time

During the term of the lease, if the rent is late, we’ll send a demand for payment and file for an eviction if necessary. We can do that in small claims court because the lease is between Tri-City Realty and the tenant. We will go to court and get the payment in most cases. If we don’t get payment, we get a judgment for collection and possession. If you don’t have a property manager, you may have to get an attorney and pay legal fees for an eviction.


Maintenance and Vendor Relationships 

Another part of our service is to coordinate routine maintenance for the landlord. Since we manage so many houses, vendors respond to us right away and invoice us directly. We pay them right out of the rent proceeds. We also handle turnover work between tenants. This might include changing locks, refreshing the paint, installing new flooring, and whatever needs to be done. They understand a quick turnaround is needed so we can get a new tenant in place.


Protecting You from Pet Damage 

We understand that nearly everyone has a pet, so we accept adult dogs and cats. There is additional rent of $30 per pet in most cases. Any damage caused by pets is paid by the security deposit. Your property manager should have the experience to answer every situation from qualifying tenants to maintaining and enforcing the terms of the lease.


 

If you have any questions about how investing in professional property management can actually save you money, please contact us at Tri-City Realty Services.