Purchasing a multi-unit housing unit such as an apartment complex can be an excellent financial investment. However, it also requires a large investment of time to keep up with administrative and maintenance duties. Not having the time or desire to complete maintenance tasks, advertise for and screen new tenants, deal with tenant legal issues such as eviction, and handle tax issues are just some reasons that people look to hire property management companies in the first place. Although we don’t manage tenants, these tasks are just some things we can assist you with at Beacon Property Management Services.
Reduce Your Repair and Maintenance Costs
Repairs and maintenance are not something you can ignore if you hope to keep your tenants happy and follow the law. One major benefit of working with property management companies is the ability to access in-house maintenance staff as well as contractors who have completed the process to become licensed, bonded, and insured. Not only do you not have to do the work yourself, you benefit from volume savings when going through property management companies to locate maintenance personnel or contractors.
Preventive maintenance is another essential benefit you receive when working with a company like Beacon. After becoming a client, you receive a contract that specifies how often a crew will arrive to perform basic maintenance functions. You will also receive a report after each visit that outlines the work performed and recommendations for future services. Taking this proactive approach can save you thousands of dollars in repair costs later.
Collect Rent in a Timelier Fashion
As a property owner, it’s crucial that you receive all rent payments on time each month to pay your own expenses and to maintain a positive cash flow. Unfortunately, tenants sometimes play games with paying rent on time to test you. It’s not a good use of your time to have to go out of your way to collect rent payments and deal with tenant excuses for why they cannot pay it on time again.
When you choose to work with property management companies, you let that company be the so-called bad guy when it comes to rent issues. Tenants often have greater respect for an employee of a property management company just doing his or her job in collecting the rent than they do the owner of the building.
Having this resource can also make a huge difference when you do need to evict someone. Laws regarding eviction are very strict and precise, which means you could find yourself in legal trouble for making an honest mistake. A property management company, on the other hand, has years of experience with this type of thing and knows exactly how to follow eviction procedure.
Reduce Turnover Rate and the Average Time of Vacant Units
Whether it sits empty for a week or several months, an unrented unit doesn’t make you any money. In fact, it will only cost you money because you need to prepare it for the next person to move in. A high churn rate of tenants can be just as costly. It’s easy to understand why when you consider that you must change the locks, clean, paint, fix repairs, and more each time one tenant moves out and another moves in.
Property management companies in Atlanta, GA, such as Beacon, can assist you with developing and maintaining a positive tenant retention program that keeps people happy and living long-term in one of your properties. This is something that can be difficult to do on your own when you have no previous experience owning or operating a multi-unit housing complex.
Help with Setting the Best Rental Rate and Marketing Your Property
Determining the most appropriate rent to charge for a vacant unit takes much more research than you might realize. It’s also critical to get it right. If you advertise a price much higher than average for your area, the unit will sit empty and you will lose revenue. Charging too little means you’re obligated to honor the tenant’s signed lease even if you could earn more by increasing the rent or renting to someone else entirely.
As one of the best property management companies in Atlanta, GA, Beacon has the necessary skills to study the local market, obtain data on recent sales and rental transactions, and effectively use rental research tools. Additionally, we understand how to create ads that attract the types of tenants you want living in your property. As our client, you also benefit from the volume discount rate we receive from many local advertisers. When we show potential tenants your vacancy, we have the closing skills required to get them to commit to renting sooner rather than later.
Let Someone Else Deal with the Legal Issues
Potential eviction is not the only legal problem you could face as a property owner. You also need to consider the possibility of lawsuits from disgruntled tenants. Unfortunately, it takes only one losing lawsuit to put you out of business or subject you to huge fines. Another thing to consider is that every municipality and state has its own laws regarding a wide range of tenant issues. Some of these include:
- Screening tenants
- Inspecting properties
- Rent collection
- How to handle security deposits
- Termination of leases
- Property conditions and safety of the property
- Addendums to tenant leases
It can become complicated for you in a hurry if you own properties in several municipalities, each with its own rules. When you choose to work with Beacon, you won’t even have to think about these things because we handle it all for you.
Ready to Learn More?
After reviewing several property management companies in Atlanta, GA, we think you will agree that Beacon has the most to offer. Please contact us to discuss your property management needs and learn more about how we can help you be as profitable as possible.