As the home of 13 Fortune 500 and 24 Fortune 1000 companies, Atlanta is a hive of economic activity and growth, making it an excellent choice for job seekers and property investors.
Although owning a rental property can create ample passive income, it's not without risk. Security deposits are one way to mitigate this and ensure you preserve your profits if your tenants cause unreasonable damage to your rental unit.
For many landlords in Atlanta, these deposits are just another source of stress and frustration regarding their investment homes. Read on to find out how a property manager can help you manage everything to do with security deposits.
1. Expert Lease Origination
Property management services in Atlanta take care of your leasing process from the start. They will help you:
- Set a fair rent price
- Market your property effectively
- Screen tenant applications
Most importantly, they'll ensure your lease agreement is legal and compliant with Georgia laws surrounding security deposit limits. For instance, in Atlanta, landlords may not charge more than one and a half month's rent as security.
A clear, fair lease helps get your relationship with your tenants off to a good start and encourages lease renewals, too.
2. Maintenance Coordination and Property Inspections
When you hire a property manager, they handle almost everything related to your tenants and rental property. Routine inspections are one of the services offered by these professionals, and they're closely tied to managing security deposits effectively.
Atlanta property managers conduct move-in inspections with the tenant before they take occupation of the unit. This visit takes place in the presence of the tenant and serves to confirm that the home is in an acceptable condition before they move in.
Your property manager documents any defects and attends to them immediately to ensure your tenant's satisfaction. When they move out, they conduct a similar inspection that can reveal any damages beyond ordinary wear and tear.
3. Expertise With Handling Security Deposits
If your tenant has caused extra damage to your unit, you can deduct the costs of the repairs from their security deposit. There are many legalities surrounding this process, so you can benefit from expert help.
Property managers are familiar with the due process for these types of deductions to help you stay within the bounds of the law when refunding security deposits.
Sign Up with Atlanta Real Estate Experts
Security deposits are effective for protecting landlords from extra expenses caused by tenants who do not take good care of their property. Hiring a property manager helps limit the chances of these damages, and these professionals can also help you manage these deposits correctly.
PMI is a leading Atlanta property management company with many years of experience in Georgia real estate. We are adept at managing all the financial and practical elements associated with rental properties.
We use the latest technologies to keep you informed at every stage and are committed to providing our clients with personalized, attentive service. Browse our blog for more property management advice and reach out to discover how we alleviate stress while ensuring profits for our landlords.