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Studies show that it takes nearly 5 people to afford an apartment in Atlanta. The cost of rent is on the rise in the Atlanta-area. Tenants need to know what costs they need to cover and what will be absorbed by the property manager.
Property managers act as liaisons between landlords and tenants. They help to advocate on behalf of both parties to care for the property the best they can. Financing property repairs is a major concern for both landlords and tenants.
Keep reading to learn more about rental property management and repairs.
Responsibilities of Property Managers
Landlords' property managers are responsible for monitoring various elements of rental properties. They need to:
- advertise to fill vacancies
- screen tenants
- collect rent
- handle property maintenance
Property managers are responsible for responding quickly to tenant issues. They need to handle scheduling repairs with qualified contractors.
Your responsibilities vary based on the conditions of their contract. Most property managers oversee routine maintenance and repairs. The specifics of the repair costs coverage vary between property management agreements.
A successful working partnership is built upon effective communication. Keep landlords informed of any maintenance or repair issues as soon as possible.
Ensures that everyone is informed of the repair prices and any budget limits. This will help to ensure that properties don't go over budget and remain profitable.
Who is Responsible for Repair Costs?
Repair costs responsibilities are defined under the property management agreement. In some scenarios, the tenant is actually responsible for funding the repair.
Routine Rental Property Maintenance
Property managers are in charge of handling normal maintenance services. They have a pre-approved budget for handling lawn care, pest control, and minor repairs. These property management costs are often covered by the landlord's property management fee.
Emergency Repairs
Property managers are allowed to process emergency repairs without prior clearance. This is only allowed if there is an imminent threat to the property or its tenants.
Emergency rental property repairs can spring up at the last minute. There should be a budget set aside for a monetary limit for such emergency repairs.
Landlord Approval
For non-emergent repairs, property managers must get the landlord's approval. This needs to be done before getting quotes.
With approval, managers can process repairs that are outside of standard maintenance costs. Ask the landlord pre-approves the expense. If they do, they are responsible for providing the fund for it.
Tenant-Caused Damages
Minor damages committed by renters are handled by property managers. The cost for these damages is typically covered by the tenant's security deposit. The landlord may need to finance any repairs that exceed the money set aside in the security deposit.
Use Rental Property Management Companies to Handle Repairs
Property managers in Atlanta play a role in managing normal maintenance and repairs. Individual agreements govern the allocation of repair costs between property managers and landlords.
A good landlord-property manager partnership needs a well-defined property management agreement. Address repair and maintenance issues as soon as possible. This will help you retain the rental property's value and appeal.
Contact our team at PMI Atlanta West to get connected with an expert rental property management company.
