Just under 60% of Smyrna's housing units are owner-occupied. This creates a tight market for renters, which can give landlords a competitive edge. However, even with a large pool to choose from, you can still find yourself renting to someone who isn't caring for your property.
You've heard of the benefits of working with property managers. Oftentimes, they can help to increase your bottom line. You may be wondering, "Do my property management fees cover rental maintenance?"
The short answer is no, but there are still financial benefits to professional maintenance oversight. Read on to learn more about how property managers can help you save on maintenance.
Do My Property Management Fees Cover Rental Maintenance?
The short answer is no, but what's the long answer? When you pay property managers for customized or turnkey services, you pay for their time and expertise. However, anything you need to reinvest in the property will come out of your rental income.
Property managers can help you set up a rental property maintenance reserve fund based on past and estimated payments. That way, you're less likely to be surprised by maintenance costs.
Because property managers also take a proactive approach to maintenance, you may find yourself paying less for repairs and upgrades in the long run. It often costs less to fix a new problem, like a leaking pipe, than it does to react to an emergency, like a flooded basement.
When Can I Use a Security Deposit to Pay for Maintenance?
There are other forms of financial protection that landlords can rely on when it comes to maintenance. The biggest example is the security deposit you collect at the beginning of a new tenant's lease.
Security deposits are designed to cover the cost of excess damage caused by tenants. In order to deduct all or part of a tenant's security deposit, you need to follow Georgia state laws. This includes providing the tenant with an itemized list of deductions within 30 days of their lease termination.
Do Property Managers Pay for Evictions?
Sometimes, the best thing you can do to protect your property from further damage is to evict the tenant causing it. In some situations, your property manager may provide eviction protection.
Eviction protection usually entails financing an eviction up to a certain point. Typically, eviction protection only applies to tenants that your property manager screened and onboarded. When applicable, your property manager may pay for legal costs associated with evictions, but not the cost of repairs needed after the eviction is complete.
Call PMI Terminus for Better Smyrna Rental Maintenance
We hope we've answered the question, "Do my property management fees cover rental maintenance?" While property managers don't pay for maintenance using your service fees, they can manage and cut maintenance costs.
At PMI Terminus, one of our biggest goals is to maximize Smyrna investor profits. Not only does that mean maximizing your rental payments, but it also means cutting costs. Contact us today to find out how our experienced property managers can save you money.
