Steve Rozenberg is the VP of Investor Education with Mynd Property Management, and he asked Jessy Porter, the Portfolio Manager of Atlanta Operations with Mynd to talk about some of the common issues and challenges that face Atlanta real estate investors and landlords.
Today, we’re addressing the question: What does a property manager do? The answer depends on the Atlanta property management company that you choose.
Full-Service Property Management: What that Really Means
Every management company is different and offers its own set of services. A lot of management companies will call themselves full-service, but that doesn’t mean they do anything more than leasing and maybe a little financial work. If a property manager isn’t set up to handle major maintenance projects or turnovers between residents, you’re not really getting a full range of services.
Some property management companies will only do accounting for your rental properties. Sometimes they’ll be real estate companies that have real estate agents working as leasing agents.
Mynd Property Management is an example of a full-service property management company.
We start helping investors at the beginning of their investment property purchase and work with them all the way through the leasing, management, and maintenance of that investment right through to the other side if that investor wants to sell the property in the future. We help from the moment of purchase. Then, we do all the necessary onboarding, we take care of renovations, and we manage vendor relationships.
Once the property is ready for the rental market, a full-service property manager will handle all the marketing and the leasing. The property will attract a large pool of potential residents with a strategic advertising process, and it will quickly be leased. Hopefully, the qualified resident that’s placed will stay in place for a long time, avoiding turnover and vacancy costs. When the resident does move, your property manager should handle the move-out process and all the legal compliance that comes with it, including move-out inspections and the return of the security deposit.
A full-service property management company will also take care of evictions if they become necessary. Anything resident-based will be handled by your manager, whether it’s a maintenance request or a question about the lease agreement. During the turnover period, we work quickly with our qualified maintenance partners to do all the necessary repairs and maintenance so it’s ready to be rented again.
Investing in Atlanta Property with Good Management
Working with a local Atlanta property management company means you can buy an investment property in Atlanta and never have to come to the city. You can work with good managers to identify and purchase a property, and then once it’s handed over for management, everything will be taken care of for you. It’s a turn-key process that leaves your investment in the capable hands of local experts.
You do not have to be in Atlanta to advertise the property or find the resident or even sign the lease. Your Atlanta property manager will enforce the lease, collect the rent, and respond to any needs at your property. There will be ongoing maintenance and there may be emergencies. The property management company you trust will take care of all those things.
It’s important that your property management company conducts routine inspections. At Mynd Property Management, our investors are everywhere. We expect we’ll continue working with people from all over the world because buying rental property in Atlanta is popular now. Our systems allow us to do digital inspections and virtual tours. We make digital floor plans. So, we can take photos of your property and submit reports to you at any time that you want or need them. You can always see the condition of your property.
All of the data you need is immediately available. Our software is outstanding, and access to technology is another thing you should expect your property management company to provide for you. You can see full pictures. If your property is vacant, you can see an ongoing report about how much the loss is. You can also see how many people toured the property that week, and how many applications were submitted. All of the information you may need or want will be available within seconds. You never have to ask for help because it’s all right, but if you do have questions, there’s an entire team available to offer assistance and support.
Investors need to think of themselves as the CEO of their own rental property business.
Your property management company is a big and important piece of the puzzle. As the landlord and investor, you are the CEO. You are entitled to reports so you can make decisions based on data and not emotions. Your property management company should be able to provide that information. When a property manager can do this effectively, the investor can make intelligent decisions.
The best part about having a good property manager on your team is that if you’re in another place or another time zone, it can be hard to get in touch with someone who can help you on your own schedule. Finding a time that works for everyone to be on the phone can be difficult. At Mynd Property Management, we have an international system where people all over the world in all time zones can call and always reach someone. If you’re awake in the middle of the night wondering if rent was paid, you can log in and see whether it’s there. You don’t have to worry about it all night or wait until the morning to call. This accessibility helps investors everywhere.
If you’d like to talk more about what property managers do and how we can help you with Atlanta property management, please contact us at Mynd Property Management.
We also have other opportunities to connect with us and learn more about investing in Atlanta. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.