If you own and rent out multiple properties or do not live in the area where you rent your property, it is helpful to work with a property management company in Atlanta. This type of company can act as landlords’ liaisons and perform a number of important duties. In order for all parties to thrive, however, it is important to understand how to work with your property manager. Keep reading if you are interested in picking up a few helpful tips for working with your property manager.
Establishing Productive Communication
Landlords and property managers work together to ensure that all tenants are satisfied and all properties are taken care of. In order for this to occur, there must be a consistent line of communication between the landlord and the property manager. As a property owner, there are a few valuable pieces of information that you should regularly receive from your property management service. Your property manager should offer you information regarding tenant receivables and accounts payable, profit and loss information, and a bank statement copy every month. This will allow you to form an accurate and adequate picture of your finances and ensure that your properties and tenants are being properly tended to.
Organizing Your Funds
It is important to remember that as the landlord, you are the boss. This means that you always have the right to final approval, and you get to decide how your money is spent. Some landlords who wish to take a more active financial role in their business choose to set up several separate bank accounts. Your property manager can have access to one of these accounts, which will be filled with the funds that you allocate towards expenses. The other accounts, which only you will access, can receive your tenants’ rent payments and late fees.
Making Improvements on Your Properties
Tenants deserve to have any problems with your properties addressed in a timely fashion, and property managers can ensure that this is the case. Whenever improvements are made, have your property manager provide you with a schedule of the work being done and information regarding the funds that will be needed.