Residential Management Services
Full Market Analysis of your Property:
A full market analysis will provide a comprehensive report on the comparable rental homes in your area. We will conduct a review of the rental homes currently on the market, homes which have rented in the past 6 months, expired rental listings, and homes that have been withdrawn from the market. We will evaluate the unique characteristics of your property, and take into consideration current economic conditions when setting the rental price.
We have the experience to know what tenants are looking for in rental property, from cosmetic improvements to safety concerns. We will provide property owners with valuable insight that can substantially increase the chances of getting the property rented much sooner while taking into account your budget. We will also conduct an annual property survey. This will include an assessment of the property condition, containing valuable information from tenant housekeeping, as well as recommended maintenance and repairs supported by photos of the areas in question.
We will utilize a full spectrum marketing approach to include web exposure, flyers, and ads in local publications that are in circulation to over 50,000 homes and businesses in the Atlanta metro area.
The screening process is a critical component to prevent potential issues in the future. We qualify applicants based on three criteria; Credit, a credit report will show the financial responsibility of the applicant and will uncover collection accounts, liens, and judgments. Income, our income guidelines are a applicant should make three times the amount of rent monthly. Rental History, current and past landlords are contacted to verify whether rent was paid on time, proper notice was given prior to vacating, any NSF checks were received, and what condition the tenant let the previous property in. Once the screening process is completed we will contact you to discuss the application any tenant requested lease contingencies.
The Lease Agreement:
Warren Schmitz Management only uses the latest edition of the Georgia Association of Realtors lease form which is structured to provide comprehensive protection for owners, tenants, and management. Once an application is approved, a property manager will meet with the tenant to review the lease, explain procedures and answer questions. In property management nobody likes surprises. Tenants appreciate knowing from the start what is expected, where to send rent payments, who to contact to transfer utilities into their name, and how to reach someone in case of emergency.
Standard security deposit is equal to one months rent. Tenant funds are held in a separate escrow account. Depending on credit, income, and rental history we may require additional deposit or non-refundable pet fee.
Move- In and Move- out Inspections:
A thorough move-in inspection is completed prior to occupancy. This step documents the condition of the property at the time of move- in. At the end of the tenancy, the move-out inspection will be completed. Any damage in excess of normal wear and tear will result in a deduction from the tenants deposit.
Owner Payment and Statements:
Owner funds will be disbursed on the 15th of the month. If the 15th falls on a weekend or holiday, funds are disbersed on the next business day. In addition to rental proceeds, you will receive a monthly statement itemizing rental income, deductions, and expenses. Along with your statement you will receive a copy of invoices for work completed on your property. Annually, you will receive a year-end statement and 1099 for tax purposes.
Repair and Maintenance:
We have reliable, experienced, and trusted vendors for every home repair that you may require. All independent contractors carry liability insurance. All maintenance requests are reviewed and personally inspected by a property manager when the work order is initiated and prior to payment to ensure work is necessary and completed correctly. Minor repair will be paid from the $300 owner escrow account. Prior to authorizing more expensive repairs, we will contact the owner for approval. In order to comply with Georgia law we request owners to send funds for work which will exceed the owners escrow reserve.
Owners are not required to pay any fees up front. Primary expenses include:
Procurement Fee – Equal to one months rent. The tenants’ first months rent is retained and serves as the procurement fee.
Monthly Management Fee – Eight percent (8%) of monthly rent amount.
Lease Renewal Fee – If a tenant remains in the property for longer than 12 months, there will be a lease renewal fee charged equal to half of of one month’s rent charged in the 13th month.
Lawn care, gutter cleaning, or any other regularly scheduled services can be arranged monthly,quarterly, or annually and billed through the owner account.