Tag Archives for " manage Emory rental property "

Checklist for Prospective Tenants

Small house representing Emory rental property

If you plan to lease a property in the Emory Area or in Decatur, you should know what may be expected before you complete an application to rent a home.

Finding the right home in the Emory Area where you want to live is an obvious first step, but prospective tenants often have to pass stringent credit and background checks. In popular neighborhoods where rental properties are at a premium, there may be tough competition for a desirable home. It's best to be prepared in advance:

  • Check your credit - most credit companies allow you to have one free credit check per year.  Here are the phone numbers for the major credit card companies:
  • While it is always advisable to see a rental property before you decide to lease, this may not be possible if you live out of town.  In this case, arrange to have a colleague or friend view it for you.
  • Don't lie on the Application - if you have had bankruptcy, credit issues, or disputes with previous landlords, discuss these with your Decatur Property Manager.  Some landlords are more lenient than others.
  • If you have Pets, let the Property Manager know before you fill out the Application. Many landlords do not accept pets, or may require a Pet Deposit if they do accept them.
  • If you want to be in a certain School District, check with the School yourself to make sure the property you want to lease is located in that District.
  • If you are concerned about safety in the neighborhood of the rental property, call the local Police Department.
  • You will be required to complete a Rental Application for most properties.  Some Property Managers also require a copy of your Driver's License, recent pay stubs, or bank statements if you are self-employed. Check with your Decatur Property Manager for more specific details.
  • Be aware of money requirements - Most Property Managers require a Security Deposit of one month, plus the first month's rent. Some  landlords  require a Security Deposit plus first and last month's rent.  In addition, if the landlord accepts Pets, there will be an additional Pet Deposit.

Invest in the Emory Area Property Market

Investor contemplating Emory home purchase

There are many reasons why investing in property near Emory University is a great idea!  Here are a few that might encourage buyers to consider buying an investment home in one of the vibrant neighborhoods near Emory University:

  • ​Atlanta is in the Sunbelt!
  • Atlanta and the Emory Area has had positive Job Growth!
  • Our local Emory economy is strong!
  • The area has enjoyed a strong, steady increase in Property Appreciation!
  • It is close to shopping and restaurants!

Perhaps one of  the most compelling reasons to purchase an Investment property in the Emory area is the availability of qualified prospective renters.

According to the Emory University website, as of September 2015, some 7,800 undergraduates and approximately 6,900 Graduate students and professors expected to move into single family homes, condos,apartments and student housing in the surrounding area.  Altogether, Emory University has 13,000 faculty members who needs homes as well.

The Emory Healthcare ​facility on Clifton Road employs approximately 16,000 doctors and medical staff, as listed on their website, and is one of the largest employers in DeKalb County.

The Center for Disease Control,​ also located on Clifton Road, has about 1500 local employees who also need local housing.

It is evident that  the area has a high annual influx of students, professors and medical personnel, which supports the benefits of investing in residential Emory area property where a large number of qualified prospective renters are available.

Emory Area Property Management – Maintenance

Repainting fence of rental property near Emory University

.One of the most  critical services that a good Property Manager performs for their client, is making sure their Investment property is well maintained.

If you have qualified, happy tenants in your Emory area property, it is important to keep them happy and to handle requested repairs in a timely manner.  Your investor's property is a valuable asset and regular maintenance will assure it stays that way.

Property Managers can schedule regular HVAC maintenance, annual termite inspections, or arrange for lawn service when requested.  Managers often handle projects that range from simple repairs like replacing a garbage disposal or other relatively routine repairs, to overseeing major projects like painting, floor refinishing, roof replacement or other major remodeling.​

​Management Agreements for Emory area investors should include language that specifies how involved the Emory Property Manager will be in maintaining the property.  It should also indicate whether the Manager has authority to order certain repairs without notifying the investor.  For example, the Management Agreement might give authorization to the Manager to make minor repairs up to $200.

Before undertaking a major project, qualified  property managers should obtain multiple bids and discuss them thoroughly with the owner of the property.  Written permission should be given by the investor before any work is ordered, and a provision made for payment of the work clearly indicated.  On large projects, the investor often pays by credit card or sends a check to the Property Manager.  Any payments made by the Property Manager for repairs should be reflected on the Monthly Report and the Annual Year-end Report for tax purposes.

It is essential to have a signed Management Agreement that incorporates all of the provisions for maintaining an investor's property. If unforeseen repair or maintenance issues occur that are outside the scope of the Management Agreement, it is best to check with your owner for guidance.

Atlanta Property Management Background Checks

Computer and phone in process of screening rental applicants

Emory Decatur Property Management always recommends that prospective tenants be thoroughly screened through credit, criminal and prior landlord reference checks.

It's easier to prevent a potential problem from occurring when considering a new tenant than it is to try to evict them later.  Because property managers represent investors who trust them to obtain qualified tenants for their properties, extreme care must be utilized during the screening process.

Screening begins with an Application completed by the applicant, giving written permission to obtain a credit report, criminal background, and former landlord reference information.  Here are a few good policies to follow when dealing with applicants:

  • ​Never accept a credit report provided by an applicant, as some credit reports have been sucessfully altered
  • Always check Landlord References, two references are better than one

While many applicants look promising on paper, a thorough check might show previous late rent payments, bad credit, eviction proceedings, or criminal activity.  It's important to evaluate every aspect of the appliant's ability to pay the rent and to be a viable tenant, without violating any provision of the Fair Housing Act.

In fact, ​a recent U.S Department of Housing and Urban Development (HUD) guidance policy recommends exercising caution when  considering criminal history for prospective applicants. According to a National Association of Realtors (NAR) publication, the guidance suggests "housing providers should create thoughtful policies and practices that are tailored to serve a substantial, legitimate and nondiscrimatory interest of the housing provider, such as resident safety and the protection of property".

Black Front Door of rental property with Fall Leaves

Atlanta Rental Property

Careful review of the prospective tenant's credit, ability to pay, criminal history, and past landlord references should be made in every case.

With appropriate due diligence during the screening process, the ultimate goal will be​ achieved - a new tenant who pays their rent on time and maintains the property.

Invest in the Emory Area Property Market

Investor contemplating Emory home purchase

There are many reasons why investing in property near Emory University is a great idea!  Here are a few that might encourage buyers to consider buying an investment home in one of the vibrant neighborhoods near Emory University:

  • ​Atlanta is in the Sunbelt!
  • Atlanta and the Emory Area has had positive Job Growth!
  • Our local Emory economy is strong!
  • The area has enjoyed a strong, steady increase in Property Appreciation!
  • It is close to shopping and restaurants!

Perhaps one of  the most compelling reasons to purchase an Investment property in the Emory area is the availability of qualified prospective renters.

According to the Emory University website, as of September 2015, some 7,800 undergraduates and approximately 6,900 Graduate students and professors expected to move into single family homes, condos,apartments and student housing in the surrounding area.  Altogether, Emory University has 13,000 faculty members who needs homes as well.

The Emory Healthcare ​facility on Clifton Road employs approximately 16,000 doctors and medical staff, as listed on their website, and is one of the largest employers in DeKalb County.

The Center for Disease Control,​ also located on Clifton Road, has about 1500 local employees who also need local housing.

It is evident that  the area has a high annual influx of students, professors and medical personnel, which supports the benefits of investing in residential Emory area property where a large number of qualified prospective renters are available.