Am I involved in the applicant screening process?
No. Applicant screening is part of the service provided you by our Property Management Team. We will process the application based on a criminal, rental, credit, employment background check and debt to income ratio.
Am I responsible for utilities when the property is vacant?
Yes, you are responsible for utility service when the property is vacant. PMI Georgia will gladly provide these numbers for you, or for a nominal fee we can set them up on your behalf.
Do I need to sign the lease when a tenant moves in?
No, The Lease for Residential Property is an agreement between PMI Georgia as the Landlord and the Tenant. You will sign a Lease Management Agreement giving PMI Georgia the authority to act on your behalf as the landlord. This protects you as the owner and keeps you anonymous. A signed copy of the lease will be emailed to you upon request.
How do I cover the cost of repairs and maintenance of my property?
Upon signing your lease management agreement, you will provide us with funds to establish a reserve account for your property. These funds will be deposited as trust funds into our registered trust account and can only be used for costs associated with your property.
How do I handle repairs and maintenance of my property?
You do not handle the repairs. We have a professional contractor service called HomePro Solutions and they will handle repairs and renovations as needed so you do not have to worry about your home.
How do you prepare my property for a new tenant when my old tenant moves out?
We will conduct a move out inspection of the property and provide you with an estimate of the costs to bring the property back to rentable condition. This estimate will be emailed to you within five (5) days of the tenant’s move out. Your written approval is required to begin the repairs. Please keep in mind that the sooner repairs are completed, the sooner a tenant can be placed in your property.
If there is Tenant caused damage above normal wear & tear, the damages will be charged against their security deposit.
How long will it take for a tenant to be placed in my property?
Our goal is to have a qualified tenant prepared for move in of your property as soon as possible after the signing of the Lease Management Agreement or the closing of your investment property. We are unable to guarantee an exact time frame for the placement of a qualified tenant. We can however guarantee you that we are 100% dedicated to placing a qualified tenant in your property and will do whatever it takes to minimize the time your property is vacant.
How much is the monthly management fee?
The monthly management fee varies on a couple of factors: number of properties you have and the monthly rental amount. Please contact the office for more details.
How soon after a tenant moves in do I receive rent payment?
PMI Georgia retains the first month’s rent as the tenant placement fee. You will begin receiving rent paid by the tenant the second month of the lease.
- The effective date of the lease is February 1.
- February’s rent is collected and retained as a placement fee.
- Payment of the second month’s rent (March) will be deposited to your account on or about March 10, provided it was paid on time.
What costs are involved in the placement of a tenant?
There are no upfront charges to place a tenant. PMI Georgia retains the first full month’s rent to cover the cost of procuring a tenant.
What happens if my tenant pays rent late?
A late fee is assessed on the 3rd day past the due date. We will contact the tenant by phone and/or email to inquire about the status of the payment, followed by mailing a Demand for Rent letter.
What happens to the security deposit?
These funds are held in an Escrow/Trust Account monitored and regulated by the Georgia Real Estate Commission. The security deposit is money placed by the tenant to secure the condition and payment terms of the lease. If the tenant satisfies the lease and returns the property in satisfactory condition; the deposit will be returned. In the event there are outstanding fees, rents, or repairs needed; the money for these items will be deducted from the deposit.
When will I receive monthly rent payments?
We are required to allow sufficient time, a minimum of seven (7) days, for a tenant’s payment to clear before we can release a payment to your account. Given such, rental payments received from tenants by the 3rd day of the month (pending the day of the week), will be deposited to owners on the 10th day of the month (pending the day of the week.)
Payments received from tenants after the 3rd day of the month are considered late and must be in the form of a cashier’s check or money order. Late rent payments, to include applicable late fee, will be paid into your account on the Friday after the payment is received.
In the unfortunate event a tenant’s check is returned/not honored by the bank, we will not be able to make payment to you until we collect funds from the tenant to satisfy the returned check and applicable fees.
Who do I speak to if I have a question about the status of the tenant’s rent payment for my property?
email@example.com or login to your Owner Portal.
Will I be charged a tenant placement fee for the next tenant?
Yes, a tenant placement fee will be charged for the placement of a new tenant.
In the unfortunate event a tenant vacates the property within the first six (6) months of the lease; we will reduce the tenant placement fee to half of the first month’s rent paid by the new tenant.