Property Management Info Archives -

I Cleared My Rental Wait List

September 5, 2017 by Thom Abbott

If you have lived in a Midtown Atlanta condo for any length of time, you know it takes….time…to clear the rental waiting list. In fact, about 5 years in most buildings. (Almost every client we have sold a condo to, in various buildings, has cleared the wait list at 4+ years!)

I’ve Cleared My Rental Wait List — Now What?

Great you have permission to lease your Midtown Atlanta condo!

Once you have cleared the waiting list in your condo building, you have a specific amount of time in which to obtain a tenant for your condo. (This too will vary from building to building.) Now you need to find a tenant….that is if you in fact decide to rent your condo. You may decided it’s not the time for you to lease, and then your name will fall off the list and you will have to start back at the bottom. Depending on your personal situation, this can be the perfect time to start your real estate portfolio. You can look at purchasing another condo, or home, and lease this one. So you will need to be looking for that new home, and probably rather quickly based on the time you have to find your tenant.

How Do I Find My Tenant?

Many homeowners will choose to “go it alone” and try to lease their condo on their own. Not my advice for sure. There are services such as Craigslist and other websites, but do you really want to meet a total stranger, off the Internet in your condo? Ahhhh, I thought not.

Working with a real estate agent can make this process easier. Not only do we assist you with the marketing of your condo, we give you advice on the best things to do to make your condo more rentalable..and hopefully rent quicker. And an agent may be able to do property management for you, or just help you secure a tenant. Not all agents can, or do, property management. There are pros and cons to using a property management and we can discuss those with you in person.

Screening Your New Tenant

So who is this person that has expressed an interest in living in YOUR condo? (We understand that you still think of this as your home, but it’s really a real estate investment that we now need to manage. And part of THAT process is finding a good tenant for your home. Most likely, another agent will bring a prospective tenant. Once they complete an application, we will have a credit check as well as a criminal background check completed by a national screening company that we work with. They check past rental references as well. If there are any unusual items on any of the reports, we can ask for further clarification and explanation. Ultimately, it is up to you to make a final decision on the prospective tenant. Of course, you must follow fair housing guidelines.

Fair Housing Act
Title VIII of the Civil Rights Act of 1968 (Fair Housing Act), as amended, prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and disability.

As part of your leasing process, you can limit the number of occupants (this too may be dictated by condominium rules and regulations), pets, smoking and other things. Like a waterbed. Does anybody even HAVE one anymore?

Move In and Walk Through

Whether you work with a property management company or a real estate agent that offers tenant placement services (which is what I do) you will want to conduct a thorough walk thru at the time the tenant takes possession of the condo. During this walk thru, the condition of everything is noted and documented on the walk through form! We will also take pictures if we feel it will help for clarification at the end of the lease.

Renting out your Midtown Atlanta condo might seem scary, but we can certainly help it be a much easier and smoother process!

How Can I Lease My Midtown Atlanta Condo?

August 4, 2017 by Thom Abbott

You’re a real estate investor. The Midtown market is hot, hot. You want to cash in and get an investment property.

You’re already a Midtown condo owner. You just met the guy (or girl) of your dreams and they want a house in the new real estate hot spot of Chamblee. But you want to keep the condo.

How Can I Lease My Midtown Atlanta Condo?

All of the above are scenarios I encounter on a weekly or monthly basis. Another is that dreaded, ” I got a job in _______ (Fill in the blank) but I want to come back to Atlanta and I still want my condo here. Unfortunately, you may have a problem with what to DO with your condo….be it in Midtown or anywhere in Atlanta.

And this is nothing new, just because of the hot real estate market and limited inventory! I wrote about this very subject in 2012!

You can’t just up and decide to lease your condo. All condominium buildings (well actually the Homeowner’s Association a.k.a. the HOA) have requirements as to the number of condos that can be rented at any given time. And that number in most buildings is around 25%. But why? It’s MY condo! I’ll do what I want with it!

NOT SO FAST!

When you purchased that condo, you agreed to abide by a set of rules and regulations, also called the Declaration of Condominium. They can also be called the CC & R’s ( Covenants, Conditions and Regulations). When you move into a condo building, you agree to these rules, and there will always be a provision regarding leasing your condo. And in that provision, you must have a leasing permit, issued by the HOA, to lease your condominium.

And in most communities, certainly Midtown Atlanta, there is a waiting list to get such a permit. A long, long list.

Why Do I Have to Have a Leasing Permit?

One primary reason is because of financing. Most lenders require a certain number of the homes in any community be owner-occupied. To get financing for a buyer, the lender will ask for a condo questionnaire to be completed, and the HOA must disclose how many homes are currently leased. If there is too high of a percentage, the lender may feel that a loan in that building is not a sound investment. There is also the un-founded truth that renters are less desirable neighbors, and don’t take care of a home like a homeowner would. (Not true..I’ve seen some pretty scary condos that were owner occupied…and I’ve seen many a owner bang into a wall, or scuff the paint with a suitcase of moving cart!)

Some HOA’s will allow a hardship leasing permit. Like the job example above? Let’s say you DO have to move out-of-state for a job, but want to move back as soon as you find a new job here in Atlanta! These situations are handled on a case-by-case basis, and differently from building to building.

I’ll Just Rent It “Under The Table” They Will Never Know

Ah, that would be a big….NO!

Have the HOA (remember that neighbor you never met…but now knows someone ELSE is living in your condo) find out you are renting and your tenant could face eviction. You will most certainly get a fine…as little as $25 per day to as much as $500 per day. The HOA can turn off access to common areas like the garage where you park, the club room and any other amenities. It can get pretty messy. Probably NOT worth the risk.

So if you are looking to buy a Midtown Atlanta condo, or a condo anywhere in the Atlanta area, make sure you place your name on the lease waiting list as soon as you close. Some HOA’s have a grace period of 90-120 days before you can, but get it on there when you can. It may take 4-5 years to clear the list, but when you do, it may be perfect timing to THEN turn it into an investment property and rent it! (And I can help you with that process!)

Or you may have no choice but to sell. I can help you through that process as well. Here are some tips about selling your Midtown Atlanta condo!

Just know that you need to be living in that condo, and don’t think you will be renting it out!

Is Condo Living Maintenance Free?

May 9, 2017 by Thom Abbott

As I work with Buyers everyday, one question often comes up when looking at condominiums….Is Condo Living Maintenance Free? Well yes….sort of.

What Do You Have to Maintain in a Condominium?

Living in a condominium gives you freedom from most outside work associated with a single family home. In other words, no lawn mowing, trimming the shrubs, pressure washing the driveway and such. You also don’t have to worry about the roof since it is on the of the building, and most likely NOT on top of your particular condo (unless you DO live on the top floor) but it still is a responsibility of the home owner’s association. (HOA)

But most of the systems that service your condominium are your responsibility. What are these key systems?

Heating and Air Conditioning System

Newer buildings will have self-contained systems located in your utility closet INSIDE your condo. But most buildings you will have a separate heat-pump or condensing unit. And there is a good chance it is on the roof of the building. You are responsible for the maintenance and operation of this system. Yes, even with your unit on the roof, you have to maintain that. I often find (mainly during a home inspection when working with a Buyer) that the unit on the roof has seen very little attention. While they should not get very dirty with little exposure to dirt, the insulation that wraps the lines is most often found in the condition you see in the photo on the left. And it’s almost always an issue I ask to have addressed by the Seller. (If they have not paid attention to THIS, they have most likely NOT had the HVAC system serviced anytime recently.

And I’ve had the extreme the other way on the INSIDE of a condo. I took over a unit that had been rented and helped an out-of-town seller get the place ready to sell. It was dirty beyond dirty could BE dirty. The photo on the right is the fan from inside the air handler in the condo. It’s amazing the unit could even operate!

Hot Water Heater

Again, when working with Buyer’s, we keep an eye on the age of systems. ( I might note the new Seller’s Disclosure Statement DOES NOT have a blank for the Seller to enter the age of the hot water heater!) Hot water heaters can last a long time….but…10 years is their normal life span….and that is when they are “maintained.” Did you know that you should drain your hot water heater and refill it? Once a year? Who has a garden hose in a condo, right? So this service is never done, and can lead to a shorter life span! And replacing a hot water heater is no cheap trick! So, if you live in a building that is 10 years old….or older, you might want to be on the lookout for a request to pay for a home warranty for the Buyer.

Plumbing

This should be pretty easy, right? Hmmm. I’ve had a rental condo where a tenant did not realize the kitchen sink was leaking until it FINALLY went through the ceiling into the condo below. Not to mention the damage to the kitchen cabinet under the sink, AND the hardwood floors. Moral of that story…look under your kitchen (AND BATHROOM(s) sink every month. Takes you but 5 minutes to make sure all is well, versus hundreds or even thousands of dollars in damage. And make sure if you are ever having any renovations done, that the contractor is insured, the plans have been approved by the Architectural Review Board and you have insurance as well. A water “event” in a condo building is a serious matter!

Appliances

Washer, Dryer, Stove, Dishwasher, Refrigerator, Microwave….these are ALL inside your condominium, and are YOUR responsibility. A leaky connection on a washer can be hard to find in some of the tight laundry closets in most condos, so just keep an eye open. Same goes for a dishwasher that may leak. And a word to the wise….never leave your condo and leave a washer or dishwasher running unattended!!!

Is Condo Living Maintenance Free? So you don’t have a basement, or a garage or all that stuff to worry about. And most of this stuff is pretty simple and easy. Just have an annual maintenance contract on your HVAC, and consider a home warranty that will help defray the costs of repairs/replacement of the other items!

Condominium Maintenance — Did You Know?

December 13, 2015 by Thom Abbott

Let’s face it. Be it your car, or even your laptop, we often forget that things need maintenance. Right? An oil change, a disk cleanup.

I find that many people that live a condominium life-style, take maintenance issues for granted. If you’ve owned a single family home, but then moved to a condo, you sometimes think, “Wow, no more lawn to mow, no more AC system to service, etc.” And there is also a HUGE mistaken idea that because you pay this monthly HOA fee, that some “things are just taken care of with that.”

Condominium Maintenance — Did You Know?

Nothing could be further from the truth. No, you don’t have a lawn to mow, but you DO have systems unique to your condominium that YOU are responsible for, NOT THE HOMEOWNERS ASSOCIATION! NO, you’re kidding me, right?

Heating and Air Conditioning System — Is YOUR responsibility to have serviced and checked. While it may not need it as often as a condensing unit that sits on the ground outside of a house, imagine the “wear and tear” that unit takes in the beating hot sun on the roof of a condo building. It might serve you well (an your pocket book) to have it serviced once a year.
Hot Water Heater — If you live in a condominium, when is the last time you had your hot water heater drained, flushed and refilled? I’m going to go out on a limb and guess……NEVER! You probably figure you won’t live there for the average 10 year life of the hot water heater, right? Well the age of the system DOES play a factor when a Buyer comes along. Get ready to pay for a home warranty as part of your sales process. That new Buyer is going to want some protection.

But what really sent me off on this topic this morning was something I recently experienced. I do own a single family home, and had to recently have a new sewer line installed to the tune of almost $4,000. Up until that point, I frequently washed greasy dishes and sent food scraps down my garbage disposal. I bet you condo dwellers think nothing of it, right? After all, who wants that stinky food in the garbage can when we have a garbage disposal.

Atlanta City Councilmen Alex Wan (who covers a portion of Midtown Atlanta) sent out this newsletter. I was reading through it, and a section from Watershed Management (the part of the city that maintains the sewer system) made me think….

What happens in a 30 story condo building if the sewer lines were to back up from a grease buildup, say on the 20th floor? Where do you suppose all that water AND SEWER could end up? IN YOUR CONDO!!! And if you’ve never experienced a “water event” in a high-rise condo building, they can be very destructive. Repairable, at much expense, but a mess nonetheless.

Watch this video, and the next time you finish dinner and are washing the pots, pans and dishes, think twice about WHAT you send down that 20 or 30 story high sewer line.

How Involved Is The Landlord In The Atlanta Home or Condo Rental Process?

March 31, 2012 by Thom Abbott

When a landlord/property owner contacts us about renting their Atlanta home or condominium, there is often a concern as to how involved the landlord is in the rental process. Once you have your Atlanta home or Condominium ready to rent, here are the next steps:

Sign the Exclusive Lease Listing Agreement with us
Provide us with keys and access fobs/cards (if needed)

That’s it! We then go to work marketing the home, handle all the showings, the application and tenant screening process and negotiate the terms of the lease on your behalf. Once the lease is ready, you sign it.

After your tenant is in place, you decide your next level of involvement. It may be our Self Management Program or our Full Management Program. We are happy to discuss the benefits to you of either of these programs.

How Long Does It Take To Find a Tenant For My Atlanta Home or Condo For Rent?

March 29, 2012 by Thom Abbott

When we work with our landlord clients, one of the first questions we are often asked is, “How Long Does It Take To Find A Tenant?” That question actually has several answers.

First and foremost, it is the goal of Thomas Ramon Realty to find you a desirable tenant as quickly as possible. Note, we said desirable. We’ll cover our screening process in another post.

The Atlanta rental home market moves quickly these days! But the location of your home, the neighborhood, surrounding areas, accessibility to shopping or major highways all can have an impact on now quickly we may find you a tenant. We cannot give you an iron-clad guarantee, but most homes and condominiums will rent in 30 days or less. We will discuss much of this with you when we complete your Home Evaluation. You may also want to read, How Do I Rent My Atlanta Home Or Condo?

How Long Does It Take To Find A Tenant? If you have an Atlanta Home or Condominium you need to rent, contact us today to learn more about our unique marketing and management program that is designed to get your property rented and save you money at the same time.

I’ve Cleared My Rental Wait List — Now What?

How Do I Find My Tenant?

Screening Your New Tenant

Move In and Walk Through

How Can I Lease My Midtown Atlanta Condo?

Why Do I Have to Have a Leasing Permit?

I’ll Just Rent It “Under The Table” They Will Never Know

What Do You Have to Maintain in a Condominium?

Condominium Maintenance — Did You Know?

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