This series gives you the real scoop on what you’re likely to encounter while managing your own residential rental properties.
#2 Emergency repairs can be a pain!
Repair emergencies on rental properties can be a colossal pain for owners! They normally come at inconvenient times and cause you to drop everything to coordinate the resolution. Some repair issues are even covered under landlord/tenant law so you’ll need to familiarize yourself with your state’s laws (see link to Georgia landlord/tenant handbook). Tenants will want you to fix the problem NOW. So even before you rent your home, it’s smart to ask around and gather the names of a few reliable, qualified plumbers, electricians, heating/air companies etc. Be sure to have two or three in each category. You never know when one will go out of business unexpectedly. This can help minimize your financial loss from an emergency and soften the blow when repair emergencies happen..and they will!
Property management companies help owners minimize financial loss when emergencies occur by dispatching qualified service personnel to the property quickly before more damage is done. Owners may need to approve repair costs, but, beyond that, they can, in general, go about their lives and let their property management company handle the rest of the necessary details.
Georgia landlord/tenant handbook: http://www.dca.ga.gov/housing/HousingDevelopment/programs/downloads/Georgia_Landlord_Tenant_Handbook.pdf