Hello everybody this is Travis with Lighthouse Property Management. Today I wanted to talk to you about managing luxury rental properties. Many people don’t even know that this is a category here in metro Atlanta. Although it is more common in urban markets such as Los Angeles San Francisco or Chicago it is also true of metro Atlanta that people are paying thousands of dollars each month for luxury rental homes.
However, there are differences in how high end luxury rental homes are managed in metro Atlanat versus the average rental. One significant difference is that in more larger more expensive rental homes there tends to be more money invested in the landscaping of the home. In most residential leases the landlord requires the tenant to be responsible for the grounds keeping. However, when you have Matthew Steffen thousands of dollars invested in your yard it is wise to take that responsibility off of the tenant and locate a local landscaper to do the job. Another benefit to this is you would have an additional presence at your property on a regular basis and of course a professional will maintain the yard better than most of us.
When it comes to your yard the most significant damage is done through lack of weed control. After all if the grass is high it’s not really that damaging, just unsightly. But, if you throw in heavy weed growth the weeds will choke your grass out and soon it will be a total loss if not maintained. This loss could lead to a more significant dollar amount than paint, carpet or many of the other things that people fear could go wrong with a rental property. And of course your tenant will need to water the grass on a regualr basis in order to ensure proper growth.
Here at Lighthouse we can offer these services at a very reasonable rate due to our relationships with local contractors throughought south metro Atlanta, so it is my strong recommendation to take advantage of that.
Another issue to consider in managing luxury properties in metro Atlanta, given the extreme heat in the summer months your air condition unit tends to run non stop. While the tenant does have many maintenance responsibilities under the lease often we find tenants are negligent in changing the filter. This can lead too many expensive maintenance issues and ultimately the failure of the unit. While this is a common issue with all categories of rental homes, luxury properties usually have more than one unit and therefore are at a greater risk simply due to volume. Since the average repair can run in excess of $500 and a new unit can cost around $5000 it’s a good idea to purchase an annual maintenance contract with a local company to come service the unit quarterly or at the minimum bi-annually. This contractor will change the filter and do system maintenance which will preserve the life of your unit and will eliminate the risk of a tenant who forgets to change the filters.
Finally, there are many new tenats to the luxury home market in Peachtree City, Newnan and Sharpsburg and our surrounding area. We find that Coweta and Fayette counties are attracting many people from the healthcare industry as new clinics and hospitals open in our area. Many of these new tenants are searching for rental homes in excess of $2,000 per month and are willing to pay this premium for a quality property that is close to their place of business. Also, many of them are working on one or two year contracts and do not desire to purchase a home even though their credit and income would allow them to do so. And both Fayette and Coweta counties are benefiting from our newly founded movie industry. The movie industry is bringing many new people to our area who again are searching for higher end luxury properties to rent.
So, I just wanted to let everyone know that if you have a larger more expensive property in the Peachtree City, Newnan, Sharpsburg area now more than ever it would make a great rental property. If you should need further information or assistance in pricing your rental property or managing your rental property I would be happy to speak with you further, just fill out the contact form and we’ll set up a time to talk.