Owner Resources

Frequently Asked Questions

• 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. Any and all data provide to our third-party screening company is confidential.

• Am I responsible for utilities when the property is vacant?

  Yes, you are responsible for utility service when the property is vacant. Utilities must be on during the turnover and showing period. PMI Georgia will gladly provide these numbers for you, or for a nominal fee we can set them up on your behalf, and pay them from your portfolio account.

• 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 for your records.

• 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. If the repair cost exceeds your reserve amount on hand, PMI will contact you for additional funds to complete the repair.

• How do I handle repairs and maintenance of my property?

  You do not handle the repairs. We use a professional contractor service, HomePro Solutions, that will handle repairs and renovations as needed.

• 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 the tenant paid a deposit, the available amount will be applied to the balance needed to cover the cost of repairs.

• 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 or view our pricing tiers here.

• 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.

  For example:
  - 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 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, 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?

  The Property Manager is in charge of rent collections. For questions regarding monthly rent payments, contact Propertymgrs@pmiga.com. You will receive an Owner’s Statement on the 10th of the month providing you with the payment status of your property.

• 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.