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Welcome to Central Georgia Realty

Central Georgia Realty is a full-service real estate brokerage and property management firm headquartered in Senoia, GA and serving all of South and North Atlanta. Currently managing over 200 residential properties for individuals, small investors, and institutional investors, we are experts in this part of the state in the property management business. We also offer management services for smaller multi-family properties, up to 30 units.

In addition to property management services, Central Georgia Realty also offers real estate sales. Whether you're a home owner looking to sell your home, an investor looking for great investment opportunities, or a buyer looking for your dream home, we can help you reach your goals.

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Who pays the sales commission?

Todd Ortscheid - Friday, September 19, 2014

Just about every brokerage includes a clause in their property management agreement that deals with a situation where the owner sells the property to the tenant. While this happens only rarely, owners are usually interested in how this would work, and it's a common question we get about the management agreement.

Your agreement with us to manage your property does not lock you in to having us sell your property. We are a full service real estate brokerage, and we can definitely sell your property for you, but we don't lock you in to using us. Many owners have a friend who does real estate sales, and they would prefer to use their friend if they decide to sell. We don't have anything in our management agreement to prevent this. However, we would note that we give our property management clients a discount on our sales commission, so you're probably better off using us.

But, a different situation comes up when you don't have your house listed for sale, but the tenant that we found and has been renting your house for a while decides that he wants to make an offer to purchase it. How does it work when your house isn't listed for sale but you enter into a sales transaction with the tenant?

Like the other brokerages, our management agreement does include a clause to address this in case it happens. Our typical commission in this situation is 5%, which is reduced from the more common industry commission of 6%. However, if the tenant doesn't have their own real estate agent representing them, then we don't have to share the commission with another broker, and we'll usually discount your commission even further to only 3%.

The common question we get is about why the commission is lower if the tenant doesn't have their own agent representing them. The way real estate commissions work, the seller of the property pays the commission for the sale. The buyer, even if they have their own agent, never pays a commission to their agent. Their agent's commission comes out of the commission that the seller pays. So, if there are two brokers involved (one for the seller, and one for the buyer), two brokers have to get paid out of the commission that you pay. Essentially, they split the amount received, so your broker gets half, and the buyer's broker gets half.

So, if we're representing you and the tenant doesn't get their own agent, we don't have to pay another broker out of our commission. Most brokers would still charge you the full commission and keep it all for themselves. We don't. We pass that savings on to you. So instead of paying the full 6% that most brokers would charge you, we discount it to 3%.

This is just one of the many ways that we put our clients first. We believe strongly that our business grows because we treat our clients right. Instead of wringing every penny we can out of our clients, we treat them fairly, and then they'll talk to their friends and we'll get more business. We may make a little less money from each client, but we make up for it by our business growing from word of mouth when a satisfied client tells his friends.

If that sounds like the kind of brokerage you'd like to work with, give us a call and we'll get your house rented to a quality tenant and take care of full management for you.

When a tenant abandons the property

Todd Ortscheid - Wednesday, September 17, 2014

Thankfully this is a rarity if you are using a reputable management company like us that screens tenants thoroughly, but it's impossible to completely avoid. Sometimes there will be a tenant who abandons a property mid-lease. It usually happens after the tenant loses his job, or gets divorced, or has some other huge lifetime event that prevents him from paying the rent. In any case, no matter what the circumstance is for the tenant, what matters to you is how you deal with the abandoned property.

First, you need to be able to ascertain for sure that the tenant actually did abandon the property. The tenant simply not being there himself isn't enough, because there's always the possibility that he's in the hospital, out of the country, etc. That doesn't constitute abandonment. In those cases, the tenant still has legal possession of the property.  However, there are several key things to look for that would constitute abandonment:

1. Are the utilities off? Our leases require the tenant to keep all utilities on for the entire length of their occupancy, even if they are out of the country for a significant period of time.

2. Is there still large furniture in the property? Beds are the most important thing to look for. If a table and chairs is left, but there are no beds or mattresses, then that's an abandonment.

3. Did the tenant send written notice that they were abandoning? It doesn't have to be a legal document, just something in writing from the tenant.

 

It's important to not enter the property without attempting to provide reasonable notice to the tenant first. Until it's been confirmed that the tenant has abandoned, then they still have legal possession of the property. Even as the owner, you can't enter without providing reasonable notice. Some leases specify 24 hours to codify what reasonable notice is. If you try to provide notice and can't reach the tenant, then make sure to knock on the door prior to entry.

After you've verified that the tenant has abandoned the property, it is best to take date stamped pictures so that you have evidence in case the tenant tries to come back and say that they have possession, or that you stole their property. Pictures that show a disheveled condition of the house without large furniture will keep you on sound legal footing. Then it's time to send the move-out statement to the tenant. Since you don't know where they are, just send it to the property address, which is their last known address. Keep it when it gets returned so that you have record that you attempted to send them their required statement.

If you've dealt with tenants abandoning your rental property, you know how much it can cost you in both lost rent and repairs. Abandonment is far less likely when you have a reputable management company screening your tenants. Give us a call so that we can help you find a good tenant.

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Central Georgia Realty
42 Main Street Suite 2B
Senoia, GA 30276

(678) 648-1244

Central Georgia Realty, LLC, Property Management, Senoia, GA


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