Common Question and Answers from Owners.
Are management fees deductible on my tax returns?
Check with your tax expert or professional but generally our fee is tax deductible.
What if the balance in my account drops below the required reserve amount happens or there is not enough money to cover all the expenses?
While our property management team makes every effort to keep minimize your expenses, there are times when we do not have sufficient funds in your account to pay for all the expenses in a single month. Depending on the amount needed, we may be able to negotiate a payment plan with the vendor or you can provide us funds:
- Electronically through our website via credit card, or online transfer from your savings and checking account.
- Mailing a check to Rainmaker Management Group.
What is NOT included in Rainmaker Property Management services?
Because Rainmaker Management Group provides owners with full service, it can be easy to request something that we cannot perform. Some tasks go beyond the normal scope of property management or require additional fees/services. There are also areas licensed real estate agents dare not tread, unless they have obtained the proper licensing or degrees. We ask that you remember this when making a request, and review the paragraph that is included in your Management Agreement about additional services.
Why does Rainmaker Management Group keep the legal and late fees?
To assist in covering our expenses when attempting to collect past due rent, Rainmaker Management Group will keep legal and late fees that are recovered from the tenant.
How can the tenant’s security deposit be used?
In Georgia, security deposits are considered to be the legal property of the tenant. Generally, they are held by a landlord or property management company as a form of collateral to help make sure the tenant does not violate the terms of the lease agreement. The owner can only make deductions from the deposit after the tenant has vacated the rental property. In general, the security deposit can only be applied towards unpaid or late rent, property damage, past due balances, and any other damages the owner may incur if the tenant breached a term of the rental agreement. The tenant’s security deposit may not be used towards items that are considered normal wear and tear, which is any wear that a leased property would accumulate over the length of the lease resulting from normal use of the rental property.