In today’s blog, we’re talking about three things you can do to help minimize the damage to your Indianapolis area rental property.
The first and most important thing to do is to set clear expectations for your tenant up front. If you are a coach or a parent, you’ve probably noticed that kids will often meet your expectations, whether they are high or low. When they know what you want, they’re going to deliver. Tenants are usually the same way, so it’s important to let them know that you have high expectations for how they will care for and treat the property while they’re living there. (more…)
On our blog today, we are taking a few moments to talk about three specific events that tell you it’s time for an eviction. Hopefully, you will have a better understanding of when it’s time to get rid of your problem tenants. (more…)
Today we are talking about the three areas to focus on if you want to get your property rented quickly in the Indianapolis area. (more…)
Today’s blog is about Indianapolis area property management companies and the fees they charge. We want to help you understand what management companies charge their clients, and how they do it. (more…)
Today we want to take a minute to talk about how you as a Realtor can choose the right partner to help your client with their property management needs. I’ve been a licensed agent since 1995, and I know that most real estate agents do not want to get into property management. It’s messy and frustrating and challenging. If you’re not handling several properties, it can be more trouble than it’s worth. There’s also the accountability factor. If you tell a client that you’re going to help them with something that’s outside of your area of expertise and it’s something you don’t do a lot of – and then you don’t do a great job – you can lose that relationship. We do a great job, and we can take care of your clients. (more…)
When you begin marketing your Indy rental property, you need to remember that 90 percent of all property searches begin on the Internet. It’s important to have your property listed on all the sites potential tenants visit when they are looking for homes, condos or apartments.
Your listing needs lots of pictures, videos and a detailed description. Make sure the listing also has your contact information so people will know how to get in touch with you. If you have connections in the real estate industry, it’s useful to have realtors help you. They have prospective buyers and renters calling them every day, looking for homes. When these agents know your property is out there and available, it’s very valuable to your marketing strategy.
Signage is probably the least expensive marketing tool you can use, and it’s very important. You need a professional sign that is easy to see and read. If possible, convey even more information to people who notice the sign. Consider putting brochures out in front of the home, with the sign. At Indiana Property Management Group, we use what we call the instant information rider with our signs. This is a tool that allows people to punch a few numbers into their phones and then they can pull up details about the property. They can see pictures and videos and find out how much the rent is and when the property is available. All this happens while they are right there at the property, and they can even contact us. It’s important to capture these tenants while they are interested in the property. It can have a major impact.
All of the marketing you do is important. However, the most important thing you can do is follow up with prospective tenants. You’ll beat a lot of landlords to those tenants if you return phone calls and emails promptly. Get right back to them. They are looking at a lot of properties, so it’s important to reach them quickly if you want to secure the best tenants.
We have a number of successful marketing strategies that help our property owners get their homes rented quickly. If you are interested in hearing more about them, please contact us at Indiana Property Management Group, and we’d be happy to tell you more.
When you are setting a rental price for your Central Indiana income property, it’s important to look at what to do and what not to do as a landlord.
Do have a rental market analysis done on your property. This will show you what similar properties in similar areas with similar features are on the market at the same time. You’ll get a look at your competition, and you’ll have an idea of what the rental prices are on those homes.
Do Not factor in your mortgage. The amount you pay every month for your mortgage, taxes and insurance does not matter to your tenants or the market. It doesn’t matter how much cash flow you’re hoping to earn. Market factors will be far more important to the price of your rent than what you owe on your mortgage.
Do listen to market feedback. Once you set your price and you advertise your property, you’ll start to get phone calls. Pay attention to volume. If the volume of phone calls and emails isn’t high, it could be because you set your price too high. If you get a lot of initial phone calls and communication, but then those people choose not to fill out an application after seeing the property or hearing about its details, that’s also an indication that you might be asking too much.
Do Not listen to neighbors. They might be experts in just about everything, but they probably aren’t experts on this. Neighbors might want homes in the community to rent for a lot more than they actually will. They tend to be overly optimistic.
Do Not be emotional about what your home rents for. Every five weeks that your house sits vacant, you are robbed of 10 percent of your annual rental income. That hurts your bottom line. Think about your income property as a business and look at the data that supports what kind of rent is appropriate for your house.
This is just a quick list of what you should and should not do when you’re setting a rental price for your home. If you’d like more information, or if we can help you establish a fair price for your own investment property, please contact us at Indiana Property Management Group.
When you have an income property on the market, it’s important to know how tenants go about selecting a property in central Indiana. Basically, renters begin their search by looking at school corporation. Then, they look at the number of bedrooms and bathrooms in the house to determine whether the property will fit their family. Secondary factors include whether or not the house has a garage, and how the homes around the neighborhood look. Tenants will be looking to see if the other properties in the neighborhood are well kept. They’ll also make a note of whether there is a fenced yard.
An interesting thing you’ll find is that just like home buyers, Indianapolis area renters typically make these decisions based on their emotions. If your prospective tenants are a family unit, the woman is usually going to be the decision maker. There are three specific things a landlord can do to make the home ready for the market and more attractive to the best tenants as a property manager.
- Clean like there is no tomorrow. Have it professionally cleaned so that nothing is missed. Focus on kitchens and bathrooms and make sure prospective tenants are amazed at how great the place looks and smells.
- Paint. Interior paint is typically very inexpensive and it can make a dramatic difference in how the property looks to a tenant who is walking through it.
- Focus on the yard and the landscaping. This is the initial impression that a tenant gets when driving past the house or coming to the door. It’s critical that you have a nice, neat lawn that’s free of debris, weeds and other distractions. The way your yard looks also sets the tone for pride of ownership that a landlord feels. It lets a tenant know what will be expected when he or she moves in.
Each of these three things is relatively inexpensive and they are easy to do when you’re placing your home on the rental market in Central Indiana. When you think about the dramatic impact they can have on the emotional part of the tenant’s decision making, you’ll realize how important they are.
If you have any questions about getting your property rent ready or finding a great tenant, please contact us at Indiana Property Management Group, and we’d be happy to help you with any part of your property management needs.
Many people often ask about the specific services that an Indianapolis area property management company can provide. Today, we are talking about what a good property manager should do for an owner of rental property. We have selected six specific categories to talk about.
A good property management company will be skilled at drawing interest to your vacant property. A property manager will take professional photos and create videos and also know how to market your property on the best Internet sites. You want good signage as well. A good property manager will have several avenues in mind when it comes to marketing your property.
There needs to be a solid and legal screening process in place. Your property manager will be able to screen all prospective tenants and choose the one that will make the most successful renter in your property.
You can expect a good Indy property manager to properly document and track the condition of your property throughout a tenancy. There should be inspections and documentation before a tenant moves in and during the tenant’s stay. Then, there has to be excellent documentation at the time a tenant moves out. This will help preserve your asset and limit your liability.
Your property manager has to take care of the entire rental process. That means taking care of phone calls about clogged toilets, collecting rent and following up on delinquencies. A good property manager will also manage an eviction in Central Indiana when it becomes necessary.
Property managers will keep you legal. This means limiting your liability and to do this, your property manager must keep track of all the local ordinances and laws as they change. A professional will also communicate with other industry leaders across the country to keep up on best practices.
Your property manager must be willing to communicate often and freely. You should expect complete transparency when it comes to accounting and processes. It’s important that your manager communicates with you and it’s also important that there is consistent communication with your tenants as well. When your tenants feel like they are being listened to, they will be happy and happier tenants stay in your property longer. That’s better for your bottom line.
If you have any questions about what a professional property manager can do for you, please contact us at Indiana Property Management Group, and we’d be happy to tell you more.