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What Does a Property Manager Do?



A professional property manager has many responsibilities, and one of those is to make sure your investment, or your property, is protected.

The goal of most management companies, is to handle EVERYTHING for you. This is why you pay them, so that you don’t have to be involved, unless you really want to be.

Most full-service PM's will take care of everything from advertising the home to facilitating the move-out. 

While the list of what a Property Manager does can be quite extensive, there are 3 major things a company can do well for you that you may have a hard time doing on your own due to lack of experience or just lack of time. 

  1. Tenant Screening - The most important thing is the tenant screening. It cannot be stressed enough how important it is to thoroughly screen a tenant before you let that person move into your property.

    We have met landlords who say they simply meet the tenant and then trust their instincts to tell them whether or not to approve them. Screening is vital to ensuring you get the right person in your home. It will go a long way towards protecting your property and a PM company .

  2. Walk Thrus - Routine inspections are also important. A Property Manager should check the place out prior to a tenant moving in and after they move out to assess damage and wear and tear.

  3. Maintenance - Preventative maintenance is very important when it comes to protecting your investment. This is probably the biggest area that self-managing Landlords struggle with as it can be hard to keep up with maintenance if you own several properties. 

    A good Property Manager will see to it that everything is in working order for your Tenants and respond to work orders promptly. 

 



Do I Really Need to Hire a Property Manager?

Should everyone hire a Property Management Company?New Call-to-action

Absolutely not.

In fact, the vast majority of rental homes in the United States, as high as 70%, are self-managed. 

While we obviously feel Property Management companies provide a tremendous value to Landlords, we certainly aren't good fits for everyone.

Before you even begin researching companies, ask yourself, "Do I really need to hire a property manager?"

If you fall into these 4 categories, you may be better off self-managing:

1. If you have time

2. If you are committed

3. If you have knowledge

4. If you want control


If you aren't completely on board with the idea of turning your investment over to a third party, then you're going to find something wrong with every company you interview. It saves everyone time if you can first determine if you absolutely want to hire a Property Manager.

 



Understanding Online Property Management Company Reviews

There are no household names in the world of Property Management.

Anyone could rattle off a list of car manufacturers, television brands, or even local real estate companies.

But, Property Management is different.

And that can make finding a quality Property Management company difficult.

If you are like most people, unless you receive a trusted referral, you’ll take to the internet to learn about different Property Management companies, paying special attention to not only fees and services, but also to online reviews.

Reviews matter.

They absolutely sway opinions.

But they can also be confusing.

And yes, they can also be fake.

Property Managers are particularly susceptible to bad reviews. We have two different sets of customers (Owners and Tenants) that can sometimes have opposite goals. So, when a difficult situation arises, an eviction, for example, at least one, if not both parties, can become upset. 

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And some of these people are perfectly willing to share and even embellish the bad experience with the world. Because, as we all know, people are much more willing to share a bad experience than to share a good experience. 

Fourandhalf is a marketing company that works exclusively with Property Management companies throughout the world on their marketing efforts. And part of Fourandhalf's product offering is online review management. 

Fourandhalf has done extensive research and blogging on the impact and importance of online reviews as they relate to PM companies. 

So, obviously, reviews are a big deal in our industry, as both Tenants and Owners will leave them.  

Here's a few things to keep in mind when looking through property management reviews:

  • Take Tenant reviews with a grain of salt
  • Look for consistent trends in Owner reviews
  • 5-Star reviews aren't always what they seem. 

 



Finding Quality Property Management in Indianapolis

So, you are in the market for a Property Manager.

My guess is that this decision is important to you.

Shopping for a Property Management company should require some work on your part. After all, you are turning over the keys - literally - to one of the biggest assets you own. If you turn those keys over to a property manager that's ill-equipped to manage your home, you could open yourself up to a lot of headache and, ultimately, a lot of lost money. 

No Property Managers are alike. We all have our differentiating factors - or at least should have differentiating factors - that, if you research long enough, will align with your own specific needs and wants.

Here are 5 tips to ensure you find the ideal Property Manager for your home:

  1. Do the owners of the PMC own rental real estate? This is a critical question to get answered right away. If they don’t own their own rental real estate, or have never owned rental real estate, it’s a huge red flag. 

    Would you hire a stock broker that didn’t invest in the stock market? Would you hire a coach who had no experience playing the sport? Of course not.

  2. Understand ALL the fees - Unfortunately, management companies generally do a very poor job of listing their fees on their website. That’s why you’ll not only need to get a copy of a Property Management Agreement, but also ask the specific question, “Can you tell me all the fees I will have to pay for your services?” 

    Price is important, but it shouldn't necessarily be the most important factor in your decision. 

  3. Understand communication policies - The number one complaint about Property Managers is the lack of communication. That’s likely because most management companies have not created a company culture that stresses communication, or they don’t have the property staffing in place to allow for prompt communication. 

    Ask what their corporate policy is regarding communication.

  4. Ask about the staff size and experience - If the management company doesn’t have a full staff listing on its website, you’ll need to uncover this information during the interview. It’s critical that whatever company you choose is fully staffed to meet your needs. There are not any perfect ratios out there, but if the solution you are considering has more than a 50:1 ratio (50 properties for every employee) you should probably continue your search.

  5. Understand maintenance protocols - Every management company should document, exactly, how they will handle maintenance within their Property Management Agreement. If they don’t, you should be concerned.

Again, finding the right Property Management company is extremely important, and well worth the time involved to ensure you've found the right match.  



Why Choose T&H Realty Services?


We realize entrusting your home to an Indianapolis Property Management company is a big deal. 

Here are five reasons why we think you should choose us to manage your Indianapolis rental property:

  1. We're trusted, local real estate experts - Our staff has more then 135 years of combined Property Management experience. In short, there's no staff in Central Indiana that is better equipped to lease and manage your home than ours. 

  2. We know how to maximize your investment - We have - without question - developed the best rental marketing program in Indianapolis. Statistics pulled from the local MLS system show that we lease homes, on average, 3 weeks faster than our collective competition. So, our marketing efforts actually save you money!

  3. We know how to safeguard your asset - Not only do we conduct customary move-in, renewal, and move-out walk-thrus, but we've also developed an expansive list of preventative maintenance programs that you can utilize to help safeguard your home in the most effective manner. 

  4. We communicate - While communication might seem like an obvious expectation, we take calls from Owners every week that are frustrated with their current Property Manager simply because they cannot get a response. We stress communication heavily within our organization and are confident you’ll be informed as much, or as little, as you want to be.

    Learn about all 4 of our Core Values!

  5. We're more than a Property Management company - We have multiple Realtors on staff that can help with whatever real estate needs you may have. If you are looking to add to your rental portfolio, we can help with that. Or, when the time comes to sell your property, we can certainly facilitate that request as well.

 Schedule a phone call


 

Properties We Manage

We realize that Indianapolis rental properties come in all shapes and sizes. 

We also realize that, to provide our customers with the best possible service, we can't manage them all. 

In fact, we have to turn away Investors every single day because we want to ensure we can service their Investments the best way possible. 

Below is a list of criteria that we serve best:

  • Single Family Homes/Small Multi-Family - Our specialty is single family properties, but we will consider very small multi-family properties no larger than 4 units. 

  • Properties that command at least $1,000 in monthly rent - We do have some exceptions to this rule, but it will depends on the location and the quality of the home. We like controlled growth, so we've had to put rental limits on the homes we manage. 

    Keep in mind that if you have a duplex, we like for each unit to rent for at least $1,000 per month. 

  • Properties within 25 miles of our Office - We're centrally located in the Meridian-Kessler area of Indianapolis. Our territory covers a wide range of counties and cities. But for logistic reasons, we have to limit coverage areas. 




Are We a Good Fit for You?

We're not the right Property Management company for everyone. 

We receive many inquiries into out business each day from people interested in our Indianapolis Property Management services. 

As it turns out, we aren't good fits for most - a large majority, in fact - of these inquiries. 

If you haven't already, please review the types of homes we manage, because this is the major reason we aren't good fits. 

However, even if you have the right property in the right location, we totally understand that we may not be the best fit for you. 

In reality, there's no Property Management company that is one size fits all. 

We are NOT a good fit for you at T&H realty if: 

  • You aren't committed to treating your rental home like a small business - Yes, you are entering into a small business when you decide to become a Landlord. 

    You will receive income in the form of rents and you will have expenses; and sometimes, those expenses will exceed your income. That's reality. 

    You will also have customers (Tenants) who need to be treated as such - not like someone who you view as only there to cost you money. If you want high-quality, high-performing customers, you must provide a high-quality, high-performing home. 

  • You want to manage your Property Manager - We value your input and want it. We want to understand your pain points so we can address them and we want to understand your investment goals so we can help you meet them. 

    However, you hired us for a reason. We are EXPERTS as what we do. Let us do our job and we'll all be much happier and more profitable. 

  • You are only concerned about fees - We are NOT the cheapest solution out there. There are plenty of other Property Management Companies in Indianapolis who have fees that are less than ours. 

    But, if you think that hiring a highly experienced, highly effective Property Management company will ultimately make you more profitable, than we might be a good fit for you. 


 Services We Provide

Pre-Leasing Evalutaion

Our job is to get maximum rent for your property.

A tremendous feature we offer right after becoming your Property Manager
(and, in many cases, BEFORE we become your Property Manager), is a walk-thru 
evaluation, and a Comparative Market Analysis (CMA) of your property.

  • Is it ready to rent?
  • Does it have the features that Tenants want?
  • Can we make simple changes to increase your rent dollar?

Upon completing the review, we will provide you a report and any anticipated 
costs involved in sprucing up your property.

Find out how much your property could rent for!

 

Marketing

No Property Management Company in Central Indiana markets properties better than us, and we have the statistics to back it up. 

We typically rent homes 3 weeksfaster than our collective competition, 
saving you thousands of dollars over the term of your investment.

We use a variety of marketing efforts, including:

   -A massive internet campaign 

   -Craig’s List

   -MLS system

   -Rently

Our website alone receives more than 10,000 visitors per month and our full-service marketing plan will expose your property to dozens of national websites. 

 

Screening

In addition to our renowned marketing tactics, every applicant is thoroughly vetted by a best-in-class screening service.

Clearly, it’s in everyone’s best interest to find a highly qualified Tenant. 

Our screening is so effective that we only evict less than one percent of our Tenants annually.

We conduct a background check, pull credit scores from Equifax, and check past rental history. 

If an applicant meets our credit and income requirements but has a negative rental history, we will not approve their application. 

You can see the full list of our Rental Requirements here. 

 

Leasing

We respond to every single lead we’ll receive on your property (just try us!) 

We track interest and correspondence through Rently and will notify you about the property's performance. 

We have a statisitically proven track record of leasing homes 3 weeks faster than our collective competition. That means less vacancy time and more money in your pocket. 

Once we receive an application on your property we will process it within 2-3 business days and let you know as soon as the applicant signs the lease. 

 

Maintenance

Inevitably, problems will arise (yes, the number one reason Tenants call is for toilet issues!) and we’re here to handle it.

We have highly qualified maintenance 
technicians, and a very large Vendor network, that can solve nearly every problem.

In addition, we offer a full array of preventative maintenance programs and, during emergency situations, we have a list of terrific contractors to call upon.

Rest assured, your asset is protected and in good hands.

Many Owners ask us how much they will spend on maintenance and the answer is, it depends. 

This article will help give you a good idea of what to expect.

How Much Will I Spend on Maintenance for my Indianapolis Rental Property?

 

Accounting

We offer timely accounting statements each month.

Our State of the art software allows you to:

  • Log into your account 24 hours a day, 7 days a week
  • Check the status of rental payments
  • View real-time reports about your lease and property
  • View any outstanding maintenance issues
  • View actual invoices associated with maintenance
 

In addition, your funds are electronically distributed into your bank account, creating a truly paperless system.

Check out our Pricing Structure.

 

Move-Ins & Move-Outs

When we move a Tenant in or out of your property, we have a comprehensive list of tasks that we complete to help ensure that all parties have an enjoyable experience. 

At both the move-in and move-out the Property Manager will conduct thorough examinations of the premises and document it with photos and videos. We then upload these onto YouTube which gives us solid proof of the condition of the home before and after the Tenancy. 

Once the Tenant moves out, we will also facilitate the entire turnover process for you to get the home in rent ready condition again. 

 

Evictions

In the event that an eviction is necessary, we are more than capable of handling every aspect of the process, including court appearances and collections.

Again, we evict less than one percent of our Tenants, but are ready to do so when necessary.

In the event a Tenant vacates owing money, we have a multi-faceted collection process to help recover your money.

Check out:

How do Evictions Work in Indiana?

 

Real Estate Brokerage

One of the things we pride ourselves on is our knowledge and experience in the Indianapolis market. 

As a licensed real estate office, we can help you find and purchase properties to add to your portfolio, or help you sell your assets when the time comes. 

We will do market analysis for you and guide you on what your best options are. 

If you are an out of state investor, we can be your boots on the ground and your eyes and ears!

Learn more about our investor services



Interested in learning more about T&H Realty?




What Our Customers are SayingBBB-logo-Aplus-black-white

We greatly value the input given to us by our customers: Owners and Tenants alike. 

Our staff works very hard to ensure each individual has an enjoyable experience with our company and we strive to make things right if we fall short of expectations. 

 

 

 

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