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.
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 .
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.
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.
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.
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:
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:
Again, finding the right Property Management company is extremely important, and well worth the time involved to ensure you've found the right match.
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:
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:
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:
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.
Upon completing the review, we will provide you a report and any anticipated
costs involved in sprucing up your property.
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
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.
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.
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.
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.
We offer timely accounting statements each month.
Our State of the art software allows you to:
In addition, your funds are electronically distributed into your bank account, creating a truly paperless system.
Check out our Pricing Structure.
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.
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.
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!