Should an Owner Hire a Investor Property Management Company?
Investing in property in the Indianapolis area can be a great strategy, but getting ready before the lease, selecting good tenants and maintaining the property can eat into your margin in no time. Regardless of whether you have a small or large real estate investment portfolio, being a landlord can be time-consuming.
When you are trying to figure out whether hiring a rental property management company in Indianapolis is right for you, keep in mind the following:
Preparing the Real Estate for Rent
One of the most difficult things about being a landlord comes at the beginning. You may need renovations to floor and wall coverings, lights, plumbing and more. It’s necessary to ensure everything is functional and attractive. Depending on the local market, you might also choose to upgrade appliances or put in new amenities to keep and attract the best renters.
You will also need to figure out how much to charge in rent, whether to include additional bills such as utilities and more. In addition, you need to make sure you abide by all the rules of your local zoning authority or HOA. Our property management company has the knowledge and experience it takes to guide you toward profitable strategies.
Locating Renters & Showing the Property
Once your real estate is up for rent, you need to sign good tenants right away. You need to get the word out. We use only the most professional outdoor signage and the best online marketing, including searchable online listings that feature professional photos and enticing written descriptions of your space. Every day your property remains vacant represents profit loss.
You will probably need to show the property several times, and will have to set aside time for appointments even when prospective renters no show. When a tenant is interested in a lease, you need to conduct due diligence to ensure they will care for the property and pay on schedule. We complete comprehensive background checks, including proof of income, rental and criminal history and credit history. These reports can be spendy, even when you ask for application fees, but we have the ability to pay in bulk and save money.
You also need to make sure you are within the law throughout the process. Most DIY landlords aren’t up on the Federal Fair Housing and HUD Guidelines, the ADA, and the many additional regulations. Even minor mistakes can become costly in a hurry.
Inspections, Maintenance & Repairs
Making your property investment grow in Indianapolis requires that the property be maintained and kept in good shape. We perform scheduled exterior and interior inspections while you have renters, plus use a regular maintenance schedule. When things go wrong, you should make repairs right away. Our experienced property managers know how to spot small problems before they become big ones, and we have a network of local contractors available in case of problems. We are available for renters at all hours, including nights and weekends.
Money and Evictions
Screening carefully cuts down on your chances of running into problems down the road, but disputes may still arise. The first way to prevent problems is to make it easy for tenants to pay rent on time. We offer full-service online tools that allow for scheduled online payments and that put money in your account every month. If we see missed payments, we know what to do. From notifying renters to completing the correct paperwork in case of an eviction, we get it done. Following an eviction, we can find new renters.
At RENUty Management in Indianapolis, Indiana, we aim to build communities and help you make money in real estate. Our highly trained staff has the dedication and experience required to help you maximize profit without the stress. Get in touch with us today to find out how we can help you find long-term success.