Why Should a Landlord Hire a Rental Property Manager?
Owning real estate in the Carmel area can be a profitable decision, but planning before the lease, locating good tenants and maintaining the property can eat into your margin in a hurry. Regardless of whether you have a small or large real estate portfolio, managing the residential rental property can be stressful.
If you are thinking about hiring a rental property management company in Carmel, remember the following:
Preparing the Residential Property for Rent
One of the trickiest parts of being a landlord comes at the beginning. You may need renovations to wall and floor coverings, lights, plumbing and more. It’s vital to ensure everything is functional and attractive. Depending on the local area, you might also want to replace appliances or add new amenities to see the highest possible returns.
You also need to decide what to ask for 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 managers have the skill and expertise it takes to help you make good decisions.
Showing the Property & Finding Renters
When your unit is on the market, you need to sign trustworthy tenants right away. This requires getting the word out that it is available. Rental property managers use only the most professional yard signage and premier internet marketing, including searchable listings that feature professional photos and enticing descriptions of your property. Every day your property goes unrented represents profit loss.
You will need to show the rental property several times and will have to set aside time for appointments even when prospective tenants no show. When you find a good candidate who is interested in renting, you need to conduct due diligence to be confident they will care for the property and pay consistently. We suggest comprehensive background checks, including proof of income, rental and criminal history and credit history. These reports add up, even when you ask the tenant to fund part of the cost, but we have negotiated premium rates with providers.
You also need to make sure you follow the law throughout the process. Most property owners who manage properties themselves aren’t knowledgeable about the Federal Fair Housing and HUD Guidelines, the ADA, and the many other overlapping laws. Even minor mistakes can become costly in a hurry.
Inspections, Maintenance & Repairs
Making a profit from your financial investments in Carmel requires that the property is maintained and kept nice. We do complete inspections inside and out while you have tenants and also keep to a regular maintenance schedule. When things go wrong, you should make repairs as quickly as possible. Our skilled rental property managers know how to watch for warning signs, and we have a network of local repair technicians ready. We are here for tenants at all hours, including nights and weekends.
Rent Collection, Overdue Payments & Evictions
Finding great tenants lessens your chances of running into financial problems, but issues may still come about. The first way to prevent problems is to make it easy to pay rent. We offer a full suite of online software that allows for scheduled online payments and that send monthly statements to you. If we see missed payments, we know what to do. From contacting tenants to completing the correct forms in case an eviction is necessary, we take care of all the details. Afterward, we can make repairs and do remodeling so you can find new renters.
At RENU Management in Carmel, Indiana, we aim to protect client investments in real estate. Our responsive, reliable property management staff has the experience and dedication required to help you maximize profit while reducing stress. Call us today to learn about our cost-effective and comprehensive rental property management services can help you reach long-term success.