Every real estate investor looking for an Indianapolis property management company should have high expectations. You’re looking for an industry expert and a local leader who can help your property perform better. This means higher income, less risk, and better tenants.
A good management company will ensure you earn consistent rental income. They will help you increase your long term returns and protect the value and condition of your investment.
Most investors expect the basic services of rent collection and tenant placement. High value property management is a lot more than that.
Tenant Placement with Marketing and Leasing
Successful rental experiences start with high quality Indianapolis tenants. To find a good tenant, you can expect your property manager to:
Price your property correctly
Market your property effectively
Follow up with interested tenants and show the property
Communicate well with prospective tenants
Rigorous tenant screening
Collection of security deposit and other funds
By the time your leasing process is complete, you should have a well-qualified tenant who understands the requirements of the lease agreement.
Responsive Rental Property Maintenance and Repairs
Maintenance is important. Not only does it protect the condition of your rental property, it also contributes to tenant retention. Your good residents will leave as soon as the lease ends if they feel like their maintenance concerns weren’t taken seriously or responded to in a timely manner.
Property managers will respond to routine and emergency maintenance situations, and they should also keep an eye on preventative maintenance. You don’t want to replace your heating and cooling unit every few years, and you should expect your management company to keep your maintenance costs down.
You should expect your management company to provide their own maintenance when possible and partner with preferred vendors who offer discounts and provide outstanding workmanship.
You need a property manager to respond to emergencies 24 hours a day.
Lease Enforcement and Rent Collection
Enforcing the lease is an important part of property management, and you want a full-service property management plan to include on-time rent collection, easy electronic payments, and great tenant relationships that provide you with peace of mind.
Your property manager should conduct detailed move-in and move-out inspections that document the condition of the property. If there’s a lease violation or rent stops coming in, you’ll want your property manager to take the appropriate steps, including eviction if necessary.
Transparent Accounting and Reducing Risk
There are a lot of laws and regulations pertaining to your rental property and your tenants. The laws in Indianapolis are always changing, and it’s important to know the federal fair housing laws as well. When a rental property owner hires a property manager, it’s with the expectation that all those laws are understood and complied with. You’ll need an expert who can help you with updated lease agreements and disclosures. Legal mistakes can be expensive, and you want to avoid those.
Regular accounting statements should be transparent and easy to understand. Look for a good investment in technology and excellent communication.
These are only a handful of the things you should expect from an Indianapolis property management company. We’d love to talk about your property specifically. If you’d like to hear more, please contact us at Red Door Property Management.
