Property management recommendations
Looking for recommendations for property management companies in the Indianapolis market. Looking to rent out my current property, this will be my first rental property! Any tips, recommendations would be greatly appreciated.
Hey James! I would suggest reaching out to Intrigue Indy Property Management. Feel free to connect with questions.
I would add:
City Place PM and Evergrow PM
#2 Managing Your Property Contributor
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
I would concur with @Austin Coon on Intrigue Indy! I actually worked for them for a bit and can connect you to the owner!
Hey! @James Zobrisky I have started my out-of-state real estate journey in Indianapolis. Now, I have a portfolio of long-term rentals and STRs. I've also helped other investors with their DSCR loans and flip projects. Happy to share my experiences and chat with you more if you're interested.
Hey James! My advice is to make sure your tenant profiles match your PM. I've seen investors use "tech driven" PMCs because of their owner tools and pricing to the detriment of their tenant experience. I have a couple of tenants who can't login to a website and choose to drop their checks off in person - you'll want to make sure your potential tenant's habits match the tools of the PMC.
@Jayson Cain Hi Jayson, I'm also looking in the Indianapolis area, and would love to connect if you'd be okay with that. I'd be interested in knowing more about your investing experience in Indiana, as well as more about the DSCR loans-which I assume is commercial/asset based lending as opposed to residential? I look forward to hearing from you!
Hi James! I'm with PMI Indianapolis, a full-service pm company. I'd love to chat and see if we can provide what you're looking to find.
Quote from @James Zobrisky:
Looking for recommendations for property management companies in the Indianapolis market. Looking to rent out my current property, this will be my first rental property! Any tips, recommendations would be greatly appreciated.
Hi James - I'd recommend checking out the Central Indiana Real Estate Investors Association. Some of the property managers above are members there as well. We provide alot of opportunity for you to network and be able to get face to face with other investors, vendors and the like so you can up your game. If you do a web search for CIREIA you'll find our website, where you can jump on our schedule and figure out if there's a meeting you'd like to come to.
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Real Estate Agent Indiana (#RB17001673)
- Central Indiana Real Estate Investors
I agree with the statement that you need to work with the Tenant's personality/tech level. But more importantly, you need to have a good personality match with your property manager. I believe they are the most important person on your team. (And I am not a PM). Some of the ones I have personally worked with in Indianapoolis are T&H Realty, LivIndy, Triple E Management, AMG management, and PMI (there are 3 different branches in Indy) I would suggest interviewing several and seeing what is a fit for you. PM me if you need contact info
I would second @Austin Coon Intrigue Indy PM. I used to work for them and now I'm an agent. Would be happy to assist.
@James Zobrisky how’s the journey? Would love to touch base and share LIV Indy’s approach to PM, on a mission to be the trusted PM.
Quote from @Gloria N Gear:
I agree with the statement that you need to work with the Tenant's personality/tech level. But more importantly, you need to have a good personality match with your property manager. I believe they are the most important person on your team. (And I am not a PM). Some of the ones I have personally worked with in Indianapoolis are T&H Realty, LivIndy, Triple E Management, AMG management, and PMI (there are 3 different branches in Indy) I would suggest interviewing several and seeing what is a fit for you. PM me if you need contact info
Thank you so much for the advice!