Property Manager Indianapolis
Member since 2022 · 19 posts · 7 votes
Property Manager Indianapolis
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3yQuote from @Jill Keller:
In colder climates it is common for rentals to slow down a lot in the winter, particularly around the holidays. However, I'm in a cold market (currently -2 degrees) and I'm still renting properties in less than 30 days.
Here's my advice for finding a property manager.
Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!
The DIY Landlord Book4.7244 Reviews
9 Replies
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes3y
Quote from @Jill Keller:
In colder climates it is common for rentals to slow down a lot in the winter, particularly around the holidays. However, I'm in a cold market (currently -2 degrees) and I'm still renting properties in less than 30 days.
Here's my advice for finding a property manager.
Start by going to www.narpm.org to search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start. You can also search Google and read reviews. Regardless of how you find them, try to interview at least three managers.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees. Fees should be clearly stated in writing, easy to understand, and justifiable. Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate, particularly if you have a lot of rentals.
4. Review their lease agreement and addenda. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact that a tenant is complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
7. Look at their marketing strategy. Are they doing everything they can to expose properties to the widest possible market? Are their listings detailed with good quality photos? Can they prove how long it takes to rent a vacant property?
This isn't inclusive but should give you a good start. If you have specific questions about property management, I'll be happy to help!The DIY Landlord Book4.7244 Reviews - 3yChris MullinaxBusiness MemberProperty Manager · Kokomo, IN · Member since 2020 · 172 posts · 44 votes
Hi @Jill Keller, we would be happy to have a conversation with you. Feel free to message me!
CRM Properties4.9524 Reviews - 3yDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
Even if someone give you a referral, what meets their expectations, may not meet yours.
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😊
Please send us any feedback via email, as we do not use the DM feature here.
Logical Property Management4.9462 Reviews - 3yJake KnightPro MemberProperty Manager · Indianapolis · Member since 2017 · 303 posts · 146 votes
@Jill Keller Hi Jill, I'm with a local PM company that manages over a !,000+ doors. The Winter time is a slower "seasonal" time of year so DOM do inflate this time of year. That being said, there are a number of factors that play into how long it takes for a property to rent i.e. home condition, rent, school district, marketing, etc...Generally, $1,000 rentals move well in this market as it's below the Indy's average rent. We market on a plethora of different platforms which helps our properties rent quicker. That being said, it's important to find the most qualified renter for a property as well which came take a greater amount of time. Anyway, happy to discuss further with you if you'd like!
- Investor · Phoenix, AZ · Member since 2024 · 5 posts · 2 votes2y
Hi, I am starting a portfolio in Indianapolis and looking for a great PM. Did you ever find one? If you did go with a PM would you recommend them?
- 2yJake KnightPro MemberProperty Manager · Indianapolis · Member since 2017 · 303 posts · 146 votes
I'm happy to send you some information on our services if you'd like. Either way, wish you the best in your search!
- Investor · Phoenix, AZ · Member since 2024 · 5 posts · 2 votes2yThank you! I have already reached out to your group and it touch with Devon Shaw by email. I would like to schedule a phone call do discuss further though. Could we set something up? I read the ebook and I think your group would fit my needs.
Quote from @Jake Knight:
I'm happy to send you some information on our services if you'd like. Either way, wish you the best in your search!
- 2yJake KnightPro MemberProperty Manager · Indianapolis · Member since 2017 · 303 posts · 146 votes
Quote from @Max Goossens:
Thank you! I have already reached out to your group and it touch with Devon Shaw by email. I would like to schedule a phone call do discuss further though. Could we set something up? I read the ebook and I think your group would fit my needs.Quote from @Jake Knight:
I'm happy to send you some information on our services if you'd like. Either way, wish you the best in your search!
That's great news! My email is [email protected]. Feel free to reach out or book my calendar!
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