Indianapolis Property Management

13 Replies

Hello, Bigger Pockets!  I'm a new investor who recently purchased a duplex in the Indianapolis area using a turnkey provider.  I am very unhappy with the property management company that was included as part of the turnkey deal and am looking at other options.  My key gripe is utter lack of communication.  The duplex had been available to be rented for nearly four months.  I email and call regularly but can't seem to get any sort of response.  Not once has an email been returned and only when I escalated complaints up to the turnkey provider, did I get a phone call.  I did manage to find out that one side of the duplex was (supposedly) rented but that was over a month ago and since then no further communication.  I wanted to reach out the BP community for recommendations.  Who do you use for PM and why?  Is your PM reasonably responsive to emails, calls, questions?  What should I expect in terms of responsiveness? 

Thank you in advance for helping out a newbie.

Hi Allen, 

Sorry to hear you're having issues with your PM company. Reach out to @Ross Denman . I don't have any properties under their management but Ross has been incredibly helpful for me when narrowing down farm areas as well as giving some tips on how to effectively manage tenants. 

Hey, Allen! I have 3 different PMs I currently use in Indy. I will message you directly to discuss my honest opinions and state who they are. I know it can be SUPER frustrating.

@Joseph H. thank you for the recommendation!

@Nicole Hoss , thanks for the direct message.  I'll follow up with you there.  This is definitely been a frustrating experience!

Allen- we have jumped in to several of these situations like you are experiencing over the last few years.  Unfortunately, usually where there is smoke there is fire and I strongly urge you to follow your instincts.  You are going to want to confirm the new manager is comfortable with the area of your duplex and understands the market.  That is the challenge on locating property management in Indy...not many willing to take on the B-/C properties.  

Happy to discuss directly if you wish to PM me. 

Hey @Allen Scott , any chance this was a property from Morris Invest? Read some stuff about the PM group that they use..anyway, was there a clause under the Termination section that states you owe them (12) months of fee if the termination wasn't mutually agreed upon? Keep that in mind that it could be a hefty fee if you've just started your first month + the leasing fee (if applicable). Obviously if they're just doing a lousy job with zero communication it'd be cheaper to just pay the fee and free yourself from the contract. Hope it can work out for you.

This can be a common theme among some turnkey people. Sell and don't service them. Feel free to reach out and I'll happily give you my opinion and see if we can help.

Good luck!

Indy is a great city if done right.

FS Houses! Best out there!

There's no reason for the PM not to have open communication with the owners. I agree with @Joel Wilmoth follow you gut and move on to another PM. 

@Joseph H. Thanks for the mention.

@Allen Scott I get calls from clients of other property managers every week. While there are certainly several good PM's around town, there are probably more not so good PM's. Some PM's are better with some types of properties as opposed to others and better at some facets of management then others. I tell so many people who are "price shopping" that the cost of poor property management is much more costly than the $200-$300 variance between value priced property management and premium property management. Different owners, tenants, and properties have different needs. I think it's most important to understand each portfolio and their specific needs. The biggest complaints that I hear from people looking to change property management is communication issues, costs of repairs or make-ready, and days on market. We try to identify ways of bettering our services every year and have a larger staff to unit ratio than anyone else in town. While it reduces our bottom line, we have grown more this year by our clients expanding their portfolios than we have bringing in new business. This is the first year that has happened and it's happening because most of our clients are fairly successful and meeting their goals as a rental property investor. Like any company, we have our struggles, but we work closely with our tenants and investors to get through whatever struggles we may face. PM is probably the worst of the RE investment industry, but it's full of action (and drama) so it keeps things busy and lively for us.

If you would like more information about our company and services, PM me and I'd be happy to answer any questions that you may have. If I don't feel that your property is a fit for our business model, I have some other PM's I can refer to you that may be a better fit. At the end of the day, while I love and believe in our company (and I'm just an employee not an owner of the company) I just want people to be successful in their endeavors. It doesn't do our company any good to take on a property that we don't believe that we can manage successfully and profitably for our clients.

Originally posted by @Lionel Li :

Hey @Allen Scott , any chance this was a property from Morris Invest? Read some stuff about the PM group that they use..anyway, was there a clause under the Termination section that states you owe them (12) months of fee if the termination wasn't mutually agreed upon? Keep that in mind that it could be a hefty fee if you've just started your first month + the leasing fee (if applicable). Obviously if they're just doing a lousy job with zero communication it'd be cheaper to just pay the fee and free yourself from the contract. Hope it can work out for you.

 It would appear that the PM could be in breach of their contract if they aren't communicating and fulfilling their responsibility to exercise diligence in getting the property rented. If that is the case, the landlord has every right to cancel the contract without penalty. The PM agreement cuts both ways.

@Nicole Hoss - Do you mind sharing PMs in Indy and your opinions about them over direct messages with me as well? Appreciate your help in advance. 

@Allen Scott

Allen, I would recommend you talk to @Derek Gendig over at IPM Real Estate. They're on top of their stuff, and communication is excellent! Hope this helps...

I haven't worked with @Josh C. yet, but I do know him personally and from the investment world here in Indy, and I would also suggest you reach out and at least have a chat with him.

Cheers

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