So you’re thinking of renting your home and you think you want a qualified property management company to help you. What exactly should you expect your property manager to do for you, and what work will you still need to shoulder yourself?
- Getting your property ready to rent. Just because you want to rent doesn’t mean your property’s ready for a tenant to move in. Is it clean? Have you removed most of your belongings? Have you made necessary repairs? Will it photograph well? Do your zoning laws or HOA covenants allow you to rent your property? How much should you charge for rent? An experienced property management agent can help make sure everything is ready for your new tenants.
- Finding tenants. Sounds simple, doesn’t it? But think of all the steps involved in finding a good tenant: photographing the property, publicizing it online, in print and with a yard sign, speaking to all prospective tenants, doing background checks, renter history checks, credit checks and signing a final contract, to name only a few. It’s a big job to take on if you don’t intimately understand the ins and outs of tenant acquisition.
- Staying legally compliant. Renting your home isn’t as simple as just putting out a yard sign. There’s a whole host of federal, state and local regulations that take a professional to unravel. Additionally, a property management company can help you create strong, binding contracts, collect security deposits and deal with rent collection and eviction.
- Maintenance. A good property manager will either have an in-house maintenance team or good relationships with local handymen and contractors. They’re the ones your tenants will call when that pipe bursts at 3 a.m.
Having a good property manager can make your life immeasurably easier when renting your home or investment property. If you’re looking for an Indianapolis property management company, we’d love to talk to you about how we can help.