Out of state investors have more risk when it comes to investing in rental property. They need a property manager they can trust who is local and able to pay attention and relay information. Today, we’re talking about hiring a property management company in Indianapolis, and what you need to look for in making a good decision.
In some cities, you can do rent comparables by zip code and be confident that the amount of rent makes sense. In Indianapolis, each zip code has a large range. For example, I live in the zip code 46205. In my zip code, rents for a three-bedroom house can range from $600 a month to over $5,000 a month. Sometimes the price changes dramatically within a matter of a few blocks. So, a property manager needs to know the neighborhoods and the streets to maximize your return.
You also need to look for transparency. As an out of state investor, you cannot simply jump in your car, drive over to your property, and see what’s going on. You must rely on your property manager for that information. In this cloud-based world, all your records should be available through an online portal so you can review them at any time. Good software will also have automatic email alerts so that when something changes, you know about it at the same time the information is entered into your system.
Easy communication is very important. You want to be able to email, text, call, and Skype your property manager. It is reasonable that your property manager should communicate to you within 24 business hours after you make your inquiry, even if it’s just to let you know that the problem is being addressed.
Areas of Expertise
An important thing you need to know when hiring a property management company in Indianapolis is whether they can effectively manage the property you have purchased. We specialize in single family homes and duplexes. We also manage a few commercial buildings and a few multifamily buildings. So if you come to us asking us to manage a 300-unit apartment complex, or your mobile home park, we will tell you that we’re not the right fit.
Out of state investing can be a very profitable way to invest in real estate. It’s also a little scary. Do your due diligence, and find a property manager that you are comfortable with and that you can trust.
If you have any questions about Indianapolis property management, please contact us at Harvey Property Management Group.