There is a lot of information available about how to choose professional property management in Indianapolis, but very little information about how to monitor that manager after you’ve made your choice. This is important because many rental property owners wonder if they should trust their property manager. Maybe your Realtor referred you or maybe you bought a turn-key investment with a property manager already in place. You trust your kids but you still want to know where they are and who they’re with. The same thing is true with your investment. You need to monitor your property manager and make sure your property is safe. There are a few ways to do this.
Review Your Monthly Statement
Always review your monthly statement as soon as you receive it. Look for shortfalls in rent or unexplained expenses. Your property manager should provide you with all the information you need to feel comfortable that the property is being managed well.
Payments and Expenses
Personally, I prefer cloud based software with numerous portals. Manually created monthly statements are often used and abused by property managers who are trying to create a more favorable position. There should be regular payments to you, either by electronic deposits or with checks. Make sure you’re getting them at the same time every month. The amount should match your monthly statement. Any discrepancy could be a sign that your property manager is using your funds for their own expenses. Don’t be afraid to ask.
When your property goes vacant, discuss what the strategy is to fill it quickly with a quality tenant. If the process is taking too long, call the utility companies and find out whether there is active service. If so, is it in the property manager’s name or some mysterious individual? If the vacancy continues to stretch on, ask for updated photos of the interior. Then you’ll know that no one is living there.
More than likely, your property manager is doing a great job. Most managers are honest, sincere and professional. By monitoring these few things, you can learn fast whether or not you have a potential problem. Then you can seek proper advice and take care of that problem.
If you have any specific questions, please contact us at Harvey Property Management, and we will help you come up with solutions.