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Property Management
Here are a few thoughts concerning "Property Managers".
In my view, the most important consideration when hiring a property manager (PM) is whether or not they will manage your property with the same concern, diligence and cost effectiveness as they do their own property. If the manager you are currently dealing with does not own any rental property themselves; it is unlikely that they will do a superior job. Aside from this, you must find the "right fit" for you and your particular property. There are many different types of PMs. There are Management Firms, Real Estate Agents and independent PMs/Landlords. One is not necessarily better than any of the others. Which one you chose will be influenced by who you determine will meet the needs of you and your property. Any of these managers should be willing to tailor their services (and cost) to your needs. Please be wary of any manager or agency that has a one size fits all menatlity.
What kind of manager am I?
I am an independent property manager. Although I hold a valid Indiana real estate brokers license, I do not buy and sell homes for clients. My time and energy is focused on one thing... managing and investing in rental homes. I purchased and began managing my first rental property when I was 22 years old -- that was more than 25 years ago. This is a sole proprietorship operating out of an office in my own home. I live and work right here in Shelby County. All of the homes I manage are within a short drive (mostly less than 15 miles). You will find me available Mon - Sat, 9 am - 8 pm and 24 hrs a day for emergencies. I manage every client's home just like I do my own.
What kind of homes do you manage?
I'm glad you asked. I manage single family homes, duplexes and small multi-family properties.
The limitation to these types of properties has been done to help create "the right fit". These are the property types that I prefer to own myself and that I have the most experience with. Naturally, this is where I can do my best work for you (the client), and best serve the needs of the tenant also. In my experience there are two primary factors in producing and sustaining a profitable rental: 1) the right property and 2) the right tenant. Yes, there are dozens of other issues in dealing with a property and with tenants. However, if you get the first two right you are well on your way to a successful rental. Get them wrong and you are headed for trouble regardless of how well you do everything else.
That being said (please forgive if this is rude); I will not agree to manage junk. In just the same manner that all applicants are not suitable tenants, not all houses/apts are suitable rentals.
The limitation to these types of properties has been done to help create "the right fit". These are the property types that I prefer to own myself and that I have the most experience with. Naturally, this is where I can do my best work for you (the client), and best serve the needs of the tenant also. In my experience there are two primary factors in producing and sustaining a profitable rental: 1) the right property and 2) the right tenant. Yes, there are dozens of other issues in dealing with a property and with tenants. However, if you get the first two right you are well on your way to a successful rental. Get them wrong and you are headed for trouble regardless of how well you do everything else.
That being said (please forgive if this is rude); I will not agree to manage junk. In just the same manner that all applicants are not suitable tenants, not all houses/apts are suitable rentals.
Services I offer:
- coordinating pre-rental preparations (cleaning, painting, maintenance, repairs etc.)
- advertising
- showing available units
- screening tenants
- leasing, I provide all the paperwork
- collection of rents
- hold security deposits (a separate account for each owner is used, no commingling)
- evict tenants who violate lease agreement
- manage maintenance and repairs
- provide basic property accounting
Management contracts and fees...
I typically enter into a 1 year, renewable, management agreement. The fees are as follows:
25% - 50%* of first month's gross rent.
7% - 10%** of gross rents months 2 thru 12.
* tends to be less if the property is already occupied, more if I select/place a tenant; and is negotiable
** varies depending on particulars of the property (e.g. single or multi family, amount of rent, condition, location, etc.) and is negotiable.
25% - 50%* of first month's gross rent.
7% - 10%** of gross rents months 2 thru 12.
* tends to be less if the property is already occupied, more if I select/place a tenant; and is negotiable
** varies depending on particulars of the property (e.g. single or multi family, amount of rent, condition, location, etc.) and is negotiable.
Do you have more questions?
Of course you have more questions. The above is merely an introduction to the topic of whether or not I make a "good fit" to manage your property. I will consider it a privilege to discuss with you in-person, on the phone or via email the service I offer and property you own.
Please contact me by phone or email: Wes Helm 317-512-4079 or [email protected]
