Finding quality tenants is a must for landlords, but if you’ve just recently started renting property you might not know where to start. Today we’ll offer a few helpful tenant screening tips for new landlords:
Ask for ID
All prospective tenants should provide a valid photo ID, which you can photocopy and attach to the tenant’s application. To further verify identity, consider looking up the tenant’s license plate.
Call Two Landlords
Previous landlords can tell you if a prospective tenant has a history of skipping rent or damaging property. However, if you only call the tenant’s most recent landlord, she might give a glowing review just to get rid of her most problematic tenant! Calling two landlords will typically give you a more nuanced picture.
Check out Social Media
If you can, find the applicant’s Facebook, Instagram or LinkedIn profiles to verify that the employment information they provided checks out, and that they don’t belong to any hate groups or gangs.
Hire a Property Management Company to Screen Tenants for You
There’s no doubt about it—tenant screening can be time-consuming. That’s why many landlords turn to property management companies when it comes time to find new tenants. Not only can it save you time, but the company will also ensure that you’re adhering to the Fair Housing Act (FHA), which prohibits discrimination on the basis of race, religion and other factors.
Looking for top-quality property management services in the Indianapolis area? At AMG Property Management, our experienced team of rental property managers and leasing agents can work with you to help you get the most out of your rental property. To get started, feel free to give us a call or contact us online today!
If you’re considering a no-pets policy because you think pets mean noise and mess, think again. Here are a few compelling reasons to offer a pet-friendly rental policy:
Pet-Friendly Properties Attract More Tenants
Around 65 percent of people own a pet, so offering a pet-friendly rental policy can significantly expand your pool of prospective tenants.
Pet Owners Tend to be Responsible
Caring for an animal is a significant responsibility. If your tenants are responsible enough to take good care of their animal companions, they’re more likely to be responsible renters as well—e.g., pay rent on time, care for the unit and give adequate notice if they’re moving out.
Tenants With Pets Are More Likely to Renew
Since pet-friendly rental units can be scarce, pet-owning tenants will be more likely to stay at your property if you offer a pet-friendly rental policy.
Landlords Can Charge More
It’s standard to charge a pet deposit to cover any damage that the pet might cause to your property. Many landlords also charge a small amount of “pet rent” every month. Just check your local laws to determine whether you can charge monthly pet fees, and if so, how much.
Looking for a reliable, trustworthy property management service in the Indianapolis area? At AMG Property Management, our experienced rental property managers and leasing agents can work with you to help you get the best possible return on your investment. To learn more, feel free to give us a call at (317) 252-5830 today!
If you’re a landlord, you may be wondering which amenities matter, and which aren’t worth the trouble. Here’s our guide to the amenities tenants really want:
Whether it’s a fenced-in yard, a balcony or a patio, tenants love outdoor spaces where they can enjoy the warmer months. Most are willing to pay more for this sought-after amenity.
Around 65 percent of people own a pet, most of which are dogs and cats. Having a flexible pet policy is a great way to attract tenants.
Every tenant wants to feel safe and secure in their home. At minimum, exterior locks should always be changed between tenants. Consider installing a security system as well.
A rental that’s free of frustrating maintenance issues is important to potential tenants, as well as timely responses to requests for repair.
In-Unit Washers and Dryers
Prospective renters will be glad they can skip their weekly trip to the laundromat when you provide washers and dryers in their units.
Skip the dingy plastic mini-blinds and attract good tenants with attractive window coverings. Fresh curtains can make any rental look a little more put together.
Off-street parking is an amenity that tends to attract tenants, particularly in urban areas where congestion and street can cleaning make it tough to find a curb spot.
Looking for efficient, cost-effective property management services in the Indianapolis area? At AMG Property Management, our talented team of property managers and leasing agents can work with you to help maintain your property and find great tenants. Just give us a call at (317) 252-5830 to get started today!
The rental market has seen a large increase in the last few years. Because many millennials are opting to rent before purchasing their first home, now is a great time to become a property owner. There are many characteristics that a great landlord must have, and it’s important to have a complete understanding of your responsibilities before investing in a rental property. Here’s what you need to know:
Know the Law
Learn the specific landlord-tenant laws according to your state. You can find details on landlord-tenant laws in Indiana here. By knowing the law, you can protect yourself and ensure that you are engaging in established best practices when renting your property
Find the Right Property
When purchasing a rental property, you want to make sure that you choose the right property for you. It may be easy to buy a cheaper home and fix it up, but be careful that you don’t take on a property that becomes more work than you can handle. Adkin Management Group can help you find the right property in Indiana.
Establish a Reasonable Rent Price
When establishing a rent price, you need to consider the rent of other homes in the area, as well as the condition of your property. Investing in new appliances and amenities, for example, may allow you to charge more for rent without discouraging prospective tenants.
Find the Right Tenant
You’ve got the perfect property and are all set to go. Now you just need a tenant! When searching for the right tenant, it’s important to perform a proper screening to be sure you can trust them. By doing a background check and checking their credit and employment history, you can establish the responsibility of your tenant.
Check Your Property Often
By inspecting your property regularly, you will be able to stay on top of any issues that may arise along the way. Your tenant will appreciate you for maintaining the upkeep on their rental.
Being a property owner can be challenging, but if you are consistent and patient it can become a very rewarding source of income. If you think you have what it takes to become a landlord, now is a great time to break into this lucrative market. Contact AMG Property Management for professional property management assistance today!
More than a quarter off all Indiana residents rent their homes, according to Democratic State Senator Eddie Melton. Last month, Melton filed a new piece of proposed legislation that’s designed to protect Indiana’s renters by giving them more legal leverage in disputes with landlords.
If approved, Senate Bill 524 would make a few notable changes to Indiana’s landlord-tenant law.
Under the terms of the proposed legislation, tenants would have 14 days—up from the current limit of 10 days—to pay past-due rent before a landlord could terminate their lease. Furthermore, landlords would be required to give renters at least 14 days’ notice in writing and an opportunity to correct lease violations before initiating eviction proceedings.
Landlords would also be required to give renters 48 hours’ notice before entering their rental units, and at least 60 days’ written notice before raising rent or making other changes to a rental agreement. Currently, landlords must only give 30 days’ notice before modifying a rental agreement.
If Senate Bill 524 is approved, tenants would also be legally allowed to withhold rent in the event that landlords fail to repair and maintain “essential services” that are required to keep the property safe and habitable. Finally, the bill would establish an Indiana Eviction and Prevention program designed to reduce the number of evictions statewide.
It’s currently unclear how much support the bill among other state lawmakers, and it’s still in the early stages of review by the Senate Committee on Commerce and Technology. You can view the complete list of proposed changes in Senate Bill 524 here.
Thanks to the city’s relatively modest rental rates and plentiful housing inventory, Forbes named Indianapolis the best city in the nation for renters in 2017. Now, as we near the end of 2018, a recent report from Indianapolis-based brokerage firm Tikijian Associates is shedding new light on the ways in which our city’s rental market has changed over the course of the past year.
While renters still have plenty of attractive options to choose from, a surge in multifamily development has set rental rates on an upward trajectory in many neighborhoods across Indianapolis.
Although the average monthly rental rate in Indianapolis sits at around $850, one-bedroom apartments downtown often cost upwards of $1,000 a month, according to the Indianapolis Business Journal. The market analysis from Tikijian Associates attributes this trend both to the recent increase in multifamily housing developments, as well as a tendency for property owners in desirable neighborhoods to make “high end” upgrades to existing properties.
“Between the rental market and sales and investment market, things are going very well,” said Senior Managing Director George Tikijian in a statement. “We’re pretty long into an economic recovery and have a low-interest-rate environment. Couple that with the tremendous demands across the board and what we’re seeing from rent growth … The market is strong.”
At AMG Property Management, we strive to help the property owners in our area make the most of their investments by filling vacancies, conducting maintenance tasks, offering advertising services and more. To speak with a representative about all the property management services we offer, feel free to give us a call or contact us online today!
Looking for ways to attract new tenants to your investment property? The home’s exterior is the first thing prospective tenants will notice, so this is typically a good place to start. Although some renovations like roof replacements and house painting can be quite expensive, there are other more affordable changes you can make that will significantly improve your property’s curb appeal. Check out a few of our favorite ideas below!
Pressure Wash the Exterior
Using a pressure washer to clean your property’s siding, shutters and walkways offers an easy to brighten it’s exterior and remove stuck-on grit and grime. If you don’t own your own pressure washer, you can typically rent one from your local hardware store. Just be sure to carefully regulate the PSI so that you don’t inadvertently remove paint or damage sensitive surfaces.
Paint the Front Door
As the main entrance to a home, the front door should serve as an attractive focal point that feels warm and inviting. If you can’t afford to repaint the entire property, you can start by updating the front door with a fresh coat of paint. Consider using a bold accent color that complements the color of the home’s siding.
Replace the Mailbox
An old, dented mailbox can distract from what might otherwise by an attractive property. New mailboxes start at around $20, so there’s simply no reason to let that old mailbox keep dragging down your home’s curb appeal anymore.
Update the Landscaping
There’s no better way to breathe new life into a home than by adding some new planters and flowerbeds. Try to select low-maintenance species that won’t require a great deal of work to keep up with after you put them in the ground.
At AMG Property Management, we can work with you to maintain your property so that it’s always looking its very best. To learn more, give us a call or contact us online today!
The U.S. housing market has largely favored sellers for the past several years, but that trend could be about to shift according to a recent report from online real estate marketplace Zillow. Home value growth is finally beginning to slow in some of the nation’s hottest housing markets, and the share of home listings that have taken a price cut has increased significantly over the course of the past year.
Nationwide, Zillow found that about 14 percent of all listings had a price cut in June of this year, up about three percent from a low of 11.7 percent at the end of 2016. In some markets such as San Diego, however, the share of listings with price cuts rose by as much as eight percent in a single year. These price cuts have primarily affected listings in higher-priced markets thus far, while listings in some more affordable markets such as San Antonio have actually experienced a reduction in price cuts. Meanwhile, close to half of the nation’s 35 largest metro areas—including Indianapolis—have experienced a slowdown in home value growth since the beginning of the year.
“The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly,” said Zillow senior economist Aaron Terrazas in the report. “It’s far too soon to call this a buyer’s market, home values are still expected to appreciate at double their historic rate over the next 12 months, but the frenetic pace of the housing market over the past few years is starting to return toward a more normal trend.”
For property investors in Indianapolis, this shift in the housing market could offer exciting opportunities to expand their portfolios with new rental properties. It might not be time to buy just yet, but it’s certainly a great time to keep a close eye on our region’s housing market. To learn more about how our property management services can help you make the most of your investments, feel free to give us a call or contact us online today!
Leasing an investment property to tenants can offer a great way for property owners to generate extra income, but only if they make sound, savvy business decisions. When investment properties aren’t carefully managed, they can quickly wind up costing landlords money instead. Check out a few tried-and-true tips to make sure your rental property remains a profitable investment below!
The single most effective way to maximize a rental property’s profitability is to make sure it’s occupied by a tenant at all times. If a property is typically rented on a 12-month lease, each month of vacancy constitutes an 8.3% loss in annual revenue. With this in mind, you should always start looking for a new tenant as soon as your current tenant notifies you they will be leaving at the end of their lease.
If you’re having trouble finding a long-term tenant in a pinch, consider filling in the gaps with short-term options like Airbnb rentals. Giving your tenants the option to sublet the unit on a short-term basis can be another great way to avoid vacancies and maintain a steady flow of income.
Weigh Rent Hikes Against Turnover
Raising the rent might seem like an easy way to make your rental property more profitable, but if you’re not careful it could wind up costing you money in the long run. That’s because many tenants view rent hikes as a good reason to find a new place to live. Make sure you do some research before raising the rent to make sure it’s line with other comparable properties in your area. In some cases, keeping a loyal tenant at a lower rate can be more cost-effective than trying to find a new tenant to fill a vacancy at a higher rate.
Adhere to Your Late Fee Policy
Establish a fair, straightforward late fee policy in your lease and stick to it. If you don’t want to personally hassle your tenants for late fees, considering using an online payment service that automatically invoices tenants for late fees in the event that they don’t submit their rent payments on time. This way, your tenants will always have a clear understanding of your expectations and the repercussions of late payments.
At AMG Property management, we specialize in providing landlords with the tools and services they need to maintain successful, profitable rental properties. Give us a call or contact us online today to learn more!
It’s a great time to be a tenant in Indianapolis, according to a report from Forbes published in 2017. Last year, Indianapolis topped the popular business magazine’s list of best cities for renters in the United States.
Thanks to the city’s affordable rental prices, steady economic growth and stable job market, Forbes recognized Indianapolis as the best city in the nation to rent a home.
The study found that the average rent in Indianapolis is just over $800, which accounts for only 17% of the city’s median household income. This makes it the second most affordable city for renters in the nation. But affordability wasn’t the only metric Forbes considered in the study; the city’s rental availability helped Indianapolis earn the top spot on the list as well.
In 2017, Indianapolis had a 5.6% apartment vacancy rate, compared to the nationwide average of 3.9%. This means that prospective tenants in Indianapolis have more apartments to choose from when it comes time to search for a new home. Renters in Indianapolis can also rest easy thanks to the city’s remarkably low rate of price hikes. Rental prices increased by an average of just 2.5% between 2016 and 2017.
Looking for a new rental property to call home in Indianapolis? You’ve come to the right place! You can find a variety of attractive, affordable housing options in our portfolio at AMG Property Management. Browse our available rental properties online, or give us a call today to learn more about any of the properties you can find on our site.