Why Is Providing Proof of Income Important for Landlords?

If you’ve ever rented before, you know that your landlord will probably ask for proof of income. While every rental home and application process is different, it’s important to be prepared to provide proof of income if your landlord does ask for it.

If you find yourself in this situation, you may wonder why you’re being asked to provide this information to your landlord.

Here is everything you need to know before providing proof of income to your landlord: 

Do You Need to Provide Proof of Income to Your Landlord?

Why do Landlords Ask for a Proof of Income? 

Providing proof of income to your landlord prevents them from losing money on their investment property, and it saves them from having to potentially evict a Tennant in the future.

Your landlord knows that most people intend to keep up with their rent payments. However, keep in mind that they’ve probably had experience with at least one tenant who either fell behind on payments or struggled to keep up with the rent. So, when your landlord asks for proof of income, they only do to make sure that you can comfortably afford their rent.

What is the 3X Rule? 

The 3X rule requires each tenant or renting household to make at least three times the rent amount. This ratio was created to ensure that each potential tenant could afford to keep up with their rent each month while still having enough money to pay bills, purchase groceries, and make other expenses.

Usually, when tenants make less than 3X their rent, they are more likely to struggle to pay rent or fall behind in payments. Some landlords enjoy using this rule as a precaution.

Examples of Proof of Income

Many people feel uncomfortable providing their proof of income to their landlord because they feel as though they are giving away too much of their personal information. Luckily, there are quite a few options that you can do to provide this information to your landlord.

Some individuals choose standard methods such as giving a W2 or 1099 forms, pay stubs, or a tax return. Others choose non-standard solutions, including an employment offer letter, employer verification, or a co-signer verification. 

Why is it Important? 

Your proof of income is important to your landlord because they want to make sure that you can comfortably rent their property. If you have any questions or are interested in top-quality property management services, contact AMG Property Management at 317-252-5830

Should You Renovate Your Rental Property?

A lot of time and energy is spent renovating a property. And it can be hard to justify renovating a property that you’re not living in yourself. However, there are many perks to renovating a rental property.

Home Renovations

 Here are some of the best reasons to renovate your rental property:

Remodeling Your Rental Property Will Help Differentiate You From Your Competition. 

If you’ve toured multiple rental properties, you know that they can all be very different. Some properties are outdated, while others seem brand new. Properties that are up to date will always appeal more to the consumer because it has everything that they could need. 

If you don’t know where to start, first take a look at other properties in your area, and try and see where you might be lacking. It can even be as simple as adding a dishwasher to your kitchen or adding an in-unit washer and dryer. 

Attract Higher-Quality Tenants 

When you renovate and maintain your rental property, it can help you attract and keep higher quality tenants. If your property is modern and up to date, your tenants will want to treat it with care to maintain their nice, clean look for as long as they can.

Plus, attracting and keeping quality tenants has its perk, such as they are more likely to pay rent on time! 

Increasing Property Value 

By adding extra amenities to your property, you can increase your property value and increase your rent. Property value is determined by the location of your home and the popularity of your market. By adding more value to your rental, you can attract high-quality tenants who are more willing to pay for a nicer quality home. 

Plus, when you’re looking to rent the space, you can now advertise your added amenities such as off-street parking, in-unit washer and dryer, and other appliances to attract a larger number of potential tenants. 

Renovating Your Property Leads to Happy Tenants

When you have happy tenants, they are more likely to continue to rent from you. The best way to figure out where to start is by asking your current tenants what they’d like to see in their rental property. By asking them first, it shows that you care about the thoughts and opinions of your tenants. 

If you’re ready to find a beautiful, modern apartment, contact AMG Property Management. We have 30 years of experience in renting and managing properties of all kinds. Contact us online today for more information! 

What College Students Want Most in a Rental Property

When marketing your property, remember that college students have slightly different priorities than your typical long-term renter. Most often, it’s not difficult selling to a college student. All they need is a safe, functioning place to call home that’s close to campus! However, some amenities would help increase the quality of their experience and would help make your property stand out from your competitors.

Here are a few amenities to keep in mind to help you maximize your rental property:

Leasing to College Students

Proximity to Campus

One of the best ways to attract college students to your property is your location. No student wants to spend unnecessary time commuting to campus. If your property is within a reasonable distance of a college campus, you should focus on that when marketing to students. A college student spends the majority of their time on campus for classes, work, studying, and extracurricular activities, so being close drive to campus is important to them when they are looking for a place to rent. 

Laundry in Unit

Having a place to do laundry nearby is another amenity that is important for college students. When students dorm, they often have to share washers and dryers in a common area in their dorm building. If you can make it easy for your tenant to wash their clothes, they will appreciate it! Plus, it will make your property more desirable. 

Safety 

Offering a safe property for your tenant to go home to is one of the most important parts of renting from any property. Having a rental that is well lit and has secure locks is easy to provide from an owner standpoint, and it will play a significant factor in whether or not your potential tenant chooses to rent from you. 

Affordability 

One of the more challenging parts about renting to college students is that they usually don’t have a significant income. If you offer spaces that will allow students to live with roommates to help keep costs down, share that possibility with them. If you’re having trouble attracting tenants, try highlighting the great amenities your property offers and compare your rent to other properties. 

Whether you have student renters or not, working with a property manager will help you figure out all of the more complicated parts of leasing and management. If you’re looking for top-quality property management services in the Indianapolis area, contact AMG Property Management at 317-252-5830

Tips for Attracting High-Quality Tenants

A landlord needs to find a quality tenant to live and take care of their rental home. Ideally, if you’re a landlord, then you want someone who will keep your rental in great shape and plans on staying for a while. Finding the right tenant isn’t always easy; in fact, it can be quite a process! However, there are a few practices that can help you attract a great tenant.

How to Attract Tenants

Describe Your Ideal Tenant Beforehand

Establishing what kind of tenant you want beforehand allows you to help target that market better when you’re posting your listing. Some things that you may want to look out for is if they have stable employment, they’re willing to adhere to rental agreements, and they are timely and respectful. Also, for your benefit, it’d be helpful to screen tenants to make sure that they don’t have any previous history of eviction.

Advertise Effectively

When tenants are looking for a place to live, additional features often impact their decision to rent with you. Establish what your best features are and advertise them effectively. Try thinking about it this way, if you were looking for a place to rent, what would attract you? If your unit includes on-site parking or in-unit laundry, then list it. If there is anything else that is noteworthy and will set you apart from your competitors, list them too! Once you figure out your best features, you can create a hook in your listing that will pique the interest of potential tenants, while being informative.

Include High-Quality Photos

Your photos are an essential part of your advertisement because people are now able to picture themselves living in that space. People enjoy visual cues, so if they don’t like what they see, or if there is nothing to see, they’ll move onto the next property. When you’re capturing your place, try using a nice-quality camera and shoot using natural lighting. These photos will help show off your home, and they will allow you to focus on your best features. Remember, the more pictures, the better!

If you’re looking for top-quality property management services in the Indianapolis area, AMG Property Management can help! Our experienced team of rental property managers and leasing agents will work closely to organize and care for your rental properties and tenants so you can spend more time on what matters! Give us a call at 317-252-5830 to learn about the services we offer!  

4 Signs You’re Ready to Move to a New Place

One day you may have to start thinking about moving into a new space again. There are plenty of reasons to consider moving, but you’ll know when the right time is. Here are some of the top reasons renters decide to move, and if any of them sound familiar to you, it may be time to start planning your next move!

You’ve Outgrown your Current Space

As you continue to grow, it’s not uncommon for you to outgrow your space. A lot can happen in a year. Maybe you’re getting married, planning for children, or maybe your tastes have changed! You need to find a space that fits your needs best. Plus, a larger area can create more storage space, add more bedrooms, and create a larger layout!

Your Financial Situation has Changed

Maybe you can no longer afford your rent due to unexpected circumstances. If this is the case, you can opt for finding a smaller and more affordable space. Also, if you need to, you can find a place that allows you to add a roommate. Regardless, it sounds like it may be time to find a more affordable option that will meet your needs.

On the contrary, maybe you just received a raise in your annual income, and you want to upgrade your space. You may consider upgrading to a larger place or focus on finding a spot with the amenities that you desire, such as a place with parking or a laundry unit!

You Want to Move in a New Neighborhood

Maybe you are currently living in the city and want to switch to a family-oriented neighborhood. Or perhaps you want to move closer to the places that you spend most of your free time at. Moving into a safe community that you feel welcomed in is essential!

You Desire a Better Commute

After a long day of work, having a long commute home can be draining. Plus, if your employment is far away from your house, it can be tricky predicting the traffic conditions each day. If you see yourself staying at your current job for a long time, it may be worth finding a new home closure to work.

If you’re ready to make that move, AMG Property Management can help you find your next spot! Use our online search tool to get started and contact us if you have any questions!

Tenant Screening Tips for New Landlords

New TenantFinding 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!

Reasons to Offer a Pet-Friendly Rental Policy

Dog and FamilyIf 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!

What Amenities Do Tenants Really Want?

New TenantsIf 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:

Outdoor Space

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.

Pet-Friendly Policies

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.

Security

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.

Reliable Maintenance

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.

Window Coverings

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.

Parking

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!

A Simple Guide to Becoming the Ultimate Landlord

House KeyThe 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!

State Lawmaker Introduces Legislation to Expand Tenant Rights

Lease AgreementMore 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.