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.
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.
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.
Staying on top of your rental property isn’t always easy. Maintenance can be costly and time-consuming, especially if your property needs extensive remodeling. If this isn’t the case, however, there a number of affordable renovations you can make that will not only give your property an attractive new look, but also increase its resale value.
A New Paint Job
This is one of the easiest and most beneficial improvements you can make to a property. A fresh paint job can have a transformative effect on the look and feel of a home, and eliminate blemishes that might dissuade prospective renters from signing a lease. Just be wary of color trends, and try to stick to a palette that will appeal to a wide variety of renters.
One thing that every prospective renter looks for in a property is the appliances. Is there a dishwasher? Does the property come with a laundry machine and dryer?
With this in mind, it’s worth investing in modern appliances that are safe and energy efficient. A new washer and dryer will use substantially less electricity and water than appliances made 10 years ago, for example. The upfront cost of new appliances can get a little expensive, but your investment may allow you to charge more in rent, especially if your property didn’t have similar appliances in the past.
Has your rental property had the same wall-to-wall carpeting for too long? Is the old linoleum in the kitchen starting to bubble and peel? These days, you can laminate flooring options that are attractive, easy to maintain and very affordable. Tearing out that dirty old carpet and replacing it with new flooring can make your property far more attractive to renters.
Need a hand managing the day-to-day demands of owning a rental property? As a family-owned business with more than 25 years of industry experience, we’d be happy to help. Give us a call today to learn more!
As a landlord, you have the option of requiring tenants to obtain renters insurance as part of their lease. Some landlords take advantage of this option and tell tenants that they have to get renters insurance as part of their rental agreement, while others leave it up to the tenants to decide whether or not they want to pay for renters insurance. Today we’ll consider a few good reasons to make renters insurance mandatory in your properties.
It will give you and your tenants peace of mind.
No matter how many precautions you take, there is always a chance that something bad could happen in a rental property. In the event of an emergency such as a fire or theft, renters insurance will cover your tenant and provide financial reimbursement for damages. This will give both you and the tenant a greater sense of security since you won’t have to worry about what to do if something bad happens.
It will protect you from potential lawsuits.
In the event that something bad does happen in your rental property, a tenant without renters insurance could potentially decide to file a lawsuit against you. Typically, tenants file these lawsuits out of desperation. Renters insurance can help you avoid this scenario by giving your tenants the ability to deal directly with an insurance company rather than trying to take you to court.
It will help you find responsible tenants.
Some people may scoff at the idea of obtaining renters insurance before moving into your property. These people are probably not the type of people you want as tenants. If someone is unable or simply unwilling to pay the small monthly fee associated with maintaining renters insurance, they might not make a good tenant anyway. You want renters who will take good care of your property, and obtaining renters insurance is one way for them to prove that they’re serious about being responsible tenants.
At AMG Property Management, we can work with you to find quality, thoroughly-vetted tenants for your rental properties. Give us a call to learn more about our property management services today!
To rent or to buy? This is a common question many people contemplate when looking for a new place to call home. Although you may dream of owning a home, there are some unique benefits associated with renting to consider, especially when it comes to cost-savings.
Minimal maintenance costs
When you rent a property, the landlord order property management company is responsible for maintenance and repairs. If there’s a leak or something breaks, it’s on them to shell out the money to fix it. If you own the home and you’re not prepared to do the work yourself, the cost of maintenance and repairs can add up fast.
You don’t have to pay real estate tax
Paying real estate tax is another responsibility of the homeowner that the renter gets to avoid. Depending on your location, the cost of these taxes can be quite high. There are many factors that determine the cost of real estate tax, but it’s safe to assume that the bigger the home and the more desirable the location, the higher the tax amount will be.
Avoid down payment and closing fees
Most people don’t realize just how many upfront costs are associated with buying a home. In addition to putting down a sizable down payment (ideally 20%), attorney fees, realtor fees and many other various fees add up to thousands of dollars in closing costs. Although you’ll have to put down a security deposit when you rent, you’ll likely get that money back when you move out. When you buy, you don’t get those upfront costs back, and they tend to be significantly higher.
Investing in real estate is worthwhile and cost-effective when you know what to look out for. Here are some qualities to look for when searching for the perfect rental property.
The unique location of your property affects the types of residents you can and will attract. For example, buying near a university means a large percentage of your tenants will likely be college students.
Look in middle-of-the-road areas rather than the nicest areas of the city, which are likely to be unavailable. Consider owner-occupied parts of town, and do some research on the school districts and other surrounding properties like parks, malls, gyms, etc. Check out crime statistics and other relevant factors as well.
Price & Taxes
Equally important are a property’s price and associated taxes. Price gives you insight into the condition and value of a home; for instance, if you buy a cheaper property, you may encounter more problems or risks than with a more expensive property. Property taxes vary per area; talk to the town’s assessment office for more information, or speak with other homeowners in the community.
Consider the local job market when shopping for investment properties as well. Locations with growing employment opportunities are more likely to attract qualified tenants. Watch for announcements of major companies moving to new areas, and research how certain neighborhoods stack up in terms of the local job market.
Rent & Future Development
Before investing, research the average rent in the area, and compare your numbers. Will the amount be enough to cover your expenses? If not, keep looking. Get a feel for where the area is headed to predict if taxes and other expenses will increase in the coming years.
Additionally, check your local municipal planning department to find out about the new developments going up in the property’s area. Watch out for new developments that could cause competition for you or perhaps help your property prosper.
At AMG Property Management, we’d love to work with you to make your rental property as profitable as possible. Give us a call today to learn more about how our property management services can help.
Selecting the right tenants for a rental property is critical for any landlord or property owner. Private landlords often find themselves at a disadvantage when it comes to screening potential tenants, however, due to the time or cost involved with performing a detailed screening. The truth is, though, that performing a thorough vetting of prospective tenants can save time and money in the long term.
Advertising, showing a property and interviewing applicants is a time-consuming process that every landlord knows all too well. It takes a lot of time to find tenants, and even more time to find good tenants. Unfortunately, accepting the wrong tenant could mean that you’ll be repeating the whole rental far sooner than you’d like. Finding the right tenants in the first place saves landlords a lot of time.
Vacancies are expensive, but so are bad tenants. Poor tenants may lead to unpaid rent, property damages, or other issues. Ultimately, the best way for a landlord to protect against losing money on bad tenants is through a careful applicant screening. Prospective tenants may talk a good game, but if they stop paying the rent a few months after moving in the landlord is faced with the aggravation and expense of evicting the tenant and hopefully recouping any unpaid rent or damages.
At AMG Property Management, we offer tenant screening and qualification standards as part of our property management services. We carefully review prospective applicants for you so that you can be confident only the most qualified tenants are being approved. Our process looks for an applicant’s eviction history, proof of rent payment history, proof of current employment and work stability, verification of a job offer for relocating tenants, and much more.
The bottom line is that screening tenants helps save time and money for property owners. As a landlord, you owe it to yourself to get the most qualified tenants possible. Find out how AMG Property Management can help you with your rental properties today by calling us at 317-252-5830.
Do you want to find tenants for your rental properties more easily? Do you want your property to stand out in the market place? AMG Property Management can help get your property viewed by more qualified renters and help your property appeal to more prospective residents. Let’s look at five ways that using our property management services can help you take the appeal of your rental to the next level.
If your rental property sits empty on the rental market, it ends up costing you money to maintain each and every month. Your property will fill up quickly when you work with us. We use the latest, modern marketing methods to advertise to interested tenants throughout Indianapolis and the greater region, getting your property in front of as many prospective renters as possible.
While we want to make sure that your rental property stays rented out, we also understand that you don’t want just anyone living in it. That’s why we will do all of the necessary background and credit checks before allowing someone to move into your property. We guarantee we will do our best to screen applicants and locate good tenants who will pay their rent on time and keep up with the maintenance of your property.
Speaking of maintenance, we understand that your tenants will need to call for help from time to time. Emergencies happen, whether it’s a power outage or a water line break, and we are here for them at all times – day or night. If your tenants ever have an issue, they’ll be able to reach a live person at any time to handle their service call.
Pay Rent Online
Paying the rent is a cinch with us. Rather than making your tenants mail in a check or visit a rental office, we allow them to pay their rent right online. That benefits both the tenants, who won’t need to spend money on stamps or find time to make it to the rental office, and you as an owner who will have rapid access to your rental income each month.
Home Security Systems
We want to make sure your rental property remains 100 percent safe when it’s in our hands. It’s why we also install ADT Home Security systems into all of the properties that we manage. This provides extra security and protection for your property and offers residents peace of mind. Plus, with these systems in place, both you and your tenants can receive an insurance discount on your owner’s or renter’s policy – and saving money is always appealing!
With more than a quarter century of experience and 700-plus properties in our management portfolio, you can trust that the AMG team will work diligently to ensure that your property is rented quickly to vetted tenants. Let us help you make your rental more appealing – and more profitable – with our property management services. Learn more by giving us a call today at 317-252-5830.