Qualities to Look for in a Great Rental Property

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.

Neighborhood

Qualities to Look for in a Great 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.

Job Market

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.

How Screening Tenants Helps Save Time and Money

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.

Lessee ScreeningAdvertising, 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.

Five Ways AMG Helps Make Your Property Stand Out

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.

Property ManagementAppealing Advertising

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.

Tenant Screening

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.

24/7 Maintenance

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.

Advantages for Renters of Working with a Property Manager

Advantages for Renters of Working with a Property ManagerWhen you’re looking to start to find a new rental home, dealing with a large property management company may seem a bit daunting. You might think it would be easier and simpler to just deal directly with a landlord. At AMG Property Management, though, we assure you that the benefits of working with a management company aren’t just for property owners – they’re for renters, as well. Here are some of the benefits that renters will enjoy when working with a company like ours to find their next rental.

Online Rent Payments

Organizing your rent and splitting the cost between yourself and your roommates, and then figuring out who will take the check to the rental office can be a hassle. With a management company like AMG, renters can easily and simply file their rent payments online. You won’t have to worry about stamps, envelopes, printed checks or taking the trip to a central office. All you have to do is click and pay.

Security

At AMG, we offer free installation of security systems on our clients’ rental properties. That means that when you find a rental home with us, you can sleep soundly knowing that your home is protected by ADT Home Security. If you are concerned about your safety and security, you’ll find both when you search for properties with us!

Attentive Management

Renters who are dealing directly with a landlord may have a hard time getting a maintenance person to come in and fix a leaky faucet or temperamental garbage disposal. When you have a management company on your side, though, you’ll have a number of people who are available 24 hours a day, seven days a week to tackle maintenance requests and emergency services. When there’s an issue at your property, you can trust you’ll receive organized, prompt and excellent service. That isn’t to say you might not find the same when working directly with a landlord, but as a management company with properties all throughout the Indianapolis area, you know that we’ll always be there to fix any issue if you ever need.

Options

Last, searching for a new home with AMG means that you have access to an expansive list of rental properties located all throughout Indianapolis and the surrounding suburbs. Looking for something in a specific part of town, a certain number of bedrooms or within a few miles of your office? Let our team help you find the perfect property that meets your needs and your budget by looking through our extensive inventory of homes throughout the area.

These are just a few of the many benefits renters will enjoy when they rent through AMG Property Management. For more information on renters’ benefits or to get started on finding your next home with us, call us today at 317-252-5830.

Ways We Work With Millennial Renters

Millennials It’s no secret that the Millennial generation tends to do things a little bit differently than previous generations. That’s why we here at AMG Property Management have come up with a few different ways to help us make the properties we manage more attractive to Millennials looking for a new home.

Social Media

Millennials and social media go hand in hand, and they tend to check Facebook, Twitter and so many more of these networks on a regular basis. That’s why we’ve created social media profiles of our own. This allows us to not only interact with prospective renters, but also with our current customers to make sure we are giving them the best service possible. Those interested in learning more about our available properties can reach out to us through social channels to learn more, and our current renters can share their experience online or reach out to us with questions or for help with an issue they may be having. All of this allows us to improve our exposure and help interact better with new and existing clients alike.

Go Online

Another thing Millennials do more than any other generation is make payments online, including their student loan payments or utility bills. That’s why we now offer an online payment portal. This allows current renters to log in to our secure online system to set up their payments, meaning they don’t have to worry about making it to the office on time or needing to cut a check for every payment.

Show Value

Unlike previous generations, Millennials are very hesitant to rent because they face way more issues than their parents did, such as high student loan debts and struggles with finding reliable work. That’s why when we interact with Millennial renters, we want to show off the values of each property as a home and the perks that come with renting it. Millennials want to have access to amenities and entertainments and have a home that’s not only comfortable, but that makes their lives more convenient. Factors like the quality of the neighborhood and how far it is away from where they work play an important role in making a rental home the place they can’t say no to.

Whether you’re looking to rent a new home in Indianapolis, or are looking for property management experts to help with your rental property, the experts at AMG Property Management LLC can help. We can help renters of all ages find the right rental for them in Indianapolis and connect property owners with new, qualified and screened tenants. For more information on our services, call us today at 317-252-5830!

Top Tips for Prepare for Next Tax Season

With income tax season just finished, the headache of getting your filings done is still fresh in your memory. Plus, if you own rental property, you know all the more about how overwhelming it can be to complete your taxes. That’s why we’ve compiled some tips and time-savers here to take a little of the headache out of the season for you next year.

Your rental property generates income for you, and you want to offset that column by knowing the ins and outs of deductions and taking advantage of the best approach for your financial situation.

Rental Property TaxesFor starters, you can claim deductions for the cost of any advertising for your properties that you did during the year. Likewise, cleaning and maintenance are deductible, as are mortgage interest, utilities, insurance premiums and any legal fees incurred. Also on the list: commissions, property management fees, association dues, pest control, trash removal fees and yard maintenance.

What many landlords don’t know is that deductions are allowed for travel to and from the property for things like showing it to prospective tenants and performing maintenance. Even if you’re within a few miles, log it every time – the trips will add up, and at the 2015 standard mileage rate of 57.5 cents, those pennies will really add up. If your property is out of your area, make sure you only deduct the portion of the trip that relates directly to the rental property’s management, conservation or maintenance.

Something else most landlords don’t realize is that the IRS makes a distinction between repairs and improvements, in that one can be deducted, but the other generally must be capitalized and depreciated over several years (by following IRS depreciation tables) and not deducted for the calendar year in which the money was spent. But what’s the difference between a repair and an improvement? The folks at HouseLogic.com offer this example: Simply replacing a broken windowpane counts as a repair, but replacing all of the windows in your rental home counts as an improvement. Likewise, patching a roof leak is a repair, while re-shingling the entire roof is an improvement.

Another tip relates to managing your finances. Many landlords and property renters recommend keeping separate banking accounts for your rental property and personal incomes. This allows you to have a simpler time separating your assets and can make the process of filing your income at tax time easier. Plus, separating your accounts can allow you to more easily manage the month to month expenses and track incomes versus expenditures more closely.

For answers to general questions, start with these rental tax topics from the IRS. Don’t forget that property management fees can also be deducted, as well! If you’re in need of experienced property management services, trust the team at AMG Property Management to handle your needs. Whether a single property or a large apartment building, we’ve worked with clients large and small and can help you succeed as a property renter. Give us a call at 317-252-5830 today to learn more or to discuss your property.

Managing Pets and Properties

Many renters and families include more than just people, as often a four-legged friend, whether a dog or a cat, is a part of their home life. This presents a question that each property owner who rents their home or apartments must decide: whether or not to allow tenants to keep pets.

There are many different approaches that an owner can take when it comes to tenants with pets. In Indianapolis, there are no restrictions about how a lease must handle pets, which means that the owner can make their own determination on what the most appropriate option is for their property. One common choice is for tenants to put down a separate security deposit that is intended to cover any damages that occur from keeping a pet. This can be used to repair scratches or tears in floors or carpets or to clean pet wastes from lawns at the end of a rental period.

Family With DogAnother option – and one that is sometimes used in tandem with a pet deposit – is requiring an additional amount of rent for the pet. Some owners choose this route in lieu of a pet deposit, with the thought being that the extra rental money taken during the period of the lease equals the pet deposit. This fee is up to the owner, and can be per pet or for any and all pets in the home.

Some owners also choose to require a nonrefundable pet deposit, also known as a pet fee. This one-time payment is generally due at the start of the lease or at the time that a tenant gets a pet if they decide to adopt an animal while living at the rental property. This amount is akin to a security deposit, however it is not returned to the tenant at the end of the lease. Many owners who go this route keep this fee aside and use it to perform maintenance or repair work that may be needed after tenants move out.

Each owner can also set specific rules for pet owners in their lease or as an addendum to the lease. Common clauses include instructions on the disposal of pet waste, restrictions on specific pet breeds, weight limits for pets or clear cleaning policies that require a tenant have the whole home’s carpeted areas steam cleaned before vacating the property. These sorts of additional conditions provide both the owner and occupant with clear directions, expectations and guidelines to maintain a fair and equal understanding of both sides’ rights and responsibilities when it comes to pet ownership.

While some owners choose to forgo allowing pets altogether, if handled properly and respectfully from the start, owners and tenants can reach an understanding that allows pets without unduly burdening either party. At AMG Property Management, we have plenty of experience working with property owners and renters alike to make sure that pets – whether allowed or not – are handled appropriately. This is just one of the many aspects that an effective property manager can handle for you. Find out more about our full range of property management services by calling us at 317-252-5830 or contact us online today!

Improvements to Rental Properties with the Best Return

After several tenant cycles or even after a longtime resident departs, your rental property may not be looking as fresh and appealing as it once did. There are a number of potential areas that may need some TLC or modernization, but how do you decide what improvements are worth making? While there are many differing opinions, here’s a look at three investments that typically provide the best return for rental property owners.

Rental Property ImprovementsKick up the kitchen

With many people preferring to save money and calories by eating at home, time spent in the kitchen is on the rise. A fresh and inviting kitchen provides your residents with the perfect space for their food preparation. Counter space and cabinet storage are both often at a premium in kitchens, and if you have the space or ability to add or improve either, you’re sure to create a more premium experience, which will result in more interest and potentially a greater willingness to pay a premium price.

Blow out the bathroom

The next greatest area to invest in is the bathroom. As Landlordology points out, tenants aren’t looking necessarily for an executive bathroom experience, but are certainly looking for a clean and fresh looking space. In older homes, especially, bathrooms can be run down, but a bit of work can often bring them a brand new look. Whether a whole renovation from floor to ceiling or even simple fixture replacements to provide a sparkling and shiny new appeal, investing in the washroom will often give you more room to negotiate higher rents or longer lease terms.

Look at the windows

Another great investment is the windows in your rental home or apartment. If you have older windows, making a change to newer styles with double-paned glass or other energy efficient improvements will increase the value of your space while decreasing the utility costs. This can be a great incentive for renters to pursue your property for their next home and, if you pay for heat or air conditioning as part of your rental fee structure, can lead to substantial savings for you.

Regardless of the investment you make, there is a good chance that making improvements will help keep your property rented and limit any vacancy period. Plus, in many situations, you may be able to write off some or even all of your expenses or the depreciation of your work when it comes to filing your taxes. There are also even some incentive programs that you may be eligible for that may help pay for installing energy efficient fixtures, appliances and windows. The Indiana Energy Association offers tips and links to some efficiency programs on its website.

How Can Using a Property Manager Benefit Me?

Taking care of the day-to-day operation of your rental home or business properties can be a full-time job in its own way. Searching for and screening tenants, scheduling any necessary maintenance, handling rent collection or lease renewals – there’s so much to do, and it only amplifies if you have multiple properties. That’s where property management comes in, taking care of the regular duties and leaving you with less stress and more time. Here are a few key advantages of using a property management service.

Rental HomeFinding and screening tenants

The first step in any rental agreement is finding the right people to occupy your space. This includes employing a comprehensive advertising strategy, using both digital and traditional media to locate prospective tenants. The next part in the process is performing background and credit checks to verify the applicant’s documentation is in order and can afford the rental. Lastly, once approved, a lease agreement must be completed, both to protect your property and the tenant’s rights during the term. With a property manager, all of these time-consuming and paperwork-intensive steps are done for you. With our online database of homes and businesses, we can match up prospective renters to your property that meets exactly what they are looking for. Plus, with our years of experience, you can trust that our lease agreements and background checks with be thorough, providing you with additional security and confidence in your renters.

Day-to-day affairs

When a water line breaks in the middle of the night, who would you rather your tenant call: You or a property manager who can contact emergency repair technicians and manage any problem? These sort of issues can and do happen, and using a property management service allows you to rest soundly knowing that if there’s anything that needs immediate care, we’re standing by. Your tenants receive additional peace of mind knowing that they can call and speak to one of our representatives at any time, whether it’s an emergency issue or just to check on the status of a lease renewal. Adkin Management Group also takes care of rent collection and maintenance, making arrangements to make sure that any needs you or your tenants have are covered.

Secure and easy access

With AMG Property Management, both you and your tenants have a wealth of easy-to-access amenities available. For tenants, we offer free ADT Home Security installation, which helps to not only protect your occupants and their belongings, but also your property from would-be burglars. We also provide customers with convenient payment options at both our physical office in the Broad Ripple Village or online using our securely accessed Resident Portal. We also maintain a fully trackable, web-based software platform for owners that provides a look at the numbers – cash flow, payee history, lease term dates, and much more. This allows you to see the historic costs and income, helping you to keep track of all earnings and easily prepare your details for taxes or for your own information.

Let AMG Property Management reduce your stress and keep your property occupied, protected and profitable. Give us a call today at 317-252-5830 or email us at rentindyhomesnow@gmail.com to find out all that property management can do for you.