Simple Upgrades to Make to Your Rental Unit

Posted by & filed under Property Management.

A young couple paints a wall inside a home teal color

When you own one or more rental units, there comes a time when you have to make some upgrades to your space. Whether you’re renting out an entire home, a double, a townhouse, or an apartment complex, your prospective tenants will expect a modern-looking, clean space with relatively new amenities.

However, it’s not exactly cost-effective to just completely gut and re-do every unit you own every few years. Instead, consider making a few simple upgrades in areas such as these:

Bathroom

Completely remodeling a bathroom is an expensive project that is only necessary every few decades. In the meantime, consider upgrades and replacements to a few things at a time. Replace the toilet seat every few years – you can find one of them for a relatively low price. You can also make your bathroom appear as though it’s been redone by updating the vanity or sink when they become outdated.

Exterior

The exterior of your unit will be one of the first impressions you make with your tenant – make it a good one. A small amount of effort can go a long way. Mow the lawn, clean the gutters, do any landscaping maintenance, and remove any debris that doesn’t belong in front of the house or building. If you have a path leading to the front door or a porch, consider power washing as well.

Paint

You don’t have to paint the entirety of an apartment or rental unit every year but doing so strategically can make your apartment more appealing to renters. Find rooms or walls that need a fresh coat of paint. Be sure to paint over any chips or blemishes. Try to stick to neutral colors as they will allow the renter to choose how to decorate. And call a professional if you’re not comfortable doing it yourself.

Hire A Property Manager

While aesthetics, fresh paint jobs, and new amenities will help make your unit appealing to potential renters, nothing lets people know you’re serious about your rental business like hiring a good property manager.

If you don’t know where to start, AMG Property Management can help. We’re a family-owned business that has more than three decades of experience in renting and managing properties in the greater Indianapolis area. Give us a call at 317-252-5830 to learn more about our services.

How to Make Your Rental Property More Appealing

Posted by & filed under Property Management.

A husband and wife celebrate as they move into a new apartment

If you own one or more rental properties, you don’t just want to attract tenants – you want to attract the best tenants. The only way to do this is to offer the best quality rental unit possible.

There are some things that can’t be helped – you can’t (usually) make the unit bigger or put it in a more hip or desirable neighborhood. But there are many things you can do to make it more appealing to potential tenants. Here are just a few of them:

Improve the Appearance

The first impression the potential tenant will have of your rental unit will be the outside of the building. Consider adding a fresh coat of paint to the exterior. If there are any issues with the siding, have them fixed immediately. The interior should be cleaned to the point of spotlessness. It’s not a bad idea to hire a professional cleaning company before you show the apartment to the next tenant.

Make Necessary Repairs

You’ll likely make any major repairs after the previous tenant moves out. But what about the more minor ones? It’s a good idea to walk around the unit, looking for anything that might stand out to a prospective tenant as needing fixing. That could include small holes in the wall, loose doorknobs, damaged electrical covers, and anything else that could stand an upgrade.

Hire A Property Manager

Having a good property manager on hand will let your client know up front that you’re a reputable, professional landlord that takes your business seriously. Additionally, a property manager will be able to handle most maintenance between tenants, ensuring the unit is ready for viewing. A quality property manager will also have the knowledge of how to advertise the vacancy and even to find high-quality tenants.

If you’re in need of a property manager to make your rental unit more appealing, AMG Property Management can help. We’re a family-owned business that has more than three decades of experience in renting and managing properties in the greater Indianapolis area. Give us a call at 317-252-5830 to learn more about our services.

What Makes a Good Tenant?

Posted by & filed under Tenants.

A woman sits in an empty box in a new apartment while a man pushes her from behind

If you’re renting out a home or apartment, chances are you’re looking for the perfect tenant. While that may be an elusive goal, most property owners will gladly settle for a good tenant. Of course, it can be difficult to find one, and to know for sure before you agree to let them move in.

There are some traits that good tenants have in common. Some of them will be apparent before they move in and some you won’t be able to know until they’ve lived in your building for some time. Here are a few of the things that make a good tenant:

Stable Finances

You don’t need your new tenant to be a millionaire; you just want to be confident that they’re going to be able to consistently pay their rent on time. Make sure they have a steady job that pays enough money that they’ll be able to comfortably cover rent every month.

No Red Flags in the Rental History

It’s important to get references from a tenant to ensure they’ve been a good tenant in the past. If a tenant has been evicted in the past, it’s more than possible they’ll also be a problem tenant for you. You may even have to evict them as well, which will cost you time, money, and stress. Additionally, if they are unable to provide any references, that is a red flag in itself unless they are young enough to have plausibly never rented before. It likely means they’ve caused problems for property owners in the past.

Honest and Respectful

An honest and respectful tenant will almost certainly be a good communicator, which is key to the tenant-landlord relationship. Additionally, you’ll want to be sure your tenant is being honest with you about their employment and income. A respectful tenant will pay rent on time, follow the stipulations of the lease, and will treat your property as if it were their own. Of course, you can’t run an “honesty and respect” test the same way you can look into a rental history or financial situation. However, this is information you may be able to glean from speaking to references they provide to you.

If you’re looking to rent your property out and aren’t sure how to find reliable tenants, AMG Property Management can help you. We will work with both you and your tenant to ensure the best possible rental agreement. Give us a call today at 317-252-5830 to get started!

What Makes a Good Property Manager?

Posted by & filed under Property Management.

A female property manager holds keys for a tenant's new apartment

If you’re a relatively new landlord who owns more than one home or rental unit, you may not have much experience handling the type of issues that are likely to pop up in those locations. This is why so many landlords hire a property manager or management company to take care of those issues for them.

But without the experience of having hired one before, it’s difficult to know what to traits to look for in a good property manager. Here are just a few qualities any good property manager should have:

Patient

It’s important for a property manager to stay cool in all kinds of stressful situations. They’ll have to deal with angry tenants who are demanding something, tenants who don’t pay rent or cause some sort of other issue and contractors who may be difficult to deal with as well. They’ll have to diffuse those situations to solve those problems rather than make them worse.

Experienced

There’s no substitute for experience. If you’re new to the landlord business, it’s wise to bring on a property manager who isn’t. Look for someone who’s managed a good number of properties over a long time period. This way you can hire someone who knows everything you don’t. They can help you understand how to work with contractors, the ins and outs of local and state real estate law and generally how to operate.

A Good Communicator

Being able to communicate effectively and clearly is a must for any property manager. They need to be able to explain themselves clearly and concisely to you, the residents and anyone else working on your property. Good communication can help eliminate confusion, which can help avoid future issues.

Flexibility

Property management is not your typical 9-5 and it certainly isn’t a job where your day is neatly planned out without interruption. Things can get hectic in a hurry. A contractor may not show up to fix an issue for a tenant. Someone who’s reliably paid rent for years might suddenly stop. A major issue may pop up late at night or very early in the morning. A good property manager has to have the ability to adapt quickly to solve any problem.

Finding the right person to manage your property can be hard. Luckily, AMG Property Management is here to handle all your needs in the greater Indianapolis area. No matter how big or small your portfolio is, we can help you succeed as a property renter.

To find out more about our full range of property management services, call us today at 317-252-5830!

What You Need to Know About Credit Scores Before You Rent

Posted by & filed under Tenants.

A person looks at their credit score on their phone

The rental process can be stressful for tenants and landlords alike. There are a lot of factors that go into choosing the right apartment and, for landlords, choosing the right tenants.

One important thing you may be overlooking as a potential tenant is credit score. Many landlords like to see a credit score of at least 600 or greater. Some may have even higher standards. Here’s what you need to know:

What is a Credit Score?

A credit score is created by a formula that predicts how likely you are to pay back a loan on time. There are several factors that go into this determination, including your current debt, bill-paying history, types of loans you’ve taken out and more. Paying off a lot of debt – such as credit cards, car loans etc. – mostly on time will ensure that you have a high credit score.

Why Does it Matter to a landlord?

If you’re a first-time renter, it may be difficult for a landlord to determine if you’re going to be a reliable tenant. There are no previous landlords to call or references to check. Your credit score allows them to see how responsible you are when it comes to bill paying. If you’re often late with credit card or student loan payments, a landlord may see you as unlikely to pay rent on time.

What You Can Do About it

The first thing to do is find out what your credit score is, which you can do for free online. Some banks also offer credit monitoring, where you’re notified whenever your score changes. If your score is low, find out why that is. The most important factor is paying bills on time. It’s wise to pay your credit card bill in its entirety, but if you can’t do so you should ensure that your outstanding balance is under 30% of your credit limit.

If your credit score is in good shape and you’re looking for a place to rent, contact AMG Property Management. We’ll help you find the perfect rental in the Indianapolis area!

Tips for Property Owners Next Tax Season

Posted by & filed under Taxes.

Cartoon of Tax Season

With income tax season just finished, the headache of getting your filings done is still fresh in your memory.

If you own a rental property, you know all the more about how overwhelming it can be to complete your taxes. That’s why we’ve compiled a few tips and time-savers that will help you next year, and every year after.

Make sure to claim deductions

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.

For 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 are 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. 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.

Keep your personal finances separate

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.

To find out more about our full range of property management services, we ask that you call us today at 317-252-5830.

Advice for Renting Your Property to a Pet Owner

Posted by & filed under Property Management.

If you own a rental property, you know that no two families or situations are the same.

Sometimes you may get a couple that is quiet and keeps to themselves, while other times you may get a larger family with children and pets.

If you find yourself leasing your space to the latter, there are certain things that you can do to protect your property against cats, dogs and other critters.

While there are no hard-set rules for how to handle pets that will be staying at your property in Indianapolis, IN, there are steps that can be taken to ensure you are not left with an expensive cleanup when your renters move out.

In this blog we will discuss a few pieces of advice to take into consideration before finishing a lease agreement with a prospective tenant.

Create a separate security deposit

One common choice is for tenants to put down a separate security or “pet” 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 waste from lawns at the end of a rental period.

If no damages occur to the property during the duration of the lease, a renter may be entitled to a refund depending on the agreement that you make with them.

Require an additional fee or rent

Another option that is sometimes used in tandem with a pet deposit is requiring an additional amount of rent for the pet. Some property owners prefer this route over a deposit as they will be guaranteed this extra cash each month and it will not be refundable.

Some owners also choose to require a nonrefundable 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 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.

With either route that is chosen, the fee is up to the property owner in the state of Indiana.

Make clauses in the rental agreement

Another thing that is commonly suggested is to put a few clauses in place that will protect you as the property owner.

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 additional clauses 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.

If you’re a property owner and need assistance ensuring that all agreements made with a renter are fulfilled, we are the team to call upon at AMG Property Management.

We have years of experience working with tenants and property managers alike in the Indianapolis, IN area and look forward to assisting whenever you need us.

To find out more about our full range of property management services, we ask that you call us today at 317-252-5830.

4 Reasons to Choose an Experienced Property Manager

Posted by & filed under Property Management.

A woman is holding a magnifying glass over a wooden houses. Real estate appraiser. Property valuation / appraisal. Find a house. Search for housing. Real estate market analysis. Selective focus

If you own a rental property, you understand the difficulties that come with its day-to-day operations.

Whether it be finding new and trustworthy tenants, taking care of your current tenants’ maintenance needs, collecting rent or anything in between, it can sometimes all feel like an impossible task.

Luckily, there are professional property management companies available that can handle all your rental property needs, allowing you to focus on the important things in life.

Should you be interested in hiring a property management team but are unsure of what you’ll exactly get in exchange, we encourage you to read on to see all the benefits you will receive from this convenient service.

Advertising

When it comes to getting high-quality tenants into your property, it’s important to have effective advertising that will draw attention and get inquiries about your available spaces.

Whether you own a rental home, townhouse or apartment complex, a property manager has the skill and experience to properly advertise your space using both traditional and digital media.

With the latter becoming such an important way of drawing tenants in today’s world, it is important to have someone on your side who knows how to get your information out to the public over the internet.

Filling Vacancies

Once potential tenants see your advertisements and inquire about your available rental properties, a property manager will provide the potential tenant with an application, perform background and credit checks, request proof of income, and complete the lease agreement with the tenant.

All of these tasks take time and require a large amount of paperwork. This can all be avoided by hiring a professional team to handle the “dirty work” for you.  

Maintenance

As a property owner, there’s really nothing worse than having to deal with an emergency at one of your properties at odd hours of the day.

Whether you have a family to take care of, a full-time job or simply don’t want to be bothered when you have free time, a property manager will be able to call upon a maintenance team to go and fix any issues, allowing you to go about your day normally.

They will also be able to assist with non-emergency maintenance for tenants as well, to ensure that they are always safe and happy.  

Rent Collection

Another benefit of hiring a property manager is having someone that will be able to handle rent collections for you.

Whether it be via cash, check or over the internet, a property manager will be able to keep track of the payments of all of your tenants and give you the information you need.

Many property managers offer a fully trackable online platform that property owners can look at to see cash flow, payee history, lease term dates and much more.

Should you believe hiring a property manager is the right move for you, let AMG Property Management reduce your stress and keep your property occupied, protected and profitable.

Give us a call today at 317-252-5830 to find out all that property management can do for you.

3 Things Property Owners Look for In a Tenant

Posted by & filed under Tenants.

When it comes to choosing the right tenant for a rental home, there are several things that property owners and managers look for.

It is no surprise that you will need proof of income/employment to show you can pay your rent each month, but there are several other things that landlords look for including your rental history, credit score and other important background information.

If you can show that you are employed, make an adequate amount of money for the home or other rental property you’re looking at, and have a clean rental history and background, you should have no issue getting the space you’re hoping for.  

Family entering a rental home

Good rental history

One of the most important things that property owners take into account when choosing a new tenant is rental history over the past few years.

In many cases, a rental verification form will be submitted to your current landlord, where they will be able to see if you’ve had a positive rental history in recent years.

If you’ve had no issue in paying your rent each month, you should be well on your way to securing your new rental home. If late payments or other issues are on the report an additional deposit may be required.

An adequate credit score

Although you may not think of it, many property owners or managers will run the credit of a potential tenant to ensure they have an adequate credit score.

A positive credit score will show that you do a good job of paying your bills on time and will give the landlord confidence in you as a tenant.

Depending on the price of your monthly rent, landlords and property managers will typically look for a FICO score of 550 or higher.

Proof of employment, income

Another thing that landlords look for in a tenant is proof of employment and adequate income. Based on how much monthly rent is, a landlord may require your income to be three times that amount to ensure that you can pay your rent on time.

If you’re unable to show proof of employment or a high enough income, you will most likely be taken out of consideration for the space. There are certain conditions where you do not need proof of employment that include receiving retirement benefits, getting social security, disability, GI benefits, child support and alimony, and more.

No matter what your situation may be, you should be prepared to go through a screening process when looking to rent a space.

When you need assistance with finding a new rental property in Indianapolis, IN, we ask that you call on our team at AMG Property Management. We work with both property owners and tenants and will be able to help you with all necessary documentation to ensure you get the rental home you desire. Give us a call today at 317-252-5830 to get started.

Tips for First Time Landlords

Posted by & filed under Property Management.

If you have recently purchased a property and have made the decision to rent it out to tenants, there are several things you can do to ensure a seamless rental process.

Being a first-time landlord can come with a lot of stress and may feel overwhelming at times, so it’s important to have a plan in place.

Whether you make improvements to your property to get several quality offers, screen potential tenants to see if they’re the right fit or you make the decision to hire a property manager, you’ll be setting yourself up for a successful and stress-free rental process.

Rental Property

Make improvements to increase interest in your property

When looking to get high interest in your rental property there are several renovations you can make, and amenities you can add, that will be enticing for perspective renters.

Common renovations include a new paint job to rooms and hallways, adding new flooring and windows and more. We also suggest updating bathrooms, kitchens and other spaces to give them a more modern feel.

You can add popular amenities that include outdoor lounging areas, a washer and dryer, convenient parking and more to stand out from other properties.

Screen potential tenants

A great way to make sure you’re getting an ideal tenant is by screening them before making a final decision. Do a thorough review of the application and don’t be afraid to ask difficult questions such as eviction history, proof of rent payment history, proof of current employment and more. You can even call previous landlords to see how the tenant treated their property.

Hire a property manager

If you’re going through the process of looking for a quality tenant and need some assistance, or already have one and need help with day-to-day landlord duties, we suggest hiring a property manager.

A property manager assists with everything from the screening of potential tenants to advertising, maintenance of your property, easy-to-use rent paying platforms, the installation of security systems and more.

If you believe that hiring a property manager is the right move for the success of your rental property in Indianapolis, IN, we ask that you call our experienced team at AMG Property Management.

A family-owned business, we have over 25 years of industry experience and know how to attract and keep responsible tenants. To learn more about all the ways we can assist at your property, give us a call today at (317) 252-5830.