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Frequently Asked Questions
How long have you been in the managing business?
8 years in Indianapolis
Around 350
What areas do you like to manage in? Areas you avoid?
There are varying areas that are difficult to lay out by zip code since the neighborhoods in Indianapolis can change quickly.
How do you handle maintenance?
We have 24 – 7 dedicated maintenance and emergency maintenance lines. We take each call as it comes in, generate a Service Request Ticket in our system, a manager evaluates it to review its “validity”. If it is within owner’s pre-approved limit, normally $250 per occurrence, then we proceed. If outside of limit, we contact owner for approval. We take photos of maintenance items, document notes, etc. Your monthly report lists any maintenance charges, details, etc.
What are your rehab prices? How long does it take?
It depends on property. I perform a very detailed line by line estimate that spells out exactly what we intend to do and submit to you. We have performed renovations that take anywhere from 2 days to 10 weeks.
How much do they rehab when they turn an apartment?
We take into account the property, the area, the rent rate, etc. The idea is to be better than the other units on the block, but not over improve or waste money.
Depends on type of unit, but across the board we currently average 91%
How do you charge for your service? (fees, etc.)
10% of gross collected for rent. One month lease up fee charged for new tenant leases. Maintenance bills out at $35 - $40 per hour, plus mileage and material. Certain items have associated costs or estimates, i.e. mowing may be set at $35 per cut for a property, or a furnace change out and installation may be estimated at $1,400 instead of hourly.
We have standard late letters that go out weekly, then phone calls, visits to tenant, etc.
What happens when my tenant doesn't pay rent? Do you evict?
We handle the eviction process from beginning to end.
How often do you go to the properties?
Depends on the owner. We recommend signing up for our furnace filter maintenance program which is great because we change the filter every 3 months and at the same time do a brief property walk around. Not only does it save so much due to furnace maintenance but you get a free check up on the property at the same time. Average cost might be $30 - $40 per filter change out.
How do you report to me (accounting, etc.)?
Monthly reports that include detailed report per property plus an owner overview of the entire account and year to date information. We can either send a paper check or perform an electronic ACH automation deposit.