Property Management Companies

[Brian Chen]

Hey all!

I'm looking to purchase a rental property in Indianapolis and I am looking for a property management company.  Has anyone used a management company in Indianapolis and which ones do you recommend?  Has it been a good experience for you guys?

Also, should I look for a bigger management company or a smaller one that has time to put into your property (if its vacant they want to get it rented asap).  I'm only going to have one unit, so I'm worried that a bigger company would not put it as a priority. Thanks!

[Steve Rozenberg]

@Brian Chen

First make sure that the company aligns with your goals and ask the tough questions up front.

I would suggest going  to www.NARPM.org from there ask them the following

• How many people work for your company ?
• How many properties do you manage?
• How long have you been in business?
• What is your monthly rate?
• Do you have a set up fee?
• What are your fees for placing tenants?
• Do you charge for evictions?
• What is your cancellation fee?
• Are there any other fees?
• Do you have your own maintenance team?
• Will I be able to approve expenses?
• Do you use licensed and bonded contractors?
• Do you upcharge on maintenances expenses?
• Do you do property inspections?
• Do you send out financial statements?
• How much rent can I get for my property?
• How long does it take to fill a vacancy?
• What hours are you available?
• What do you like about your company?
• What makes you different from your competitors?
• What elements make income properties profitable?
• Do you offer a discount for multiple properties?
• Do you pay a referral fee if I refer friends to you?
• Do you do real estate sales?