The Top Property Management Newsletter and Events for August 2023
August – State Fair Time and the Fields are Ready to Harvest
Polaris Property Management welcomes you to our August newsletter, packed with exciting updates, comprehensive resources, and the very latest from the real estate industry.
Festivals, Concerts, Special Events (like the National Night Out Against Crime), the Indiana State Fair and ComicCon – Not to mention the kids going back to school! Indiana is the place to be in August!
Bringing you a round up of the latest news, ideas and tips to maximize your experience as a landlord or REALTOR®.
How to Be a Good Landlord to Attract Better Tenants
Being a landlord holds great responsibility—you take care of your tenants, make sure everyone is following government rules, and make an extra effort to give your tenants a smooth renting experience. Rental agencies always make sure that they work with an honest and reputable landlord.
They say when you do good, you attract good. If you put this philosophy in your work ethic, it can do wonders for your career. When you are a good landlord, you attract good tenants who you can consider as customers. When your customers are happy, they will continue to build loyalty and trust with you. Here are some tips on how to be a better landlord to your tenants:
Make sure your property is insured
Before you put up your property for rent, you want to make sure that you and your future tenants are protected by insurance. It is best to set a meeting with a property management company that could help you choose the proper insurance your building needs.
They may suggest that you get a Property Insurance and Liability Insurance. This type of insurance protects you and your property from damages and can also protect you in the event of a lawsuit.
Get to know potential renters well
A landlord cannot be relaxed about choosing their potential tenants. You must be able to set a certain amount of time to interview and get to know your tenants properly. If they plan to open a business on your property, it is only right for you to ask them to tell you their process and what they are planning to do. Ask them to fill up an application form, request for essential documents and information that can help you get a background check on your potential tenants.
No matter who they are, may they be a family member or a friend, it’s always best not to be too lenient and to be stern about your property rules. Once you’ve established a relationship with your tenants, you’ll be happy that you made an effort to get to know them.
Always maintain your property
Sometimes a landlord can get too relaxed and pass all the burden to the tenants. Whether it be a broken pipe or a leaky roof, it’s always best to be on top of all these issues. Calling a plumber or a carpenter to help your tenants with these issues will make your relationship even stronger. Always check up on your tenants’ spaces to see which parts need repairs and upgrades. This way, you’ll be able to prevent future damage to your property as well.
Conclusion
The best landlords are those who are humble and who continue to be responsible for their tenants’ safety and well-being. They build strong relationships with their tenants and are always aware of their needs. Working with a reputable property management company will help give you the much-needed protection of your property and your tenants’ needs.
Polaris Property Management is an award-winning property management company in Indianapolis. We have a team of experts who can help you with your property issues like maintenance and repairs. We also offer our services to new landlords to help find the right tenants for them. Call us today, and let’s talk about making your property better.
Income from rentals can be an incredibly profitable way to earn passive income. People who have amassed real estate portfolios enjoy healthy returns on their investments for long periods. Some have even been able to retire from their regular jobs while earning from the rental from their properties. What some people don’t realize about real estate investments is that while it does earn passive income, there is still a lot of active work involved.
It is one thing to own real estate, managing it is another. As an owner, it is your responsibility to ensure the place is livable, that the basic utilities are working, and the common areas like lobbies and gardens are well clean and well-kept. If you own multiple real estate units, hiring a property management company to take care of these day-to-day concerns can be an excellent way to conserve valuable time and money.
It sounds counterintuitive to spend on something to save money. Even so, the benefits of hiring a property
manager may improve your profitability, especially if you don’t have the time and attention to attend to all the needs of your tenants and properties. If you want to know how you can preserve your profit margins, here are five ways an expert property manager can help:
1) They will keep your units occupied
Any property that remains vacant is a drain on your resources. Each month without a tenant means having no income to cover your amortization and taxes. Property managers usually have a team of leasing agents that can plug this gap by conducting promotional activities, source leads for prospective tenants, and conduct tours and viewings. They can leverage their network of realtors to find clients quickly and efficiently to minimize vacancies so you can maximize your revenue.
2) They will attend to repairs
Any home will need periodic repairs, whether it is water leaks, busted light bulbs, or broken floorboards. These incidents can happen at any time of day or night, which means you can get a call from a desperate client at all hours of the day. If you’re attending to several concerns at a time, it can be time-consuming and exhausting to have to coordinate repairs and supervise them as well. An experienced property manager will have a repair crew on hand, ready to address any situation.
3) They can implement maintenance schedules
One of the best ways to save money is to conduct regular preventive maintenance of your building equipment, such as HVAC systems, water heaters, and back up power generators. If you have substantial equipment like lifts and escalators, these should be periodically maintained as well. It will prolong their useful life and keep building facilities running smoothly.
With a property manager on board, they can perform routine inspections and prevent unexpected breakdowns. You can also request your management service to ensure regular pest control, landscaping work, and pool maintenance is carried out, so you don’t need to worry about falling behind on these critical items.
4) They can enforce house rules
Nothing can be more time consuming for property owners than to have to make sure tenants are not violating your guidelines. Checking in on tenants can be especially challenging in multi-apartment complexes that sharing large common areas. You can hire a third party to mediate on these matters so you can focus on more important endeavors, like finding more properties to invest in.
5) They can ensure timely rental collections
The best thing that property owners can look forward to is the rental collections at the start or end of each month. While some lessees diligently pay ahead of time or on the due dates, some tenants will make the process more difficult for you for one reason or another. A property management service can take care of this for you, or even use digital platforms to facilitate faster payments.
Additionally, a well-managed property will ensure that the tenants will have no reason not to make their rental payments on time.
In Conclusion
Being a good landlord is not just about offering space for lease, but it also about providing your clients with services that enhance the experience of living in your property. Happy tenants pay their rentals on time and renew their leases. By securing the services of a property management company, you can satisfy all the concerns of your occupants while having more time and money to do with whatever you please.
Our Guide to Retiring on Real Estate Income
Many people think that retirement plans are one-time payouts at the end of a long career. What they don’t realize is that retirement should be a strategy that supplies you with a stable income stream without needing employment.
One of the best retirement strategies is to earn income from real estate investments. Retiring on real estate means building a portfolio of rental properties that cover your daily expenses as well as gives you discretionary income.
Investing in real estate has many advantages. Unlike owning a retail store or restaurant, it needs little day-to-day involvement in operations and maintenance. The market is also relatively stable compared to stocks or currencies.
When it comes to retirement, recurring income should dominate your portfolio. Rental properties can fetch yields on investment that outpace inflation and short-term deposits. Buying and selling properties can definitely be a lucrative venture, however, maintaining steady cash flow is the objective of retirement planning. With the right mix of investments, it is possible to retire with passive income from real estate.
Here’s a step-by-step guide on how to generate a retirement plan from real estate income:
Review your current expenses
Before you can retire, you will need to know how much money you will need to cover your basic expenses. Take into account your current taxes, mortgage payments, utilities, insurance plans, and grocery expenses, among other things. You should then add the amount of discretionary spending you do. These include vacations, non-essential shopping, and money that you spend on your hobbies and interests. When you have taken stock of all of your actual cost of living, you will know how much money you will need to earn from your real estate investments in order to safely retire.
Look for the right investment property
You will need to identify a property in a location that will be attractive to renters. A building without tenants will not provide you the income you need. To test the market, you can search online or consult a property management company for properties that are in high demand and which areas renters usually gravitate towards. Consider accessibility to transportation, proximity to schools or hospitals, and if there are conveniences like groceries or restaurants nearby. Ask yourself what considerations you would make as a renter, and look for the right property based on that criteria.
Seek financing
When you’ve found the right property, it is important to get the best interest rates for your mortgage so you can keep your costs low. Timing can be a factor when applying for a mortgage, so make sure you check the market for the lowest interest rates and payment terms. Your mortgage should be within or less the amount of total income you will receive from rental, so that your investment can pay for itself, with cash to spare.
Re-invest your money
Once you’ve made your first or second investments, the profits from it can be reinvested in a new property. This way, you can grow your income exponentially. You should continuously reinvest until you reach a level of income that makes you feel comfortable enough to leave your day job.
Hire a property manager
If you have multi-unit properties or houses in several locations, it would be wise to seek the services of a professional property management company. They can be the ones to look for tenants for you, as well as address concerns of your lessees like maintenance and repairs. This will save you precious time and allow you to enjoy your retirement spending your hard-earned money.
Early retirement is possible with a well-managed real estate portfolio. Many people don’t realize you don’t need to wait until your sixties if you make the right investments. With carefully chosen properties and the right service partner to do the legwork, the only thing you’ll need to worry about is waiting for rental collections each month.
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Are you looking for a property management company in Indianapolis? We provide leasing and management services so you don’t need to worry about your portfolio. Contact us today and see how we can help you!
Investing in property is a significant endeavor, and having the right property management partner by your side is crucial for your success.
Polaris Property Management in Indianapolis is committed to supporting your investment goals by providing top-notch property management services tailored to your unique needs. We prioritize open communication, transparent processes, and a customer-centric approach, ensuring your satisfaction every step of the way.
Get A Free Rental Property Analysis
The Polaris Property Management Team of experts would love to provide you with expert analysis of your property. Click the button below to go to our Rental Property Analysis Request Form.
Home Maintenance & Safety Checklist
Let us help you keep track of those required and necessary maintenance records.
It’s helpful for your records and when you sell or lease your home.
You asked for them so we will be providing a monthly checklist – mailed directly to your email address.
August Home Maintenance & Safety Checklist
🔲 Deep Clean Carpets
🔲 Make Sure You Have Several Neighbors’ Contact Info in Case of Emergencies
🔲 Clean and Maintain Bathroom Exhaust Fans
🔲 Manage Flying Pest Problems (Time for ‘skeeters!)
🔲 Prune Bushes, Plants and Dead Limbs
🔲 CLean Outdoor Stone Surfaces
🔲 Give Your Home an Electrical Safety Checkup
🔲 Inspect Basement and Crawl Spaces for Moisture
🔲 Inspect Your Roof (Call a roofer – be safe!)
If you own property, or are thinking about investing, and would like to discuss steps to obtain your own financial independence through property ownership and professional property management, please contact us today: Dan@PolarisManage.com
