Property Management Blog

Good Tenant? How can I find one?

Shelly Corken - Thursday, October 6, 2022

Renting out your home can be a task. We are here to help.

Finding the right tenant is our job. Here are a few things we look for.

STABLE INCOME: We are looking for someone that makes 2.5x the amount of rent. We based it off the NET, not gross. This allows us to make sure that they have enough money to live comfortably and still cover rent each month.

RENTAL HISTORY: It is important to get a rental history from the tenant so that we can see if they were good tenants in the past. We check for evictions, left owing money to a landlord or an apartment complex, and to see if they have violations on their record. This will save time, money, and the stress of evicting them. This isn't to say that the best tenant does not have any red flags, but this will help us give an idea of their past.

HONEST and RESPECTFUL:

It is very important to be a good communicator when having a tenant-landlord relationship. If you are going to be late on rent, we need to be informed. We need to make sure that the tenant is respectful and will treat your property as their own. This isn't a report you can run but you can tell by speaking to their references, boss, and credit history.

CREDIT HISTORY:

It is very important to run a credit history on a tenant. This will allow us to see if the tenant is living beyond their means if they have a history of poor payments, or if they owe an outstanding balance to someone.

If you are looking to find a tenant or someone to manage your property, we offer both services. Please give us a call and we can assist you.

Property managers play a major role in managing your real estate property

Shelly Corken - Tuesday, August 9, 2022

Property managers play a major role in managing your real estate property. A good property manager should do proper screening of tenants.

Proper screenings include but are not limited to, rental verifications, employment verifications, case summary checks, and credit checks

The ability to establish and maintain good relationships lies at the height of significance for effective property management.

It is important to be able to form a good relationship not only with the property investor but also with the tenant. Good communication is key.

Why you should hire a property manager

Setting the right rental rates
Collecting and depositing monthly rent payments
Marketing and advertising your property
Finding the right tenants.
Managing Tenants
Maximizing profit
Ensuring that you are in compliance with housing regulations and property law
Property managers handles maintenance requests

TBH Management can do that for you and more. Call us today.

New Landlords, Existing Landlords, and Investors

Shelly Corken - Wednesday, June 15, 2022

Whether you are a new landlord or an experienced investor, we likely can fit your needs. While Property Management is the majority of our business, we are also a one-stop shop for investors who would like to purchase properties in Indianapolis and surrounding areas.

For New Landlords:
When you are purchasing your first investment rental property you can count on us to be your right hand. We will walk with you step-by-step through the entire process.

Existing Landlords:
Frustrated with your current property manager and you are looking for a new one? Give us a call today and we will be able to speak with you to see if we can find a better and easier solution for you. We work with existing property managers to make your transition smooth and easy.

Investors:
Are you looking to add to your portfolio? Well, You have come to the right place. We have a licensed Real Estate Broker on staff. We are able to handle your needs.

Applying To Rent A House Can Require A Fair Amount Of Documentation

Shelly Corken - Wednesday, October 27, 2021

Proof of Identity is very important. Most landlords require a picture ID and a social security card.

Landlords may look at your credit, rental history, income, and/or criminal background to get a sense of what kind of tenant you would be. You don't always have to have a perfect credit score or make massive amounts of money.

Most of the time landlords want to see that you have been on a job and have a steady income.

When looking at your credit a landlord may look at your debt payments. Late or past due utility bills, evictions, collections, and/or bankruptcies.

Rental Verifications are a big way to see if you are the right fit. Looking to see how many late payments you have had. Seeing if you had any damages, and frankly to see if you had any lease violations.

Questions a lot of landlords may ask you are:

1. What date would you like to move in?

2. Do you have pets?

3. How long have you lived in your current home?

4. Why are you moving?

5. How many people will be living in the unit?

6. How many people living with you smoke?

7. What is your monthly income?

8. Have you ever been convicted of a relevant crime?

9. Have you ever been evicted?

10. Have you ever broken a rental agreement?

Good Luck with finding your next home.

Hire the best property manager

Shelly Corken - Monday, April 19, 2021

Whether your rental property is your livelihood or your man income, you'll want to take the proper steps to make sure you are hiring the best manager to oversee it. Hiring the wrong company can lead to the loss of income and damage to your property.

Research Property Managers online.

Don't go by reviews only. Everyone is so quick to write an angry review but, very few people take the time to write a good one. A few things to do to find the best suit for you.

1) Visit their property

Doing on-site visit and meeting the property managers are a great way to put a face to a name.

2) Ask about their fee structure

Some Property managers have a finders fee, some have lease-up or lease renewal fees. Some have all three.

3) Review the management contract prior to signing.

A property manager has several hats

A) Collecting Rent ~ It is our job to collect rent and ensure optimal cash flow.

B) Screening Tenants~ Screening the tenants to make sure they are the best fit for your property

C) Setting Rents~It is our job to set competitive rent prices to make sure you get the optimal cash flow.

D) Property Maintenance~It is our job to make sure that your property is in safe and habitable conditions.

While property management fees are important, they must be viewed considering what other firms are charging, the services provided, and the quality of those services. The company you hire will be managing one of your biggest assets and the last thing you want to do is make your decision based solely (or even primarily) on who charges the lowest fees.

Residential property management fees but the average management fee ranges between 4-12% of monthly rent.

TBH Management charges 10% of the monthly income

Vacancy fee~ Some management companies charge a monthly vacancy fee ($50) that is prorated when a tenant is landed. Other companies expect to collect the full monthly property management fee even though there is no rent coming in.

TBH Management doesn’t charge a vacant fee nor do we collect management fees when there is no income.

Set-up fee~This fee is for the time invested in setting up a new account. It ranges from 0$-300$.

TBH Manage doesn’t charge a set-up fee.

Leasing fee~ Leasing fees compensate the manager for the time, effort and cost associated with getting you a new tenant. Leasing fees can range from anywhere 25%-100% of the first month's rent. 50% is standard.

TBH Management doesn’t charge a leasing fee

Advertising fee ~ Some companies charge you to market your rental. This is usually between $100-$200.

TBH Management doesn’t charge Marketing Fees.
We post on our website, turbo tenant, Zillow, Trulia, Hotpads, Craigslist, as well as our For Rent Sign. We have even used Facebook Marketplace.

Lease renewals~Some property managers charge this fee whenever they have to draw up the paperwork to renew a tenant’s lease. The fee typically ranges from 0-200$

TBH Management doesn’t charge a lease renewal fee

Maintenance fees ~policy may be to notify you if an expense exceeds a higher figure like $500-$1,000, but you may want to ask if this can be set lower ($100-$200) starting out.

TBH Management consults on anything over $300.

Eviction fee ~Fee for serving notices, dealing with attorneys, court appearances, evictions, etc. Hourly rates are typical $25-$50 while a flat fee for the whole eviction process usually comes in between $500-$600 (plus court costs).

TBH Management handles all Center Township Evictions for $200. This includes the filing fees, court, damages, and sending to collections. Anything outside of Center Township, we use Landman & Beatty Lawyers and they charge a roughly $243 flat fee.

Unpaid invoice fee~This is a small service charge (typically 1.5%) that is added each month to all unpaid invoices that are past due.

TBH Management doesn’t charge an unpaid invoice fee

Bill payment fee~This fee for making owner payments such as a mortgage, insurance, homeowners association dues, etc. Some management firms don't charge a separate fee, while others don't even provide this service.

TBH Management provides this service at NO cost to you.

Payment to Owners~ What day of the month do they mail checks to owners?
Will the check be for that month, or will the management company hold back a month?
Do they provide a direct deposit?

TBH Management provides Owner Payouts on the 26^th of each month. We do not hold back a month. TBH Management provides direct deposit, ach, or we can mail you a check.

Taxes~ Can you pay taxes from your rental income

TBH Management can pay your property taxes from your account. The cost is $0.95 for them to do it online. You will be provided a receipt.

Security Deposits~How do they handle security deposits?

State laws require funds to be held in a non-interest-bearing trust account. TBH Management has an account just for your Security Deposits.

Rent Collection~ How is rent collected
1) Pay in person
2) Pay online
3) Pay at several locations in the Indianapolis Area.

How do they deal with delinquent payments?
All tenants that are in arrears will receive a reminder call that they owe their rent on the 6^th of each month. On the 7^th, they will receive a letter via email or a maintenance staff member will drop the letter off at the unit. On the 8^th, the tenant will receive another call. If the tenant hasn’t paid their rent by the 10^th of each month, we file an eviction.

How much are late fees? What is the “grace” period?

TBH Management charges $25 after the 5^th of the month and $5.00 each day until the rent is paid in full. All tenants have a grace period of 5 days.

Tenant Screening~ No landlord ever wants to land a bad tenant, but regretfully all screening processes were not created equally. Applicants put their best foot forward and the more they have to hide the greater lengths they will go to hide facts that would eliminate them from consideration.

TBH Management runs a credit check, case summary report, and we verify proof of income. All applicants must provide us with all the information. We do require that they make 2.5x the amount of rent before being approved. This is based on their NET income, not Gross. This is to take into consideration of their child support or any garnishments from their check.

Size of the company~ How many people are on staff.

TBH Management employs 2 full-time office staff members and 2 part-time office staff members.
We also have 5 full-time maintenance technicians to perform our daily work orders.

Office Hours

TBH Management is open Monday – Friday from 9 am until 4 pm. We are closed on all Major Holidays. We do have 24-hour emergency maintenance.

I hope that I have helped make your process of finding a property manager easier. If you would like to discuss TBH Management managing your property give us a call at 317-542-1141 or customerservice@tbhmanagement.com

Thank You,

𝓢𝓱𝓮𝓵𝓵𝔂 𝓒𝓸𝓻𝓴𝓮𝓷

Many people in Indianapolis have lost work because of COVID-19. Are you having a hard time paying re...

Shelly Corken - Tuesday, August 18, 2020

Many people in Indianapolis have lost work because of COVID-19. Are you having a hard time paying rent? http://www.indyrent.org may be able to assist you.

Is this program for me? You can apply to get help paying rent if:
• You have lost your job because of COVID
• You are working less time at your job because of COVID
• Your monthly household income today (including unemployment) is less than it was at the beginning of March
• You’re not receiving rental assistance from another source (public housing, housing choice voucher, HUD-VASH, etc.)

How much of my rent could be paid?
Up to 3 months (90 days) rent paid, including back rent to April 1

How do I apply?
STEP 1 – If you qualify, you should talk with your property manager or landlord. Your landlord must agree to participate in the program.

STEP 2 – Apply online at indyrent.org. You need to provide income information from February 2020 AND income information (including unemployment) since March 1, 2020.

STEP 3 – Once you apply, you’ll receive a unique code to give to your landlord or property manager to complete their portion of the application. If you provide your landlord or property manager’s email address, they’ll receive the code automatically.

STEP 4 – If you are approved, payment will be sent directly to the landlord.

Questions? Call 317-912-1260 if you need more information.

What to look for when searching for a Property Manager

Shelly Corken - Thursday, January 23, 2020

While property management fees are important, they must be viewed considering what other firms are charging, the services provided and the quality of those services. The company you hire will be managing one of your biggest assets and the last thing you want to do is make your decision based solely (or even primarily) on who charges the lowest fees.

Residential property management fees but the average management fee ranges between 4-12% of monthly rent.

TBH Management charges 10% of the monthly income

TBH Management doesn’t charge a vacant fee nor do we collect management fees when there is no income.

Set-up fee~This fee is for the time invested in setting-up a new account. It ranges from 0$-300$.

TBH Manage doesn’t charge a set up fee.

TBH Management doesn’t charge a leasing fee

Advertising fee ~ Some companies charge you to market your rental. This is usually between $100-$200.

TBH Management doesn’t charge Marketing Fees.
We post on our website, turbo tenant, Zillow, trulia, Hotpads, Craigslist, as well as our For Rent Sign. We have even used Facebook Marketplace.

Lease renewals~Some property managers charge this fee whenever they have to draw up the paperwork to renew a tenant’s lease. The fee typically ranges from 0-200$

TBH Management doesn’t charge a lease renewal fee

Maintenance fees ~policy may be to notify you if an expense exceeds a higher figure like $500-$1,000, but you may want to ask if this can be set lower ($100-$200) starting out.

TBH Management consults on anything over $300.

Eviction fee ~Fee for serving notices, dealing with attorneys, court appearances, evictions, etc. Hourly rates are typically $25-$50 while a flat fee for the whole eviction process usually comes in between $500-$600 (plus court costs).

TBH Management handles all Center Township Evictions for $200. This includes filing fee, court, damages, and sending to collections. Anything outside of Center Township, we use Landman & Beatty Lawyers and they charge roughly $243 flat fee.

Unpaid invoice fee~This is a small service charge (typically 1.5%) that is added each month to all unpaid invoices that are past due.

TBH Management doesn’t charge a unpaid invoice fee

Bill payment fee~This fee for making owner payments such as mortgage, insurance, home owners association dues, etc. Some management firms don't charge a separate fee, while others don't even provide this service.

TBH Management provides this service at NO cost to you.

Payment to Owners~ What day of the month do they mail checks to owners?
Will the check be for that month, or will the management company hold back a month?
Do they provide direct deposit?

TBH Management provides Owner Payouts on the 26^th of each month. We do not hold back a month. TBH Management provides direct deposit, ach, or we can mail you a check.

Taxes~ Can you pay taxes from your rental income

TBH Management can pay your property taxes from your account. The cost is $0.95 for them to do it online. You will be provided a receipt.

Security Deposits~How do they handle security deposits?

State laws requires funds be held in a non-interest-bearing trust account. TBH Management has an account just for your Security Deposits.

Rent Collection~ How is rent collected
1) Pay in person
2) Pay online
3) Pay at several locations in the Indianapolis Area.

How much is late fees? What is the “grace” period?

TBH Management charges $25 after the 5^th of the month and $5.00 each day until the rent is paid in full. All tenants have a grace period of 5 days.

TBH Management runs a credit check, case summary report, and we verify proof of income. All applicants must provide us with all the information. We do require that they make 2.5x the amount of rent before being approved. This is based off their NET income, not Gross. This is to take in consideration of their child support or any garnishments from their check.

Size of the company~ How many people are on staff.

TBH Management employees 2 full time office staff members and 2 part-time office staff members.
We also have 5 full time maintenance technicians to preform our daily work orders.

Office Hours

TBH Management is open Monday – Friday from 9 am until 4 pm. We are closed on all Major Holidays. We do have 24 hour emergency maintenance.

I hope that I have helped make your process in finding a property manager easier. If you would like to discuss TBH Management managing your property give us a call at 317-542-1141 or customerservice@tbhmanagement.com

New Year, New Update!

Shelly Corken - Thursday, January 9, 2020

Now that we’ve rung in the new year, here are some ways you can save money and spend time here in Indianapolis this season. As you know the weather in Indiana can be a little indecisive but it is officially winter, so here are some tips on how to save a little during these months from IPL. https://www.iplpower.com/Ways_to_Save/Home/ You can also view and manage your own energy usage with IPL. Something else to think about is making sure your home is prepared for the winter months. make sure your gutters are cleaned out so whether it’s rain or snow this winter, your roof and foundation stay in good shape. You can take a look at our previous blog post for a full list of ways to winterize your home.

Finding activities to do here in Indy may seem a little harder during the winter but in reality, there is almost always something going on for the whole family to enjoy such as, visiting one of our many museums, supporting our local Central Division hockey team, the Indy Fuel, out at the state fairgrounds, or learn to ice skate yourself at the fairgrounds at the Pop Weaver Youth Pavillion. You can also check out one of our local news station’s website for an up to date calendar for upcoming events here in central Indiana. Community Events Calendar

Until Next Time...

Thank you, Shelly

Time to Winterize Your Home

Shelly Corken - Thursday, October 31, 2019

It is that time again when the leaves are changing and the temperatures are dropping. It is time to declutter, clean and winterize your home.

Vacuum ~Get rid of those crumbs and dust

Wash your curtains~ this will eliminate your dust and mites.

Clear away cobwebs~ when cleaning you may forget about those high corners

Wash your bedsheets and flip that mattress~ Make sure you wash your sheets on HOT. This will help eliminate excess allergens in your home.

Remove clutter~ If you don't use it, lose it.

Adjust your thermostat and clean the furnace filters

Clean those gutters

Make sure that your windows are sealed so that no air gets through. Don't put plastic up as it can cause further damage to the window ledges and cause mold.

Protect your pipes~ make sure when it gets cold outside you leave you faucets at a slow drip

Until Next Time.......

Can you believe it’s October already?

Shelly Corken - Friday, September 28, 2018

Can you believe it’s October already? The leaves are changing colors, Pumpkin Spice EVERYTHING are back and Halloween costume stores are popping up around the country. Get into the Halloween spirit by starting to decorate your home with some spooky decor. Save your money by using recycled items or materials that you already have sitting around the house. Spook your neighbors this Halloween season, and try out these following decoration ideas.

Please keep in mind of Trick or Treating Hours. Indianapolis, Indiana is 6pm-8pm.

Here are some safety tips to keep in mind.

Plan a Route
Use the buddy system
Stay on the sidewalks
Stay well lit
Check you kids candy
Use your manners
Stay safe and have fun.

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TBH Management

2929 E 96th Street Ste A
Indianapolis, IN 46240
Tel: 317-542-1141

Owners