If you’re thinking of becoming a landlord for the first time, follow these useful tips to help you on your way.

Property management is a business

Managing a property is not a hobby. Even if your rental property is not your main job you shouldn’t treat it like a hobby or side project. This is going to mark the difference between success and failure in your real estate investment. A lot of landlords try to figure out things as they go but that will certainly get yourself in trouble and will not build your investment. Property management is a business and for it to be successful you need to develop systems and processes that will help you guide your business. It is also important to remain professional with your tenants.

 

Offer a great property for rent

What we mean by a great property is a clean, habitable home not luxurious or fancy. Perform a walkthrough of your rental property and thoroughly inspect it and determine its condition. Discover what repairs, maintenance, and major problems need to be fixed. Make sure that all fixtures work properly and make sure cabinets, closets, and storage areas are completely cleaned. Clean the floors, windows, and blinds. Shampoo the carpets to remove stains. Repaint walls with a neutral color to make the rooms seem cleaner and brighter. A great property is going to have fewer repairs over time. A nice clean property will attract a higher quality tenant who will care for the property better.

 

Attract as many tenants as possible

You want as many people interested in your property as you can. The majority of tenants search online so be sure to use as many sites as possible, like Zillow, Trulia, Hotpads, Cozy, and Facebook Market. Don’t just rely on one marketing technique to attract tenants, put a sign in the yard. The more people you have interested in the property the more you have to choose from and there is also a higher chance of finding an incredible tenant.

 

Laws

Like any other business, you need to follow federal, state, and local laws. We highly advise you to take a course on Fair housing laws because housing discrimination is a common issue in the rental housing market. The Fair Housing Act is a law that prohibits discrimination in renting, selling, buying or financing of housing and it is quite complicated. Make sure you take the time to research and understand all laws. You need to follow all necessary laws in order to avoid lawsuits and maintain a positive reputation.

 

Screen for the best

Finding a great tenant is the most important thing to ensure a great profitable rental. Four general areas to look for are: income (3 times whatever the rent is), job stability, credit and rental history (positive reviews from previous landlords and no prior evictions).   

 

Rock solid lease

You need a good lease to protect yourself from potential accidents or liability claims. A solid lease can protect you and the property legally in case anything goes wrong.   

 

Bethan Johnson

Turn Coordinator

Bethan is a Property Manager Assistant. She performs all property inspection and evaluations, creates tenant invoices and oversees disposition of security deposits.

Why choose CRM Properties?

We have the best selection of homes in the Kokomo area. Our staff’s dedication to customer service leads to a swift response to maintenance and tenant questions.

 

What is your screening process?

We verify income with copies of pay stubs and verification from your employer. We check court records for any judgments and criminal activity. We also contact your previous landlords directly for a referral. We will verify that the person we call is actually your landlord.

 

Are pets allowed?

Most homes allow pets. We do have breed and size restrictions. We limit the number of allowed pets and you must provide proof of vaccinations on all pets. We charge an additional $25 per month and $150 additional deposit.

 

How much is the damage deposit?

The damage deposit is equal to one month’s rent. An additional $150 is required for all pets.

 

How long of a lease must I sign?

Our leases are typically one year. During winter months we structure our leases to expire during the spring.

 

How do I pay my rent?

You can pay rent in person with a personal check, cashier’s check or money order. You may set up an e-payment or direct deposit. You may also mail your rent or use our dropbox.

 

What happens if I can’t pay my rent on time?

We do not make arrangements on rent. Rent is due on the 1st of each month. Late fees start on the 5th. If we do not receive rent by the 15th we file an eviction. You may stop the eviction if you pay rent in full prior to the eviction date.

 

How are utilities handled?

Utilities are typically the tenant’s responsibility. Utilities must be transferred into the tenants name prior to signing the lease. If the tenant is responsible for the sanitation bill and fails to pay it, we reserve the right to increase the monthly rent and include sanitation in the rent.

 

What do I do if I have a maintenance request?

Why choose CRM Properties?

 

What do you charge?

 

When do I get paid?

 

How much is the damage deposit?

 

How long will it take to get my property rented?

 

How do you market my property?

 

What is your approval process for tenants?

 

What is the tenant deposit and length of lease?

 

Do you accept pets?

 

What is the eviction process?

Amanda Mendenhall

Leasing Agent

Amanda is our Leasing Agent. She oversees property showings and screens applicants.

Bethany Shoffner

Portfolio Manager

Bethany is one of our Property Managers. She is the single point of contact for owners and oversees the tenant experience.

Hannah Dobbins

Resident Service Coordinator

Julie Mullinax

Operations Manager

Julie is our Operations Manager. She oversees the staff and the day to day operations of our company.

Heather Johnson

Property Manager

Heather is one of our Property Managers. She is the single point of contact for owners and oversees the tenant experience

Jennifer Koenig

Resident Services Coordinator

Jennifer is our Office Assistant. She assists the Property Managers with all property and social media marketing.

Amanda Marshall

Maintenance Coordinator

Theresa Cain-Rush

Property Management Assistant

Darin Olson

Maintenance Manager

Darin is our Maintenance Manager. He investigates maintenance issues and offers suggestions and estimates for repairs.

Lynda Simpson

Bookkeeper

Lynda is our Bookkeeper. She handles all accounts payable and receivables. She also coordinates all owner and tenant billing.

Chris Mullinax

Broker Owner & New Business Development

As President and Owner of CRM Properties Chris helps generate new business and works on making sure the business is compliant with all local, state and national laws and ordinances.

Call us at (765) 459-8034 during business hours.

We guarantee that a team member will be on the other end to answer any questions you may have.

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