Looking for a property manager for your urban Indianapolis residential rental property?
FS Houses has you covered! We currently manage 250+ rental units around downtown Indy and we’re looking to take on more. Below is a list of Property management services that we offer and the fees associated.
FS Houses charges 10% of collected rental revenue. When a property is vacant and FS Houses needs to find a tenant the fee for successfully doing so is the first month’s rent, which gets collected from the tenants directly. Maintenance and improvements on the property are costs that of course the owner incurs and these are all case by case issues that are handled individually.
FS houses advertise vacant houses as soon as they become rent ready. Advertising outlets include but are not limited to, Craigslist, Facebook marketplace, Zillow, Trulia, Hotpads, Zumper, Google, FShouses.com, and of course, for-rent signs. We prescreen prospective tenants and show properties to interested parties. Once a tenant is interested they fill out the application online. It typically takes about 2 business days to get a tenant approved. Once they are approved they can place a deposit/sign a lease and hold the property (for no longer than 30 days), before paying the first months rent and moving in. We have multiple licensed real estate agents who are highly motivated to field phone calls/emails from prospective tenants and compete to rent properties and earn a commission. Once a property has a signed lease we send it over to the property owner. The deposit is held in our escrow account throughout the duration of the residency.
Move-ins / Move outs:
Anytime a tenant moves in or out of a property we carefully document the condition of the property. We also encourage the tenants to fill out our “move-in checklist” which basically notes any blemish or imperfection on the property. Proper documentation is extremely helpful with security deposit charges and (worst case scenario) court hearings. As soon as a unit becomes vacant we begin working on getting the unit cleaned/painted etc. The faster the property gets “turned over” the better. The goal is always to minimize vacancy (FS Houses operates at less than 5% vacancy). FS Houses will also coordinate utilities during the vacancy to make sure the property isn’t subjected to extreme temperatures.
FS Houses has strict requirements to rent properties, so we don’t typically have to do too much “chasing” down rent payments. 95% of our tenants pay on or before the fifth of the month which is the deadline before they incur a 10% late fee. Our property management software allows tenants to easily pay online and for us to easily transfer those payments to the property owners. We also have an office conveniently located in Fountain Square for tenants who prefer to drop a check off in person. If a tenant does happen to get behind on rent, the property owner will be notified and we will come up with a plan to collect. Each scenario is different, so its always case by case. If the tenant is not communicating at all we typically move forward with the eviction process ASAP. Evictions are rare for us but they do happen (on average about 1 every year), so we have an attorney who we utilize to handle the process. The cost to the property owner is typically $300 – $500 and the time frame is around 3 – 6 weeks.
Fielding Maintenance Requests:
Our property management team here at FS houses requires maintenance requests to be submitted through the online portal provided by Propertyware. Once a request comes in its automatically dispersed to the property owner, to our property manager, Natalie and Ashley Mullin (owner of FS Houses) is notified as well. From there Natalie will get in touch with the tenants and try to troubleshoot the maintenance issue with the tenants over the phone. For example: Flipping the breaker to turn the power back on. Hopefully, the issue can be resolved with no costs to the property owner. If not then Natalie will contact an appropriate maintenance contractor. We have several different handymen, plumbers, electricians, etc that do work for us on a regular basis. Because we keep our workers busy we expect quality work done in a timely manner. We also expect and continue to strive for the absolute best pricing possible.
Property management is a difficult job, to say the least. At FS Houses we are on a constant mission to deliver the highest quality service to not only our property owners but also our tenants. We also expect and require the same level of quality when it comes to cooperation from property owners in regards to maintaining the property. Keeping our standards high ensures a better performing investment for the owner and a better quality of life for the tenant.
For more information Click here for a link to our property management PDFs including our lease, pm agreement, and faqs.