Owner Resources

Frequently Asked Questions

• What type of reports do I get and how often?

  Reports are on-demand as well as sent out monthly. We can customize them to your needs and wants. Just let us know what you would like to see to better help preserve your asset and maximize your income.

• How soon can you start managing my property?

  Immediately! We will help analyze your investment, make recommendations, and move as quickly as you would like. We can also help you plan for the future.

• What types of properties do you manage?

  Due to PMI's national presence and experience, we can manage all types of properties from small to large commercial to community associations. Because we are your local expert, we treat your property as if it were our own.

• If required by your state, are you a licensed property manager/real estate brokerage?

  PMI Indianapolis has a managing broker, is a registered broker company, and requires all leadership and property managers are liscensed with the state of the Indiana real estate commission.

• Do you have references?

  While we can provide a few owner references on request with permission from the client, our privacy policies do not allow us to disclose current client contact information. We recommend reading some of our reviews on our website from our current owners.

• How many properties are you managing?

  PMI manages over 48,000 properties nationwide. PMI Indianapolis manages a little over 300 properties throughout central Indiana, including Indianapolis, Greenwood, Greenfield, Avon, Brownsburg, Muncie, Marion, Anderson, Noblesville, Fishers, Carmel, and many other suburbs and cities throughout central Indianapolis.

• How long have you been in business?

  We are part of a national franchise that has been in operation since 2008. PMI Indianapolis was founded in 2017, and draws on 12 years of local market experience managing in the central Indiana area. Being part of the PMI family allows us to bring experience from the largest property management company in the nation straight into our neighborhood. Allowing us to provide you with all of the latest tools and trends without overwhelming cost.

• How many people work for your company, and what are their roles?

  While staffing levels change from time to time, we maintain appropriate staffing levels to maintain our portfolios. You can view all current employees and positions on our website About Us page.

• Do you have electronic and automated systems set up? E.g., online portal

  Yes, not only do our owners each have access to an online portal, so do our residents. This makes things like document signing, fund transfers, maintenance requests, and owner statements so much easier and transparent between all parties.

• How often do you check in on tenants and properties? Do you do an annual walk-through? Does the cost include in the monthly management fee?

  We conduct multiple evaluations of our properties throughout the management term, both when the property is vacant and occupied. We also have a la carte options for owners that would like to have more evaluations than are provided in our standard agreements.

• Who keeps the security deposits?

  We hold onto all security deposits on the residents behalf. We hold these in a dedicated trust account as required by law. At the time of move out we will assess the home for any damages or cleaning fees and dispurse the remaining funds back to the resident as necessary within the mandated timeframe for our state.

• What do you charge for evictions?

  We charge $600 in the instance that filing an eviction becomes necessary. This covers the filing fee as well as the first court appearance. Please keep in mind that not all evictions are the same and there could be additional owner costs associated with the eviction depending on how it is resolved. We do have an eviction protection plan that will protect you from the costs of evictions in the case it becomes necessary.

• Will you advertise and show a property while it is occupied, or do you insist on properties being vacant before you will start advertising them for rent?

  We can begin marketing properties up to 30 days before they are available, but do not conduct showings until the property is vacant.

• How long does it take for an eviction?

  The length of the eviction process has multiple variables that can both extend and shorten the process. Our goal is always to resolve any issues as fast as possible so that we can continue collecting revenue for you on your property. A standard eviction takes between 45 and 60 days under normal conditions.

• How long does it take you to turn a property around in between tenants? Can you do it in 24 hours or does the owner have to lose weeks to a month of rent every time a tenant change occurs?

  Property turnover time is subject to the scope of work that is needed to get the property rent ready. We have a team of qualified vendors that are ready to complete any work necessary as quickly as possible. Once the project is funded we will have a crew at the property to promptly begin work. Most turnovers take less than 2 weeks to complete.

• Do you conduct credit and criminal background checks on prospective tenants?

  Yes, we have a full application process to provide you with the best resident possible. This includes a background check, credit check, previous rental history, verification of income, and identity validation.

• What is your philosophy on getting properties rented? Do you try to get top dollar and raise rents aggressively or do you prefer more of a value play?

  Our goal is to make your property as profitable as possible. Not every property has the same goals and we take that into account when providing our rental analysis. We will share with you our professional opinions on what would create the most value and together we will come up with a strategic plan that is aligned with your plan for the property. In our experience, the most profitable properties are marketed at market rent with a quick move in available.

• Do you take photos of the property before and after moving in and out?

  Yes, not only do we take pictures, but we provide you with a detailed report with 360 degree photos capturing all areas of the property. We do this to ensure that we can hold the resident accountable for any damages that they may be responsible for at move out, returning the property to its original condition.

• Do you take photos of the repairs by vendors or handymen?

  Yes, we require all of our vendors to provide before and after photos of work performed before we close out the work order or sign off on a turnover.

• Do you offer a tenant placement guarantee? i.e., if the tenant is evicted or moves out before the lease term is up, will the property manager find a new tenant for free?

  We have one of the most extensive screening processes in the industry to ensure we are placing the most qualified residents in your home. However, sometimes unforeseen things happen. If the resident does not fulfull at least 9 months of the lease term, we will find you a new resident at no additional charge. Conditions do apply.

• How do you handle tenant calls for repairs? Do you try to solve the problem before sending out a repair person?

  Our goal is always to troubleshoot the problem with the resident rather than spend our clients reserve funds when possible. Our maintenance coordinator will review the request and handle it accordingly. You can see some of our online troubleshooting videos on our website https://www.indianapolispropertymanagementinc.net/diy-maintenance.

• Do you establish a threshold dollar amount on repairs above which you always call the owner? If so, what is that dollar amount?

  Yes, we require our owners set a Do Not Exceed (DNE) amount on each property. If the repair required is below that amount, we will make the necessary repairs without additional owner approval. This allows us to make small repairs in a timely manner for the resident. All owners are notified any time a maintenance issue arises to ensure transparency. Our owners can set their thresholds as low as $250 or as high as $1000.

• Who do you use for repairs? Electrical, plumbing, appliances? Do you have a handyman that they try to use for most repairs or do they use outside vendors?

  Depending on the project, we may send out our contracted handyman or use a more specialized vendor where necessary. Our goal is to address all maintenance issues properly, timely, and as cost effectively as possible. We do have in house maintenance to reduce maintenance costs.

• What is your philosophy on repairs and replacement? Do you try to find the least expensive solution since this is a rental, or do you prefer a value solution so the repair or replacement will last?

  We have found in our professional experience that it is best to use mid level parts for our repairs. We found that using the least expensive products led to the item ultimately costing more with more frequent replacement. However, we assess each situation and make sure any repairs being made make sense to both save cost and protect the asset.

• How does your company treat maintenance? Do they treat maintenance like a profit center, or do they just pass along costs they get from outside vendors to owners?

  Our goal is always to help your property reach its highest profit potential. We do charge a 10% markup for managing maintenance projects that may arise during the management of your property. However, this mark up is to cover our cost in the coordination and management of the vendors. Our vendors are vetted, licensed, and insured.

• What is your turnaround time on phone calls, texts, and emails received from the owner?

  We have a 24 hour response time for all inquiries during business hours. Our goal is to answer your requests as soon as possible with accurate information. If we cannot give you a full answer, we will at least touch base with you within our guaranteed response time to provide you with an update.

• During the due diligence period, will you be able to check the house and let me know what needs to be done to bring the house to a good rentable standard. Also, I reflect the cost into the final purchasing price.

  Yes, Not only will we provide you with a detailed list of repairs needed and any suggested upgrades, but also a free quote to have our team address those issues for you. This is only done if you have signed a PMA for the property, and we have begun to onboard it.

• During the pandemic, how successful have you been at rental collection?

  While there have been moratoriums in place that have allowed some residents in hardship to delay their rent payments, we have stayed on top of all government regulations and guidelines so that we can be as proactive and informative as possible with all our clients and customers.

• If there is a current tenant in the house, is it possible for you to find out his/her payment history?

  This is dependent on how the property was previously being managed and how accurate the accounting was. We will attempt to obtain the most detailed information available for past history. Going forward, you will be able to see the transaction history for your property thorugh your owner portal.

• If the rent is lower than market price, what is your advice to bring the rent to the market price?

  If the resident is currently on a month to month agreement or the property is vacant, we can do a rent analysis to assess market rent. With a current resident, we would then be able to provide them with notification of the new rental amount should they decide to renew their lease agreement. If the property is vacant, we would do our best to rent the property for market value.

• Are you experienced in section 8 tenants and properties?

  Yes, we are experienced with all rules, regulations, and policies of our local housing authorities. We strive to create open communication with the case workers that we interact with which helps to further protect your property.

• How much advanced notice do you provide the current resident prior to your team conducting the initial property assessment?

  It is our policy that we provide at least 24 hours notice to residents prior to making entry into any occupied home. However, for these visits we prefer to provide the residents with a couple days notice prior to the evaluations to respect their schedule in case they prefer to be present.

• Do our fees from PMI only start when a tenant is placed, or do you start billing before then?

  Our fees are based on collected rents, with a minimum. If the home is vacant for an entire calendar month, the minimum management fees would apply. ($35-$45) Additional services such as eviction protection, insurance, etc. would also apply.

• Can you assist in utility setup for my property? If yes, what if any cost is associated with this service?

  Yes, we take care of setting up the utilities for your property. We have no utility set up cost and require an additional no extra in your reserve account to cover all deposits and fees that may be required by the utility companies.

• Does your office solely deciding on the price of the rent, or is it something we work on together?

  We will provide you with our suggested rent price based our our professional knowledge of the area coupled with analysis of the market rental rates. Ultimately, we will attempt to rent your property at the price you would like. Please keep in mind that choosing a rental price that is contrary to the PMI recommended rate will opt you out of the 30 day rental guarantee.

• Is the cost associated with the tenant screening process included in the tenant placement fee?

  Yes, the resident placement fee covers extensive applicant screening, denial letters issued to unqualified applications, standard property photos, standard syndication of advertising to our website and select additional resources, lease preparation, and lease signing services.

• During the advertising process if the property is syndicated to any payed sites, am I as the owner charged for that?

  We advertise your property on many platforms to ensure that the property receives maximum exposure to prospective residents. We advertise on Zillow and Rent.com in order to secure a resident in a timely manner, and all marketing costs in our standard marketing program are included in the leasing fee. We do not offer MLS or MIBOR cooperation fees to other brokers, it is just not necessary in our market.

• If I am purchasing a property with a tenant already in place, how would the transfer of the documents and funds look?

  At the time of closing, all deposits, prorated rents, and any other resident funds should be surrendered to you. We will need these items as well as any lease agreements, ledgers, keys, remotes, or other details for the property forwarded to us at our office. You can either arrange for those items to be delivered to us or we can make arrangements to retrieve them.

• How many evictions do you have each month?

  Due to our extensive resident screening process, we are proud to say that we deal with below average number of evictions annually. We have less than 1% of the tenants that are placed by PMI that face eviction within a year.

• What kind of owner reserves does your company require per property?

  We require a minimum reserve of $400 per door. However, if we identify specific defects or concerns for a property, or if you would like additional services such as utility bill pay, we may require the reserve to be at a higher threshold. This will allows us to ensure we can take care of your asset in a timely manner.

• What is the average length of time a resident stays in a property once your team places them in the home?

  Our average residents stay in a property for 34 months. The type of property, location, and how the property maintenance is managed are all contributing factors when it comes to resident retention.

• How do you screen prospective tenants?

  All occupants 18 and older must fill out our online application. Appliancants are approved based on a scoring process that is fair and consistent to comply with Fair Housing regulations. We perform credit check to detect any collections, bankruptcies, and assess credit worthiness. Employment and Previous Rental History are verified by contacting their present employer and previous landlords. We also perform criminal background checks on all prospective residents.

• Do you accept tenants with a previous eviction history on their housing background?

  Applicants with outstanding evictions or unpaid rental collections are denied.

• How do you handle maintenance request from residents?

  Work orders can be submitted electronically through our resident portals. Our maintenance coordinator will then assess the request and proceed with troubleshooting the issue with the resident and determining if a repair is required. If it is deemed that a technician is needed, the maintenance coordinator will contact the appropriate party to make the repair. If the repair is above the reserve amount that we agree to in your management agreement, you will be notified prior to the repair being authorized. If additional funds are needed to complete the repair we will request those in advance.

• How do you handle maintenance request from owners?

  Owners can notify us in writing of any maintenance requests they may have. Once the project is funded we will coordinate the repair and have work completed as quickly as possible.

• Is there a specific dollar amount that your office will do maintenance repairs without notifying the owner before you proceed with the repair?

  We have the authorization to make a repair without additional approval up to the amount of your DNE. However, we always make effort to notify you of work being performed on your property so there are no surprises on your owner statements.

• Is there a minimum charge for maintenance visits?

  No, there are no minimum charges. A typical work order is completed for around $110. ($35 truck fee, $59 one hour of labor, $15 in materials) as an example.

• What is your procedure if a tenant does not pay rent?

  We send out a notice on the XX of the month to all residents instructing them to pay any past due rent amounts as soon as possible. We then contact all residents who have not paid rent to inquire about their situation and try to resolve the issue. Sometimes we are able to solve the issue that day or create a plan to cure the issue in a timely manner. If it is not taked care of by the XX day following the posted notice, we will proceed with filing for an eviction.

• What services are included in your tenant placement fee/tenant procurement?

  The resident placement fee covers extensive resident screening, adverse action letters to underqualified prospects, a 360 degree move in inspection, standard property photos, and lease preparation and signing.

• What does the property setup fee pay for?

  This fee covers the work that is performed to set up your property in our system. This includes document collection, settting up the owner portal, preparing the resident portal if the property is occupied, and the initial property visit to familiarize ourselves with your property.

• How does your office handle a home warranty claim if one were to arise?

  We do not work with home warranty companies, for multiple reasons, including a general reqirement that co-pays are paid on site at the time of service. Maintenance can be dispatched directly to an owner, who can manage a home warranty that they have purchased on the home.

• How much is your late rent fee for tenants?

  We charge the resident a late fee of 10% of the rent and $15 a day. This fee covers the cost of our efforts in attempting to recover the funds from the resident as quickly as possible.

• Who is intitled to the funds of late fees?

  This is based on the package you select, either PMI Indianapolis keeps late fees, or they are split 50/50 with the property owners.

• When do you send your owners their portion of the rent you collect from the residents?

  Owner payments go out on the 10th business day of the month. We also do additional owner draws of any rent that were received late or additional money that may be owed to you once collected. Our intention is to get you your funds as quickly as possible.

• How will I receive my rental payments?

  We can distribute funds in multiple ways. Our preferred method is via ACH to the account of your choosing.

• Do you require tenants to have rental insurance?

  Yes, we require all residents to carry tenant liability insurance with a minimum coverage amount of $100,000. We do not require residents to have a renters insurance policy, which would protect their personal property, however we do encourage them to do so.

• Do the damage costs charged to the Tenant at move-out include all repairs, damage fees, and maintenance that the Tenant is responsible for?

  Yes, when we perform the move out inspection we will compare it to the move in inspection and charge the residents for any damage, not including any wear and tear. We will then deduct that from the residents security deposit. If the damages exceed the amount of the deposit we will also go after those funds. If the tenant does not pay the excess amount, we will pursue them in collections.

• Do you have any tenant fees that are charged during the tenancy? If so, are they shared with the owner?

  Yes, we do have resident fees that are charged directly to the residents for services and programs that they obtain from our office. These are fees that we retain to offset the cost of managing the property so that we can keep more of your funds in your pocket.

• Do you markup maintenance items that are performed at the property? If yes, how much?

  We charge a project management fee on maintenance items performed by our team and/or vendors. This fee is 10% of the invoice received by the vendor.

• Does your company have a portal to log into to see all the info (ledger, documents, etc) pertaining to my property?

  Yes, our clients receive access to their own owner portal. This is a great resource that can be accessed 24/7. In your owner portal you have access to all the owner documents and ledgers associated with your portfolio. This is one of the many ways we offer transparency and peace of mind with our clients.

• The tenant is lease is currently in a month to month status. Do you recommend negotiating a lease with the tenant?

  Yes, We have found that it is best practive to have your resident under a formal agreement with a set length of lease. We make our recommendations based on the resident history and market situation. However, we do look at each situation on an individual basis and ensure that we are aligned with your goals for the property.

• Is there owner cost for bringing on a tenant that already has a tenant in place?

  No, we will simply take over the enforcement of the lease they are currently under until that lease expires, and then will renew them on a PMI lease.

• How much does your office charge to renew a tenant’s lease?

  Renewal cost is $195, and includes the new lease signing, along with any rent increases. We have a standard 3% rent increase on an annual basis when we renew leases. We always ensure that our owners are comfortable and have a deep understanding of any services we provide.

• What are your average days on market?

  Currently our average days on market is between 11 and 14. It is always our goal to have your property occupied within 21 days or less. Sometimes this is outside our control, but we will update you regularly and make any suggestions for modifications to the pricing, promotions, or property to ensure the property is rented in a timely manner.