Why should you know the status of your Indiana property?

Posted by WILMOTH Group on November 11, 2021
Why should you know the status of your Indiana property?

The number one issue that we have with property owners that are coming over to WILMOTH Group – and this is could be a new property owner or you could have been doing it for years – is not knowing the status of their property.

Lacy Clark, a staff member at WILMOTH Group, shares how having all pertinent information available enables us to provide the best guidance and support during the onboarding process.

So when property owners come over to WILMOTH Group, they may not have complete leases, complete ledgers. They don’t know where the security deposit is. So that lack of owner information, whether it be with a prior manager or whether they were self-managing, it tends to leave a lot of holes in the package. And we really want to put this package together and make it a smooth transition. So the first thing we do is try to fill those holes. If it is not a complete lease or ledger and we have to get a new lease started immediately, you know, if you want to keep your tenant in there, then we have to make contact. Most of the owners don’t have direct contact with their tenants. So it’s hard for us to go to the house and make sure that they’re there. We knock on the door, we’ll leave all of our information, make sure they can pay rent, but they don’t always get back to us in a timely fashion to get a lease in place. If you can’t get a lease in place, it’s really difficult to enforce paying rent. So I think finding the holes in the portfolios that come over has been a large challenge, or not knowing the status of your properties.

We have owners that say all the time this one’s occupied. It’s 100 percent occupied, it’s been there for 12 years. We go. The property is vacant. So this leaves us to play catch up and especially for an initial relationship you want everything to go smoothly, that we have to work quickly to make sure that we are in control from the day we sign the property management agreement, and that we are giving you accurate reporting on the status of your units as soon as they come over.

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WILMOTH Group is headquartered in Indianapolis, Indiana and Fort Myers, Florida. We focus on providing creative local solutions for a variety of residential real estate needs including, properties for sale, property management services in Indianapolis, and short-term management services in Tampa and Fort Myers.