March 16, 2015

More Data Points on Rental Applications = Less Risky Tenants

I’m always confused when I see rental applications that are one page long.  In large font. With lots of white space on the paper. Such a disaster waiting to happen… If you want to secure better tenants in your rental properties, the solution is simple. Ask questions.  Lots and lots more questions. Trust me.  We process hundreds of rental apps each year and NOT A SINGLE PERSON didn’t finish the application just because we asked for lots of data on their personal and financial lives. How many data points are on our application?  164.  Yep.  One hundred and sixty-four. We gather it all upfront so that the we have all the necessary information for our Landlord’s to make informed decisions on how risky a tenant profile really is prior to making a Go/No Go decision…. An additional residual value in gathering this data up front comes into play after they have moved […]
March 11, 2015

Why Polaris Property Management screens EVERY adult…..

          It has always been our consistent practice and methodology to require a rental application on every adult who is going to live in one of our landlord properties, even if they are not financially contributing to the rent payments.  We check employment income, eviction databases, and a bunch of other data points, but 3 reports are absolutely critical to come back “clean”… Criminal history Sex Offender history OFAC history We feel  it is imperative not just for the landlord’s risk exposure, but also for the neighbors and our staff and vendors who will be interacting with the occupants. Where sometimes tenants get a bit bent out of shape is when an adult child “boomerangs” back home after high school or college.  Yes, we still require them to submit an application to get checked. Same goes for a new roommate. As you can surmise, top-notch property management includes a […]
March 10, 2015

Why you need to require renter’s insurance from your tenants.

Renters insurance isn’t just to cover the Tenant’s personal property….and this picture proves it. This is the result of a heavy crystal serving platter falling off the top of the refrigerator onto a SOLID SURFACE COUNTERTOP. The platter impacted the countertop with enough force to literally shatter the countertop and also cut the laminate flooring.  The landlord is looking at a mandatory replacement of the ENTIRE countertop as well as new flooring, too.  Likely an $8,000 repair. Fortunately, we have always required in our lease agreement that Tenants have renters insurance.  But this next point is critical….We also require the Tenants name the Landlord as an Additional Insured and our property management company as a Certificate Holder.  Doing so keeps us informed to any policy changes or lapses in coverage. We are now working with the Tenant’s insurance adjuster on getting it replaced and a huge expense has been avoided […]
March 4, 2015

Polaris Property Management wins Best In Class from FC Tucker

FC Tucker Agents: Thank you for entrusting Polaris Property Management with your Client’s rental properties. We are honored and humbled to once again receive the “Best In Class” award for property management. Here’s to continuing the delivery of premiere property management services in 2015!   Dan Baldini is the Founder of Polaris Real Estate & Polaris Property Management, LLC and is also an Adjunct Professor in the College of Business Finance Department at Butler University in Indianapolis where he teaches Real Estate Investing. Dan focuses his practice on the residential real estate markets including Indianapolis, Carmel, Zionsville, Fishers and other surrounding areas. Dan continually seeks out new resources for Team training and education in order to keep all the Team members skills on the leading edge of real estate best practices. He is an active real estate investor himself, owning and managing a portfolio of investment properties in the Indianapolis markets. A resident […]