Owner FAQs

Wellsway Management is a residential property management company based in Greenwood, Indiana, serving the greater Indianapolis metro area.

Wellsway Management is a full-service residential property management company in Greenwood, Indiana. We handle leasing, maintenance, inspections, rent collection, financial reporting, and more. Our focus is on helping rental property owners maximize ROI while minimizing stress.

Wellsway Management delivers what many other companies promise but fail to provide: consistent, professional property management you can count on. Our clients tell us that reliability and good communication are hard to find in this industry, and that’s exactly what we deliver.

We work with long-term investors, accidental landlords, first-time property owners, and out-of-state investors. Most of our clients own anywhere between 1 and 90+ rental units in Indianapolis and the surrounding areas.

Since 2011.

Yes. Our brokerage, Wellsway Management LLC, is registered with the state of Indiana, as required by Indiana law.

Yes. Our executive team owns multi-family properties in Indianapolis, totaling around 43 units.

Yes.

Our pricing is flat-rate, transparent, and designed to align with your success. We don’t charge leasing fees, and there are no hidden costs.

We provide full-service property management, handling everything from leasing and maintenance to rent collection and financial reporting. Our goal is to make property ownership as hands-off as possible.

No startup fee is charged for occupied units. For vacant units, fees vary based on your total unit count and service plan. Full details are available on our Pricing Page.

We believe in transparency. Our flat monthly management fee and lease renewal fee cover most services, with additional fees only for out-of-the-ordinary events. Full pricing details are included in our Property Management Agreement and listed on our Pricing Page.

We need to understand how involved you want to be and what your long-term goals are for your property.

Yes. Each owner gets access to a 24/7 online portal with real-time financial data, including rent payments, expenses, statements, and invoices.

No, but we can advise during the due diligence process for medium or large multi-family properties. We also offer pre-inspections for properties you own for $300 (waived from your onboarding fee if you sign a PMA with us).

We conduct quarterly inspections to check smoke detectors, appliances, resident responsibilities, liabilities, and overall property condition

• Schedule a consultation with our team.
• If Wellsway Management is a good fit, schedule a pre-inspection.
• We’ll draft and sign a Property Management Agreement.
• You’ll provide reserve funds and property keys.
• If vacant, we’ll list your property for rent.

Yes, we can add property-specific rules and regulations to the lease.

Yes. A Rental Dwelling Policy (RDP) or Commercial Policy with at least $1,000,000 liability coverage is required. Wellsway Management must be listed as an additional insured.

Minimum one year, with longer terms required for larger property portfolios.

Yes, the amount depends on the agreement.

Yes, except for HOA dues, mortgages, insurance, and property taxes.

We do not take responsibility for personal property left on-site. If you leave anything, be aware that it could be lost or damaged.

We recommend keeping six months’ rent in reserve to cover maintenance, turnovers, and capital expenses.

No. Unlike some property managers who prioritize filling units quickly to collect fees, our focus is on finding high-quality, long-term residents. Since we don’t charge leasing fees, we’re incentivized to find great residents and keep them for as long as possible.

We use a custom rental application and Equifax background check, evaluating:

• Credit history
• Criminal history
• Rental history (evictions, landlord references)
• Job history and income (verified via pay stubs or bank statements)

The goal is always to secure tenants who pay the rent on time and don’t damage the property.

Applicants must meet these criteria:

• Income: Minimum 3x monthly rent
• No violent criminal convictions
• No evictions in the last 5 years
• No serious or recurring credit issues

Once a unit is rent-ready, expect it to lease within 4-6 weeks on average. Our typical turnaround is 3 weeks, depending on market conditions.

No. Be cautious of property managers who make guarantees; they may lower rents or accept unqualified residents just to fill units quickly. We prioritize quality over speed.

Yes, the management fee still applies while we’re actively managing the property. If a property remains vacant longer than 60 days, we provide a management fee reimbursement.

We use professional local attorneys to complete the court eviction process. Our normal process of handling evictions is three steps and takes approximately 6 weeks, but we also look for other solutions – such as offering a pay-and-stay.

Yes, our custom lease is reviewed by legal counsel and can include restrictions (e.g., no smoking, pet policies, guest limits, etc.).

We strive to have residents cover all utility costs whenever possible. We recommend including a table in the lease agreement to list out each of the utilities and who is responsible for paying them.

An amount equal to one or two months’ rent, depending on credit.

Yes, we keep utilities active while a unit is vacant. This ensures a smooth turnover, facilitates repairs, and helps protect the property, especially in winter.

Roughly 3.5% of rentals result in eviction, litigation, or another significant dispute.

Our experienced team handles most resident concerns internally. We will only involve the owner if an issue is significant or requires their input.

In-house maintenance: General handyman tasks, minor plumbing, electrical, and repairs.
Third-party vendors: Specialized work (roofing, HVAC, major plumbing/electrical, etc.).

In-house repairs: $85/hour + $15 trip charge + materials (2026 rate).

Third-party repairs: Vendor cost + 15% project management fee on vendor costs up to $3,000 (max $500/project).

Note: this fee does not apply to work done for property turns. Vendor fee structure for vacant property turns is: 15% on turns up to $15,000, 10% on turns $15,001 – 25,000, and 7.5% on turns $25,000+.

We’re happy to use your preferred vendors if you select a plan that allows it.

Yes, a minimum reserve amount of $500 – $1,500 per unit is required for most properties, depending on the plan type (Passive, Standard, and Premium).

Yes, we provide Common Area Maintenance (CAM) services.

During business hours, residents call our office directly to report maintenance issues. Our team screens calls to determine if they are urgent and the owner’s responsibility. Once confirmed, we send out to our maintenance team right away.

All emergencies are handled immediately.

Routine repairs are prioritized based on urgency. On average, they are completed within one to three weeks.

The following expenses may be incurred by the property:

• General maintenance: Performed by our in-house team at a competitive hourly rate, with materials charged at cost.
• Specialized repairs: Handled by third-party contractors at industry-standard rates, plus a 15% project management fee.
• Capital expenses: Includes major replacements like roofs, windows, HVAC systems, water heaters, appliances, driveways, sidewalks, and plumbing or electrical fixtures.
• New rental property owners who previously handled repairs themselves may find professional repair costs higher than expected.

Security deposits cover damages beyond normal wear and tear. Here’s how they’re used:

• Normal wear and tear: Cannot be deducted from the security deposit, but must still be addressed to keep the unit rent-ready.
• Resident damage: Security deposits may cover damages beyond normal wear and tear. If costs exceed the deposit, the owner is responsible for the balance.
• Pre-existing or new functionality issues: Includes things like sticking doors, inoperable windows, or loose handles. These should be fixed to maintain resident satisfaction and long-term retention. Some owners may be unaware of these issues because they’ve lived with them for years—but new residents expect full functionality.