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You Have or Had Previously Hired a Property Management Company

Scott Nachatilo here again.

I assume you are reading this because you are considering leasing out your property.

Before you do anything hasty, take a deep breath.

Being a landlord is not for everybody.

Let me explain.

The Basics

What you need to know before You Sign with a new Property Management Company

How do we define property management?  For OKC Home Realty Services, LLC, it’s a turn-key process.  Here’s what we take care of so you can relax:

  • Making your property ready to rent,
  • Getting great photos of your property in order to make a nice advertisement,
  • Showing your property to prospective tenants,
  • Taking applications for your property and screen them,
  • getting them on a 12-month lease,
  • Collecting rent for your property,
  • Handling any tenant issues that come up for your property,
  • Providing and accurate accounting of the rents and expenses for your property, and
  • Evicting any tenants from your property that are not paying their rent or violating the lease in some other way, if required.

It’s absolutely critical that you get all the facts about property management company and the services they promise to provide before you sign the property management agreement.

Do they provide a true turn-key service?  You’ve got find out for sure.

What’s Your Goal?

Deciding if it makes sense or not to move your to another property managed company depends on these two questions:

1) Will you be significantly better by moving to a different provider, and

2) How can you be certain that you will be significantly better by moving to a particular company (How do you know that you can trust them)?

Here are some questions you should be asking yourself if you are considering transferring management to another company:

1) How much does property management cost?

The differences in management costs from one property management company to another are marginal.

OKC Home Realty Services, LLC, is competitive, but your decision SHOULD NOT BE BASED EXCLUSIVELY ON THE PROPERTY MANAGEMENT FEES.

Why?

Because vacancy costs and maintenance and make ready costs are much more significant.

In addition, the amount of rent that the property management company can obtain is also a factor, in some cases is not trivial.

2) What is the strategy of the property management company to maximize the amount that the property will lease for?

It’s not good enough anymore to just post your property on-line and wait for the tenants to come streaming in with application.

Particular property management companies will be better or worse depending upon the type of property, and the specific location.

No company is great when it comes to all properties.

3) How long should it take to lease your property?

Your properties must be 100% ready to rent before showing it.

That means your property must be clean and ready, inside and out.

The precise amount of time that it takes for us to lease your property depends on a number of factors.

On average, it takes us 22 days to lease a property once it is completely ready to go.

For more information on what we do to lease properties quickly, click here.

4) How do we keep your maintenance costs down?

Our maintenance technicians have a wide array of skills.

For example, they can do all of these and more:

  • Unclog plumbing with one of our many snakes, including a yard line,
  • Replace plumbing throughout a unit,
  • Maintenance and replace heat and air systems,
  • Any type of electrical work that might be required.

We bill maintenance by the hour; our hour rate is half that of another local very well-know property management company.

The charges depend upon  exactly what the task is.

We also hire contractors for big jobs, in that case we’ll obtain multiple bids.

5) How long does it take to complete make readies?

We take an average of 13 days to complete a make ready.

You can read about our 5-step process for completing make readies by clicking here.  

6) What about your monthly statement?

We send out your monthly statement between the 10th and 13th of the month.

Your statements are itemized, and show the income and expenses for your property from the last 30 days.

We also include copies of your supporting invoices.

You can read more about our monthly statements (click here).  

What else?

We answer the phone during office hours.  It’s funny how so many companies do not.

In addition, there are a few other important differences.  Click here now to read about those.

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