OKC Property Management Companies
Hi. This is Scott Nachatilo. Thank you very much for your interest. I’m grateful for the opportunity to provide you with information about property management for the Oklahoma City metro area, and help you choose a property management company.
I’ve been in the property management business since 1996, right in the Oklahoma City metro area. And in that time, I’ve taken care of a lot of rental properties, and gotten a lot of rental properties properties leased. In my opinion, when you are considering a property management to hire, there are six-key questions that most people don’t think to ask that you should be asking:
1. Do they know the market?
Competent property management companies have an advantage when it comes to filling vacancies with longer-term tenants, and getting them to stay current on rent, and staying longer in the property.
Why? This is because they know the market. They know the mindset of the tenant, they know neighborhoods, and they have a reliable team to back them up. And, they know how to advertise to fill specific types of vacancies.
2. What type of documentation do they provide?
Honest management teams have nothing to hide. They provide documentation for all expenses. They know you aren’t like the Federal government. You can’t afford for your management team to waste money. You own these properties to make a profit, and it’s up to your property management company to help make sure that happens.
3. What type of service guarantee do they offer?
• Your property management company should never leave problems with your properties unattended. When you have a vacancy coming up, they need to be proactively advertising that vacancy so when it comes vacant you aren’t starting from square one. They should be planning for success, not failure.
• Your property management company should get back with you in 24 hours if you have a question or concern, not leaving you wondering what’s going on.
4. Do they offer a guarantee of your satisfaction?
If you aren’t happy, you should be released right away from your contract. You shouldn’t be held hostage by a company that isn’t making you happy.
5. Do they guarantee to quickly locate a qualified tenant?
Again, vacancy is one of the biggest killers to your cash flow.
6. Do they charge an automatic releasing fee every 12 months?
Most property management companies charge a fee every 12 months equal to one month of rent EVEN IF THERE IS NO TURN OVER OF TENANTS IN THE PROPERTY! That’s right, even if they do absolutely no more work than have the tenant come to their office to sign a fresh lease agreement, they still charge that absurd fee. We have had several clients switch to they property management company that I own and operate, OKC Home Realty Services, LLC when they discovered that we only charge a leasing fee when there is actual turn over in the property. Why should you be charged when no actual work is done? Ridiculous.
Make sure you test the waters. Discuss the challenges you’ve been facing with your real estate portfolio. Get their input on what they would do. Even if you don’t end up hiring this company, they may give you some good advice you can use.
You will need to enter into a management agreement with the new company. Be sure to get that agreement penned out at the same time you are terminating the prior management company.
Questions? Give Scott Nachatilo a call at 405.232.5800.
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