My name is Scott Nachatilo.
I’m the owner of OKC Home Realty Services, LLC.
You are looking at different property management companies to manage your property.
That’s why you’re here.
There are seven key questions you should be asking about every company that you interview.
Here they are:
1. Do these oklahoma city property management companies really know the rental property market, and the neighborhood where your property or properties is located?
Oklahoma City property management companies need lots and lots of experience. Decades, preferably.
There are a number of reasons.
- They need to fill vacancies with tenants who will tend to stay for the long term.
- Experienced property managers know what improvements to make on your property to make it more durable and keep expenses down.
- In addition, property managers must know when to raise rents for your property, and by how much. It takes experience to know these things.
- Property managers must know how to follow the law regarding collections practices from your tenants. But that doesn’t mean letting the tenant off the hook. Instead, property management companies must ensure that when a tenant is behind on rent that they stay after the tenant until they are current.
That’s right, they get them to stay current on rent.
That company gets tenant’s to stay longer in your property.
They will advertise proper rents because they know what your property should rent for.
They will get as much as possible for your property – but not waste time advertising your property at too high a price. Click here to find out how we quickly lease properties.
Also, if there is any chance that your property might go on section 8, you need to find out if the management company is proficient in doing section 8.
So ask them the question: Do they lease properties on the Section 8 housing program?
To find out more about doing section 8 rentals, <Click Here>.
2. What type of monthly accounting report should oklahoma city property management companies provide for your property?
Honest oklahoma city property management companies have nothing to hide.
They provide monthly statements for your property that show all documentation for any income and expenses.
Obviously, you can’t afford for your property management company to waste your money.
The bottom line: Property management companies must provide you with easy-to-read statements.
3. What type of service guarantee should Oklahoma City property management companies provide?
Oklahoma City property management companies worth its weight should stand by some type of guarantee. Here is ours:
- We provide you a financial progress report accurate to the penny and your payment by the 13th of each month, usually by the 10th or 11th.
- We return call same day if possible, and next business day guaranteed.
- If at any time you are unhappy with our service for any reason, give us notice to cancel at any time.
- We keep maintenance costs down because we get volume pricing from all our maintenance personnel and contractors.
- We represent you in any court eviction free of charge.
In addition, you should always be crystal clear on the specific oklahoma city property management services that will be provided.
4. How long should it take to complete a make ready for your property?
The longer it takes to complete make readies, the more money you lose.
Vacancy is very expensive!
Find out how OKC Home Realty Services, LLC, complete make readies in an average of 13 days (Click Here) to reduce your vacancy cost.
What other types of oklahoma city property management services are offered?
5. How long should it take to lease out your property property? How carefully do they screen applicants for your property?
One of the most important functions of oklahoma city property management companies is getting properties quickly leased. OKC Home Realty Services, LLC leases our properties, on average, within 22 days (that means the tenant starts paying rent). To find out how we do that, click here.
It doesn’t matter how quickly your property gets leased out if the property management company doesn’t carefully screen the applicants. In fact, it might even be more expensive than just letting the property sit empty! To find out the three most critical things to focus on when screening Oklahoma City tenants for your property, <Click Here>.
6. Does the property management agreement have any “gotchas”?
The property management agreement defines responsibilities. It should clearly define what the management company and you are responsible for, how much the property management company shall be compensated and when it will occur, and what happens when things go off track. For more on what to look for in your property management agreement, click here.
7. How is maintenance for your property handled? How is it charged?
The way that oklahoma city property management companies handle maintenance can make the difference between making positive cash flow or not for your property.
Oklahoma city property management companies must keep you in the loop on maintenance.
A good property management agreement requires the oklahoma city property management companies to notify the owner if the expected cost of the repairs exceeds a certain dollar amount.