My name is Scott Nachatilo.
I am a licensed real estate broker.
I’m the owner of OKC Home Realty Services, LLC, one of the premier oklahoma city property management companies.
When I first started my property management company, I remember taking a call from someone. As usual, they were calling to ask us how much we charged for our service.
I asked them some questions. I found out that he owned several rental properties.
They were calling me because they were very frustrated by what was happening with their properties.
The property management company they hired was clearly not doing the job. Several of the properties were just sitting vacant.
Not only that, the expenses were through the roof.
At that point in the conversation, I said “look, what’s costing you more, your management fees, or the vacancy and excessive maintenance fees?”
I let that one sink in. And then we visited some more.
Based on the conversation, I came up with six questions that should ask prospective property management companies.
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 day-to-day 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 the property to make it more durable and keep expenses down.
- In addition, property managers must know when to raise rents, and by how much. It takes experience to know these things.
- Property managers must know how to follow the law regarding collections practices. 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 the property. They will advertise proper rents because they know what properties should rent for. They will get as much as possible – but not waste time advertising properties 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?
Honest oklahoma city property management companies have nothing to hide. They provide monthly statements that show all documentation for any income and expenses. Obviously, you can’t afford for your property management company to waste money.
The bottom line: Property management companies must provide you with easy-to-read statements. Click here to find out more about what you should expect from monthly 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 15th 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?
The longer it takes to complete make readies, the more money owners lose. Find out how we complete make readies in an average of 13 days (Click Here). What other types of oklahoma city property management services are offered?
5. How long should it take to lease out properties? How carefully do they screen applicants?
One of the most important functions of oklahoma city property management companies is getting properties quickly leased. We lease our properties, on average, with 22 days (that means the tenant starts paying rent) once we start advertising them. 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. To find out the three most critical things to focus on when screening Oklahoma City tenants, <Click Here>.
6. Does their property management agreement have any “gotchas”?
The property management agreement is absolutely critical. It should clearly define who is responsible for what, what compensation is and when it will occur, and what happens when things go off track. For more on what to look for in a property management agreement, click here.
7. How is maintenance 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.
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.