Creek CRE

Property management involves overseeing and managing real estate properties on behalf of owners. Common services typically include:

• Rent collection
• Tenant screening and selection
• Handling maintenance and repair issues
• Marketing vacant properties
• Managing budgets and financial reports
• Ensuring compliance with laws and regulations

Property managers act as the intermediary between tenants and property owners to ensure smooth operations and protect the property’s value.

Hiring a property management company in Oklahoma City offers several advantages, including:

• Time savings: They handle tenant communication, maintenance, and emergencies 24/7.
• Legal expertise: Property managers are well-versed in local landlord-tenant laws, ensuring compliance.
• Higher rental income: Their market knowledge allows for optimized rental pricing and fewer vacancies.
• Maintenance efficiency: Access to a network of reliable contractors keeps costs down and repairs timely.
• Reduced stress: Property management companies save you from hands-on work, making investing in rental property less stressful.

Nationally, most property management companies charge a monthly fee ranging from 8% to 12% of the monthly rent collected. Some may also charge the following:

• Leasing fees: Equal to 50%-100% of one month’s rent for finding a tenant.
• Maintenance coordination fees: A percentage of the repair cost (commonly 10%).
• Eviction fees: Ranging from $200 to $500 if tenant removal becomes necessary.

For example, if your property rents for $2,000 per month, you might pay $160-$240 in management fees monthly, plus any additional one-time service charges. Always ask for a breakdown of fees to understand total costs.

Tenant screening is a critical service provided by property management companies to ensure reliable renters. Here’s the typical process:

1. Credit check: Verifies the applicant’s credit score and financial history.
2. Background check: Searches for criminal records and past evictions.
3. Employment verification: Confirms current job status and income level.
4. Rental history: Contacts previous landlords to validate tenancy behavior.

By using these steps, property managers help reduce the risk of unpaid rent or problematic tenants.

In most states (including Oklahoma City), property management companies or individuals must hold a real estate broker’s license to perform key tasks like leasing and collecting rent. Some states also have separate property management-specific licensing requirements.

For accurate licensing information, visit the National Association of Realtors or check with your local real estate licensing board.

Before hiring a property management company, ask important questions such as:

• Experience: How many properties do you manage and what types (residential/commercial)?
• Licensing and insurance: Are you licensed and do you carry proper liability insurance?
• Fee structure: How are your fees structured and what services are included?
• Tenant screening process: What criteria do you use for applicant approval?
• Communication: How often will I receive updates about my property?

These questions help clarify their expertise, reliability, and suitability for your needs.

Property managers coordinate all maintenance and repair tasks on behalf of property owners. The process usually looks like this:

1. Receive request: Tenants submit repair requests through an online portal, phone, or email.
2. Evaluate the issue: The property manager determines if the problem is urgent or routine.
3. Schedule service: Licensed and trusted contractors are hired to execute repairs quickly.
4. Follow-up: After the job is completed, the property manager confirms that the tenant is satisfied and that the issue is resolved.

Property owners often receive summaries or invoices for repairs to ensure transparency.

Avoid property management companies that show the following warning signs:

• Lack of transparency: Refusal to provide clear fee structures or an itemized breakdown of charges.
• No references: Inability to provide testimonials or contacts for other clients.
• Inadequate communication: Delayed responses or no regular updates.
• Poor online reviews: Consistently low star ratings or unresolved complaints.
• Limited experience: Managing a low number of properties or lacking experience in your property type.

Selecting the wrong company can lead to financial losses and mismanagement, so vet candidates thoroughly.

The time it takes to fill a vacancy depends on factors like location, market demand, and property condition. On average, a well-managed property fills vacancies within 3 to 5 weeks. Property managers enhance leasing speed by:

• Professionally marketing the property online using popular listing platforms.
• Offering competitive rental pricing based on market analysis.
• Conducting thorough cleaning and minor repairs to make the property move-in ready.
• Screening tenants quickly while maintaining thoroughness.

This proactive approach minimizes vacancy losses while ensuring quality tenants are placed.

Here’s a breakdown of common responsibilities:

Property Owner:

• Sets long-term investment goals (e.g., rental income or property appreciation).
• Approves budgets and major renovation costs.
• Sends final authorization for tenant evictions (if necessary).

Property Manager:

• Executes day-to-day tasks such as tenant communication and rent collection.
• Arranges for maintenance and repairs to sustain property value.
• Ensures compliance with legal standards and local regulations.

Clear communication and defined roles help ensure a successful owner-manager relationship.