Property owners benefit from using a property management firm in a number of ways, a few of which we’ll address here. We’ll also discuss the benefits of using a oklahoma city rental property management firm to manage the property provide your tenants.
One benefit of relying on a property management expert for tenant screening when you have a vacancy is that they do this for a living. They know what laws and local regulations apply to property listings. They won’t ask illegal questions of your tenants. They’ll collect the necessary information and paperwork needed to prove you screened all the applicants against neutral standards like creditworthiness and prior landlord recommendations.
Potential tenants can benefit from going through a property management company when submitting an application. A landlord may not be able to get back to them until after work, whereas property management firms do this for a living. They’ll have more time slots to show the property and will run all the necessary background checks as quickly as possible. Someone won’t have to wait until the weekend to find out if they’re approved or denied.
Property management firms typically handle rent collection for landlords. If you struggle to stand up to the sob stories of why the late is rent or requests to forgive part of the rent if they mow the grass and take care of generic maintenance tasks, you need to outsource rent collection to a property management firm. They can set up electronic rent payment portals or use one they already have to collect rent. Now your tenants can’t say the check is the mail. Instead, they pay the rent as if it were another electronic bill payment. These systems typically allow the property management firm to take their 10% or so commission off the rent before forwarding you the remainder. That balance could show up in your bank account before a tenant’s check might or might not reach you.
A side benefit of such third party collections is the thorough record-keeping. They’ll track whether or not the tenant paid on time, was a couple of days late, or if you began eviction proceedings. If it is necessary to begin eviction for non-payment of rent, a property management firm knows the whole deal. They know which forms to submit to the courts, what notices need to be given to the tenants when, and how to formally evict someone.
Maintenance and Repairs
One of the greatest benefits for landlords and tenants alike is outsourcing maintenance and repairs to a property management firm. Few landlords really want to answer a phone call at 10 PM on a Saturday night saying the toilets in the okc rental property management are backed up. Fewer want to load up the necessary equipment and show up to fix toilets in the middle of the night. Property management firms usually have several maintenance people on hand to handle emergencies like this. They could advise a tenant on what to do if clean water is flooding out of a toilet or sewage is backing up, such as how to shut off the water to the house. They know what questions to ask to determine if the power is out because of a tripped circuit breaker, blown fuse, local storm or failure to pay the electric bill. If the issue can be handled by a handyman, they’ll dispatch one in a reasonable time frame. If an expert like an electrician or HVAC repair person is necessary, they may contact the landlord for permission or go ahead and schedule service, depending on the agreement they have with the landlord. This frees up the landlord from having to search for a pool pump repair person or pest service on short order and get them to the property as quickly as possible.
You must use a property management firm if you’re a long-distance landlord. This is because your tenants may be allowed to withhold rent if you can’t address serious issues like lack of heat, plumbing failures and electrical problems in a timely manner.
Property management firms may offer a number of services as part of their package. Tenants may appreciate regular lawn maintenance and pool cleanings, while the landlord knows that this work is being done right. It certainly prevents getting in trouble with the city for not maintaining the rental. Landlords can continue these maintenance activities after a tenant moves out so that the property looks good even as it is shown to potential tenants.