You have own a rental property management company in Oklahoma city and want to use it to garner some extra income. Smart move. However, you may not have the time, money or even the know-how to effectively manage a property to make it profitable. Oftentimes, people lose money on rental properties because they aren’t equipped to handle all the tasks that come along with being a landlord. How can someone actually own property, rent it out and actually make money, without having to deal with 2 am phone calls from tenants, and all the other issues that accompany being a landlord? The answer is by hiring a qualified property management company!
There are many aspects to being the owner of a rental property, many of which you may never have considered. This is where a property management company Edmond Ok can eliminate the stress and headaches of dealing with tenants. While it does cost money to hire a company to oversee your investment, it is well worth the peace of mind you will receive.
A good property management company is one that provides the services you need, and every landlord is different. For instance, if the property you own is out of state, employing an in-state property management company to keep an eye on the place would be advantageous. If you own several properties or you have another full time job, turning over the day to day operations to a management company could be very beneficial and save you ample time.
When searching for a property management company, you will want to have a strict guideline of duties they are to perform, as well as a set payment. Many of these companies take the funds directly from your client’s rental payment, and they perform tasks such as the screening of potential tenants, marketing the property if it is unoccupied, and collecting the rental payments. If the management company is taking their cut right from the rent paid, it is in their best interest as well as yours to ensure you have quality tenants who pay their rent!
Property management companies also handle requests and complaints from the renters, including those 2am calls about the air conditioning not working or the broken sink pipe—phone calls your probably would prefer someone else to address! Property management companies often employ their own crew of handymen to efficiently fix any property issues.
One of the most important jobs a property management company can provide for you is eviction of a tenant. If you have someone who does not pay their rent, or does not pay on time, or may even have damaged your rental residence, you may not know how to handle the situation, legally or otherwise. Oftentimes, a landlord will attempt to make a tenant move out, but bullying them, changing the locks on the residence or other short-sighted measures. The property management company can legally start an eviction process to remove the tenant and save you from costly mistakes.
When hiring a property management company, make sure to get recommendations from other landlords, and interview each company to determine which one will best suit your needs.