When To Use Property Management

If you own or have considered purchasing rental property then you may want to consider working with a property management service.  One of the most difficult parts of owning a property for rental is the stress of working with tenants and maintaining the properties.  However, these roles can be filled by a property management company.

Sometimes tenants are late with their payments.  In some cases they simply forgot, or didn’t have the money, but sometimes they may simply refuse to pay.  This interaction can be awkward to handle.  However, a property management company can handle this interaction for you.  They will speak to the client and help negotiate payment. They’re just as invested as you are in making sure that regular payments come in, since that also provides for their income.

Occasionally your property will need maintenance.  Whether it’s plumbing, roofing repairs, or normal small projects.  A property management Edmond Ok company can handle these repairs for you.  They can coordinate repairs and make sure the work is done well.  However, you may want to work closely with the property management company as they choose a contractor and review the work in order to make sure that the quality is up to your standards.

Finding new tenants can be a painful process.  You want to vet every candidate and make sure they will consistently make rent.  You also don’t want this process to take to long, as it means money down the drain.  Property management companies can help with finding new tenants.  If you want they can completely handle the application process and take it off of your hands.

With a property management Mustang Ok company you can be as involved or distant as you would like from your real estate.  They are an excellent choice to use if you live far away from the property, and can smooth out lots of bumps in the road.  If you tend to be a little bit of a control freak, or are very ocd about how work on the property is done, then you may prefer to be a little more hands on with your property’s management.

Typically property management cost is not a significant investment.  It’s meant to be an affordable service that smooths out your interactions with tenants and property maintenance. If it’s not immediately affordable for you, then that’s completely ok.  You need to make the best decision for your property and your tenants.  Oftentimes, friends and family will have advice to share on how to best handle your properties. In these cases the most important thing is to follow your heart.  Don’t let others decide your path.  Your heart knows what it wants and needs.

There are several things to look out for in Okc property management companies.  Foremost is exorbitant fees. If their prices seem completely out of line with what they’re offering then move on.  The whole point of having rental property is to make money.  You don’t want to lose that cash to a property management company.  Make sure they know your budget.

My Summer At A Property Management Company

It was the summer after sophomore year of college.  All of my friends were headed off to swanky internships or study abroad programs.  I was at home, taking care of my sick aunt. My responsibilities were simple, mostly just keeping her company in the evening.  With plenty of time on my hands I decided to pursue part time employment.

Despite only being early May, it already looked like we were going to set record temperatures this summer.  Scanning the wanted ads, the only potential opportunity I saw was a local property management company.  I gave the office a call and that afternoon had my interview.

After several passes I found the office situated in the back alley of an overlooked office complex.  The manager was to the point. My job was to collect rent.  If I collected all rent checks I’d make $9 an hour. If I couldn’t collect, my paycheck would be reduced.  We shook hands and I showed up the next day for work.

8AM I showed up at the office. Years of smoking had tarnished the walls and residual smoke hovered in the thick air.  “Here’s your addresses,” the manager said handing me a freshly printed paper with addresses and dollar amounts. I was to drop the payments off after I was done collecting.  The instructions were simple, knock and say your with Barnaman Property Management. They’ll know what to do.

Fifteen minutes later I’d reached my first resident. A rickety bungalow on a sunny street with no trees. I knocked and the door opened after several awkward minutes.  “Hello Mr. Jensen” I began.  The door slammed in my face.  “No one’s home” came the reply.  It took a few minutes of saying “listen, I’m just here for the rent.” Before the mean looking old man opened the door, stuffed an envelope in my hand, and slammed the door.

I got back into the car. The AC was slow to turn on, and I sat in the heat. This was going to be a long summer. The next house was a tall, slightly leaning structure, that could have passed for a witch’s house.  I knocked.  A lady with long black hair with grey streaks opened the door.  “Here’s the rent, hun” she said, stuffing a well cushioned envelope in my hand. “Thanks” I said and jogged to the car.

Most of the collections were similarly uneventful. I the checks and cash off at the office and headed home.  The next morning I walked into the door and was greeted with grunting. “What the hell, Johnson,” said the manager.  “That second envelope was just a bunch of confetti and cat treats.  I told you to make sure each deposit felt legit.  Go back out and get that rent!”

And this was how the rest of my summer at the property management company played out.  Residents would try to trick me, stuffing their deposit envelopes with empty papers, not answering the door, or just refusing to pay.  I did not feel great about being a collection man, and I never gained the authoritative presence to intimidate anyone.