How Much Do Property Managers Charge? - OKC Home Realty Services

-

Property management fees are the fees for the day-to-day running of the property.  It should include collecting the rent, following up on items such as maintenance, and providing an accounting report to the owner.  



In addition, property management companies should be the interface between the tenant and the owner. The property manager needs to set up and take care of maintenance, handle collections, and other tasks that are related to the property or tenant issues.

They must be familiar with real estate state and local law regarding methods for tenant screening, managing security deposits, and rents, terminating leases, performing the Oklahoma eviction process, and a whole most of other requirements.

Before knowing how much do property managers charge, get to know what do they charge for and what does property management companies do.

Property managers handle everything in a rental property that happens every day. Property Managers providing property management services should have an understanding of the real estate sectors in which the lease operates. The property manager then operates by overseeing leasing, tenants, repairs, budgets, and rental property documents to ensure that the objectives of the owner are met. 


Duties and Responsibilities of Property Managers:

1. Ensure that the property is ready to rent

2. Screening potential tenants for your rental property

3. Enforcing the Lease 

4. Property Managers inform the owner about what is going on with their properties

5. Knowledge about laws of landlord and tenant

6. Property maintenance and repairs

Property Management Fees: Typically 9% to 12% of the Total-Rent

You wonder, how much do property managers charge. The property management fee is the fee for the day-to-day management of your property, such as collecting and processing rents, communicating with tenants, coordinating maintenance and repairs, responding to emergency maintenance calls, and providing the accounting for the properties in the form of itemized monthly statements.

Typically, property management companies cost between 9% and 12% of the gross rent collected on a monthly basis for management fees. between 9% and 12% of the gross rent collected on a monthly basis for management fees.

OKC Home Realty Services charges a property management fee of 10% of the rent with a maximum of $100 per month. For that, we take care of collecting the rent, taking and handling requests from tenants and property owners, coordinating the maintenance, and providing the account. In addition, we provide a year-end statement for owners to provide to their accountants for income tax purposes.


Leasing Fees: Ranges from $200 to the First Month of Rent

The leasing fee is what the property management company charges for the leasing of the property, whether managed or managed by the owner. It consists of how much do property management companies charge. The leasing fee applies to all the work involved in the rental of a home. This includes showing the property, screening all applicants, and finding a good tenant who will be approved. Get to know the best way to screen tenants.

Some companies charge a low flat fee.  Others charge up to one full month of rent.  The ones that charge the low fee may try to make up for it with other administrative fees, so find out any other miscellaneous fees, that you will be charged, such as releasing or lease preparation. 

Property Management OKC charges ½ of the first month of rent to locate a new tenant for the property. The property manager fee includes all the advertising, showings, taking and securing applications, and preparing the lease. We also place a guarantee on the tenant, so if they move out before the end of the lease period, we replace the tenant at no additional cost (that is, no extra leasing fee). We can make that strong guarantee because we do a thorough job screening the tenant. In addition, we DO NOT charge a releasing fee.

Is Property Management Worth It?

An associate of mine once said that property management is $25 per hour work. Why does it? If you only own one or a few properties, you definitely need a property management company.

The $100 per month they will charge is worth it because you won’t need to worry about collecting rent, getting your paperwork right, being able to set up a maintenance call (at a reasonable price), and getting all your paperwork together for the taxman. And if something goes wrong, like you put the wrong person in the property because you did the screening or your family member stopped paying rent, you will kick yourself for not hiring a professional. 

There is also an emotional cost to being an owner/manager. You have to deal with upset tenants. If you can move quickly enough to fix their problem, they get even more upset. 

Do what you do best and let the professionals do the same.


Location: 2532 W I 44 Service Rd, Oklahoma City, OK 73112, USA

Comments

Post a Comment

Popular posts from this blog

Duties and Responsibilities of Property Managers

-
Image
A property management firm has an obligation to the owner to make sure the business is operating to fulfill the owner's objectives and to earn a profit. Therefore, it is important for a property manager to make decisions that keep the owner's business profitable and protect the owner's investment.  From a tenant's perspective, a property manager is responsible for ensuring that the tenants have a safe living environment, that their rental payments are applied to the correct account, that the lease sets forth the responsibilities of both parties, and that the property is managed in a professional manner. Property management refers to the act of servicing and maintaining all the rental properties which are owned by an individual or a company. The owner does not necessarily need to reside in the property. No matter how talented you are in the real estate business, you will not be able to succeed in it if you do not have the required knowledge and skills.  There are some ...
Read more

5 Tenants Screening Questions To Ask New Renters - OKC Home Realty Services

-
Image
Getting a good tenant who is going to take care of your property, pay the rent, and not be a constant pain is one of the most critical responsibilities of property management companies . Introduction: Oklahoma Tenant Screening A better tenant screening process makes it easier to eliminate poor quality tenants, which increases occupancy and their profitability. This article shows you how to screen tenants for a rental property. I’m going to share different ways property management OKC performs while screening tenants for rental property . Once you have a prospective tenant raise their hand and say, “I want to rent this property” you need to have an application you can get into their hands. Our rental application focuses mostly on three things: rental history, their monthly income, and their court records.  How to Do Background Check on Tenants   Questions To Ask While Screening Tenants One of the simplest ways to avoid wasting lots of your time and energy during the screening...
Read more

How is the real estate market in Oklahoma?

-
Image
The real estate market in Oklahoma is doing very well. The population in the state has been growing rapidly and with it the job market. This has led to a strong rental market, as newcomers flock to the area in search of work. The real estate market is also benefitting from low-interest rates.  Housing prices in Oklahoma City have increased 13.2% over the past year. The median home cost is $124k, cheap compared to the United States. While prices are increasing, they are still affordable when compared to other states. So if you're looking for a place to buy or rent , Oklahoma City should be at the top of your list!  The  Oklahoma City real estate market is booming , with the number of single-family homes for sale down by nearly 50% compared to last year. The number of renters has also increased, as over 40% of households in OKC rent rather than own. This is due to the high prices and low inventory of homes in the city. However, Oklahoma City offers a great quality of life, ...
Read more