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OKC Home Realty
How much is the leasing fee for OKC Home Realty Services to lease your property?
The leasing fees include all the advertising, showing the property, taking applications, screening the applications, taking a security deposit, and putting the tenant on a 12-month lease. WE CHARGE ONE-HALF MONTH OF RENT FOR THE LEASING FEE.
We collect the leasing fee from the first month of rent that the tenant pays. So, you don’t pay any up-front cost to start service. We also guarantee the tenant, so that if they move out during the 12-months of the lease term, we replace that tenant at no additional cost to you.
How much is the management fee for OKC Home Realty Services to manage your property?
Property management includes collecting the rent, taking requests from the tenant for items such as for maintenance and making sure they get done, and providing the accounting.
We provide a number of options for the tenant to pay their rent, including making on-line payments. We make arrangements to get the maintenance done. The accounting is provided in an itemized monthly statement. The monthly statement shows all the expenses and income from the last 30 days. And, it has copies of any invoices.
WE CHARGE 10% OF THE RENT AS A MANAGEMENT FEE UP TO A MAXIMUM OF $100 PER MONTH PER UNIT. So, if your house rents for $1,300 per month, the management fee would be $100.
How long are you locked into the property management agreement with OKC Home Realty Services?
In accordance with Oklahoma contract law, there needs to be a specific term for the management agreement. So we make that term one year. However, we also put in a 30-day cancellation clause. If you are not happy with our service or you want to do something different with your property, we aren’t going to try to force you to do something you don’t want to do. So you can cancel at any time just by providing the 30-day notice. And, there is no financial penalty for terminating service. That’s in writing.
What is the process of starting service with OKC Home Realty Services?
It’s a very simple process to start service with OKC Home Realty.
- Schedule Phone Appointment, call, or submit request online. Get your questions answered. Provide information to us to complete the property management agreement.
Enter Property Management Agreement. You will receive the property management agreement to your email for electronic signature. The whole process takes just a few minutes.
Collect Rental Income. Use our systems to keep the rents coming in and the expenses down.
If you are unhappy with your current property management company, what do you need to know about terminating them to move to another property management company?
Check your property management agreement about the terms for terminating service with your property management company. It’s normal to have a certain term for the agreement, such as one year. However, if you try to leave that company during that one-year term, you may be penalized by the property management company for doing so.
Check to find out what type of notice you need to provide to stop service. A 30-day written notice is standard.
OKC Home Realty Services requires a 30-day written notice to terminate service. A client may stop service with us at any time without financial penalty. We offer that to our clients because we offer a quality service, and we aren’t worried about losing clients.
How long does it take OKC Home Realty to rent out a property?
For a rental property to rent quickly, the property needs to be priced appropriately, in rent ready and clean condition, and marketing and showings handled appropriately. If all these items are correct, you should expect something in the 30-day range, but there are no guarantees.
What if the tenant OKC Home Realty approves for the property, and moves in, doesn’t stay the full 12 months of the lease?
If we locate a tenant for your property and they don’t stay the full initial lease term, we will locate another tenant for the property at no additional cost to you. We offer this guarantee because we have good success in finding tenants who abide by the leasing agreement. Tenants don’t always stay the full lease term, and if the don’t, you are covered.
When do you get paid from OKC Home Realty?
Our cut-off date for statements is the 10th of the month. We chose that date to allow for as much rent as possible to be included for payment to owners. It would be great if all tenants paid by the 1st, but the truth is that many pay late. Between the 1st and 10th, we enter all bills and other items in preparation to prepare statements. It takes a few days to audit the information. So, we usually have the statements ready to print and pay by the 12th or the 13th of each month.
What monthly property management reports should you receive every month to make sure the accounting is correct?
The itemized monthly statement provided by your OKC property management company should include all the income and expenses since the last statement period. And, it should have copies of all invoices and receipts. Every month, OKC Home Realty will provide you with an itemized monthly statement that includes copies of all invoices and receipts. Click here to get more details on the itemized monthly statements provided.
What is the eviction process in Oklahoma City to remove a tenant from a rental property?
Note: This is not legal advice. There are two main reasons you may evict a tenant from property. The overwhelming number of tenants are evicted due to nonpayment of rent. The other reason is due to any other lease violation. The first step in doing an eviction is to provide the proper notice to the tenant. Normally, that consists of serving a 5-day notice to quit. The OKC property management company can serve the tenant the notice. However, since the beginning of the coronavirus pandemic, it has been advisable for an eviction attorney to handle the rest of the eviction process. Read this Article to find our more details about the eviction process in Oklahoma
What are the items that Oklahoma City property management agreements need to address?
In order to start service with OKC property management companies, you must have a property management agreement in place. Here are a list of items that must be addressed in that agreement:
- The fees.
- The way rents, security deposits, and reserve funds handled by the property management company.
- Any guarantees.
- How the maintenance will be handled.
- How the accounting reports will be provided.
- The term (length) of the agreement.
- The process for terminating the company.
- The duties of the property management company and the duties of the owner.
For more information about each of these aspects, refer to this article about OKC property management agreements
Investing in Oklahoma City
Why should you invest in Oklahoma City rental real estate?
Oklahoma City has a national reputation as an excellent market in which to invest in real estate. Here are the reasons for that reputation:
#1. Overall Growth and Stability of the Real Estate Market
#2. Quality of Life Improvements
#3. Rental Rates versus Sales Price
#4. Oklahoma is a Pro-Landlord State.
#5. Strong Rental Demand
For additional details on each of these five items, refer to the article about why Oklahoma City is an excellent market in which to invest in real estate.
When is the best time for a property property management company to inspect the rental property?
It’s essential to keep eyes on your rental property periodically. The trick is not to overdo it, because that will cost you too much money and needlessly bother the tenant. It’s recommended that periodic maintenance inspections and/or walk thoughts be done by your OKC property manager. Refer to this article on performing inspections on your OKC rental property
Renting Out Your Property
How can you quickly lease out your OKC rental property?
Here is a short list of the things OKC Home Realty does to quickly lease properties:
We follow up on the leads as they come in. We are responsive and return communications.
We get partner agencies Involved, like Section 8 housing and other housing providers.
Sometimes we offer move-in specials.
We monitor response to your advertising.
We start advertising as soon as you know you will have a vacancy.
We make it easy for the prospective tenant to apply for the property.
What is Section 8, and is it appropriate for your OKC rental property?
Section 8, a public housing program, is funded by the federal government through the department of Housing and Urban Development (HUD). Tenants must be able to prove their financial need. Your property must pass an inspection to insure that it meets minimum HUD housing standards.
The rent is guaranteed by the federal government. But, there are limits, particularly the rent an owner can charge.
But there are many properties in bread and butter neighborhoods that make perfect section 8 rentals, particularly if they are older but not that old, and rent for close to the maximum allowable rates for under the section 8 program.
What does it take for an Oklahoma City rental property to pass a Section 8 inspection?
The bottom line is that everything in a household must work. The property must be completely ready to move in on the spot, with all utilities on and appliances installed.
What should you do to make sure you don’t wind up with a terrible Oklahoma City tenant?
Here are some of the essential items to include in any tenant screening:
Criminal Background. It’s fairly easy to check their criminal background. Go to the website, www.oscn.net.
Take-home Pay. Take home pay be three times the rent.
3. Landlord Reference. Rental history over the last year in terms of being a renter.
4. Credit Score. Run credit if the rent exceeds $900 per month plus).
How do you figure out the rental price for your OKC rental property?
Most landlords and OKC property managers list their rentals for lease on https://www.zillow.com or https://www.trulia.com. That makes it an excellent place to find comparable rental properties. That is, homes or apartments with similar numbers of bedrooms and bathrooms, construction, etc., near your rental property.
Look at the photos of these properties to be sure the updates are similar, also.
OKC Home Realty establishes the initial rental price for OKC rental properties using this information, but also using our extensive library of rental prices.
Then, our system tracks the response to that advertising.
Maintenance and Repairs
How do you get an Oklahoma City rental property ready to rent?
If your property is 15-years old or less, they usually don’t need updates other than possibly paint and carpet to make ready for rent.
If your property is 40+ years old (built prior to the 1970’s) and hasn’t been updated in a long time, chances are, the kitchen and bathroom are very dated. Get the house thoroughly checked out (plumbing, electrical, and/or heat and air) to find out if there are hidden problems that need to be addressed. The remodel may be very expensive.
If a tenant has lived in an Oklahoma City rental property for more than about 3 or 4 years, you’ll likely have to repaint it. And, replace carpet.
Go to this article for many more details and tips on making your OKC rental property ready for rent
How can You keep maintenance costs down?
Don’t overspend on unnecessary maintenance items. Don’t deferred rental property maintenance if it’s going to cost you more in the long run. For big expenses, shop price. There are some property management companies that make most of their profit on maintenance, buyer beware. You could invest in newer properties because older properties are prone to higher maintenance costs.
Refer to this article for more details and tips on holding the costs of your maintenance down
The highest Google rating of any OKC Property Management Company with more than 100 Customer Reviews
OKC Home Realty Services review summary
on Google, Mar 15, 2019
on Google, Mar 15, 2019
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on Google, Jan 24, 2019
The highest Google rating of any OKC Property Management Company with more than 100 Customer Reviews
Returned calls/emails within 24 hours
Reduce your vacancy rate. Average OKC Home Realty vacancy rate 4.6% for single-family homes.
Careful Tenant Screening
When it’s more important to put the right tenant in your home than it is to just earn a leasing fee.
Affordable, Effective Maintenance and Repairs
Labor rate below market. Or, use your home warranty.
You have never hired an Oklahoma City property management company before.
You are unhappy with your OKC property management company.
Military services members with a house you want to rent out.
Reliable Property Management Service you can trust
Our professional team will manage your property who have years of hand on this field. We are expert on addressing tenant’s issues with timely solution. Fill your units with proper screening of tenants.
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