Why Put up with Incompetence or Unresponsiveness?
Get Your Property Management Locked Down
How We can Help You to be Successful
1. Call me to pick my brain about specific challenges you are having right now.
2. Schedule a face-to-face consultation to discuss what’s going on with your properties and brainstorm specific solutions or answer questions you might have.
3. Meet with us at one of your properties to brainstorm solutions to specific problems and answer any questions you might have.
Get specific information about Property Management Services
FAQ: When You are Frustrated with Your OKC Property Management Company
How do you end service with your OKC property management company?
The key is to look at the terms of your property management agreement. There should be a paragraph dedicated to the rules around ending the property management agreement with the company. Normally, there is a term for the agreement. Twelve months is a normal period. Some companies will charge a financial penalty for ending the service before the ending period of the contract.
It’s customary to also require a 30-day notice to end a management agreement. Usually that notice must be provided in writing. Most often, an email notification should suffice. But if you are providing your notice via email, be sure to get a confirmation of receipt.
What if your property management company owes you money?
As part of winding up your account with a property management company, they must provide you with a final accounting. They must turn over any rents to you less expenses. And, if there was a property reserve, that must also be sent to you.
The security deposits must also be sent to you. If you are switching to another property management company, request that the security deposit be sent to you instead of forwarded to the other property management company. That way, you will have proof that the other property management company sent the money.
It’s rare that a property management company will refuse to send these funds, but I have experienced one situation in which a property management company did refuse to forward the security deposits. The owner had to have an attorney send a letter to this property management company in order to resolve the situation.
How much notice do you need to provide your property management company in order to switch to another company?
Refer to your property management agreement about that. Usually, it’s a 30-day notice to quit. If you have a tenant in your property, the property management company has 30 days to close out your account (see the question above). Normally, they will hand over items to the new property manager or the owner at the end of the 30-day period.
If the property is vacant, the property management company should hand over the keys immediately to the new property management company. There should be no reason for them to hold onto the items for 30 days. You need to get into the property so you can get it worked on and leased out.
Need a notice to end service with your property management company?
The notice can be very simple. You can copy and paste from this if you like:
Dear property manager,
This serves as a 30-day notice to terminate property management services with your company. Please provide a final statement. And, all other items, including any keys, copies of leases and applications, contact information for tenants, and security deposits within 30 days of receipt of this agreement.
If you are providing this notice via email, remember to request confirmation of receipt.
How do you know when it’s time to switch to another property management company?
No service company is perfect. We are all human, and all make mistakes.
If you have a property management company that makes a mistake now and then – but owes up to them and fixes them, it’s probably not worth changing to another company. There is always the risk that the new company will be a complete disaster.
But if they are doing these things, you need to make an immediate change:
– They are stealing money from you.
– You are getting good financial statements, or they are coming much later than promised consistently.
– They are unresponsive to you and/or the tenants.
– They are too busy with other projects, perhaps because they are overwhelmed because they are understaffed.
– They are not devoting enough time to your property and so it’s sitting vacant for way too long.
What does OKC Home Realty Services require to end the management agreement with the company?
We are confident that we can retain our owners as long-term customers, because we do. We don’t feel the need to trap our customers with tricky contracts. We have a 30-day notice to terminate service. That’s it. And, no financial penalty like many property management companies include.
From time to time, an owner will leave us. We cooperate fully with the new property management company. We provide them everything they need to be successful for the property. We want the owner to be successful even if they are leaving us.
How does OKC Home Realty normally take over another property when a new owner moves their property to us?
It’s very simple. Once the owner provides the other company the 30-day notice to end service, we make contact with the other property management company to hopefully create a seamless transition. We work with them to collect all the items we’ll need, including keys, leases, applications, security deposits, etc.
We earned those good reviews through years of reliable service to our owners and tenants.
The fact that you are watching this video suggests you may be unhappy with your current property management company.
Look, I take calls all the time from owners who have been taken by property management companies that their are not doing a good job for their owners. The tenants and owners get mad, and they they give them poor google reviews.
Check out google reviews. It’s really hard to fake google reviews.
Or our reviews on Facebook. Same story.
Here are the most common reasons owners become dissatisfied with property management companies, and how we handle those items:
1. Maintenance costs are out of control.
There are some property management companies that derive the majority of their profits from maintenance and repair costs. It’s basic math. The more you charge per hour, the more they make. Some companies charge $50-$80 per hour for basic maintenance work. That adds up in a major way.
They are usually paying these guys $15-$20 per hour on a contract basis. That means they don’t even have workers compensation insurance. In the event they are hurt on the job, that can be a big liability for you, the owner of the property.
Little thought is given to staff development and training. That means these guys may lack professionalism and some basic skills.
We take a different approach.
I personally groom specialists in electrical, plumbing, and heat and air. These guys know what they are doing. We charge $25-$35 per hour for maintenance work. In so doing, we solve problems effectively AND save money for our owners.
2. It takes way too long to get properties leased.
This is easily the second leading reason people call about changing their property management company.
There are three factors that are needed to ensure your property leases:
- The property must be ready to rent,
- it must be appropriately priced (rent and deposit), and
- the property must be properly marketed.
If your property is not leasing, one or more of these is out of kilter.
What we do is first of all make sure all the repairs and make ready are done. The house must be clean, and smell clean.
We do market research to ensure that the asking rent is appropriate.
If you have it priced out of the market, people won’t go to see the property no matter how good it looks.
The other part is the marketing. For the most part, we use:
- All the websites the bring us a ton of leads, including Facebook, Trulia, Zillow, Craigslist, GoSection8, and others,
- Good signs with our website address,
- Our tenant referral network which includes our agency contacts, and
- Other insider tricks we’ve figured out over the years.
What makes us different is that we advertise the property even before the tenant moves out. We also set in motion a number of actions that cause the tenant to leave your property in as good a condition as could be expected. We also track our results once we start advertising so we know if our pricing is off track.
And lastly, we answer our phone and do follow up to people who have contacted us about seeing the property or have done a showing.
3. Long-term contract traps in management agreement
Be careful of management companies that won’t allow you to stop service for any reason with a 30-day notice. Once they sink their teeth into you they won’t let go.
If you want to end the contract with us at any time - for any reason, just give us notice. Done.
We won’t tie your hands with some sneaky gotcha clauses in the management agreement. If you want to do something different with your property, we will not stand in your way. That’s my promise.
And, you will never be charged a single dime for cancelling service with our company.
Why can I make this offer? It’s because so few people leave us.
Question that? Go back and look at our google reviews.
Here’s why you need to call me today
- Tenants stay with us a long time. Our average tenant has been with us for 3 years 4 months. Call our office. You’ll notice that we answer the phone. Tenant’s like that.
- We are very good at leasing: OKC Home Realty start advertising before your property becomes vacant, and we don’t stop the attack until it’s leased! We have 13 key ways to market properties.
- Keeping maintenance costs down is a priority! I have a well-rounded crew that can handle just about any repair items.
- We rent all types of properties, from Section-8 rentals to executive homes.
I know change is unsettling, but having the wrong property management company is somewhat like being in a bad marriage. Sometimes the relationship is toxic and needs to end. Sometimes you don’t realize just how bad it was until it ends.
Want more information?
Give me a call now!
Not convinced? Keep reading...
What you need to know before You Sign with a new Property Management Company
How do we define property management? For OKC Home Realty Services, LLC, it's a turn-key process. Here's what we take care of so you can relax:
- Making your property ready to rent,
- Getting great photos of your property in order to make a nice advertisement,
- Showing your property to prospective tenants,
- Taking applications for your property and screen them,
- getting them on a 12-month lease,
- Collecting rent for your property,
- Handling any tenant issues that come up for your property,
- Providing and accurate accounting of the rents and expenses for your property, and
- Evicting any tenants from your property that are not paying their rent or violating the lease in some other way, if required.
It's absolutely critical that you get all the facts about property management company and the services they promise to provide before you sign the property management agreement.
Do they provide a true turn-key service? You've got find out for sure.
What's Your Goal?
Deciding if it makes sense or not to move your to another property managed company depends on these two questions:
1) Will you be significantly better by moving to a different provider, and
2) How can you be certain that you will be significantly better by moving to a particular company (How do you know that you can trust them)?
Here are some questions you should be asking yourself if you are considering transferring management to another company:
1) How much does property management cost?
The differences in management costs from one property management company to another are marginal.
OKC Home Realty Services, LLC, is competitive, but your decision SHOULD NOT BE BASED EXCLUSIVELY ON THE PROPERTY MANAGEMENT FEES.
Because vacancy costs and maintenance and make ready costs are much more significant.
In addition, the amount of rent that the property management company can obtain is also a factor, in some cases is not trivial.
2) What is the strategy of the property management company to maximize the amount that the property will lease for?
It's not good enough anymore to just post your property on-line and wait for the tenants to come streaming in with application.
Particular property management companies will be better or worse depending upon the type of property, and the specific location.
No company is great when it comes to all properties.
3) How long should it take to lease your property?
Your properties must be 100% ready to rent before showing it.
That means your property must be clean and ready, inside and out.
The precise amount of time that it takes for us to lease your property depends on a number of factors.
On average, it takes us 22 days to lease a property once it is completely ready to go.
4) How do we keep your maintenance costs down?
Our maintenance technicians have a wide array of skills.
For example, they can do all of these and more:
- Unclog plumbing with one of our many snakes, including a yard line,
- Replace plumbing throughout a unit,
- Maintenance and replace heat and air systems,
- Any type of electrical work that might be required.
We bill maintenance by the hour; our hour rate is half that of another local very well-know property management company.
The charges depend upon exactly what the task is.
We also hire contractors for big jobs, in that case we'll obtain multiple bids.
5) How long does it take to complete make readies?
We take an average of 13 days to complete a make ready.
You can read about our 5-step process for completing make readies by clicking here.
6) What about your monthly statement?
We send out your monthly statement between the 10th and 13th of the month.
Your statements are itemized, and show the income and expenses for your property from the last 30 days.
We also include copies of your supporting invoices.
We answer the phone during office hours. It's funny how so many companies do not.
In addition, there are a few other important differences. Click here now to read about those.