I recently wrote up an employee for two different items on the same day.
Our company policy is three strikes and you are out.
So for this employee, we will terminate them upon their next screw-up. That is either big enough to warrant a write-up. Or a repeat of the same behavior they were written up for.
I thought that getting 2 write-ups in one day would cause them to immediately straighten up and fly right.
Boy, was I ever wrong?
The very next week they had a problem with something else. It wasn’t a big enough deal to warrant a write-up, but it did get them placed on probation.
In other words, management is going to monitor every step they take for the foreseeable future.
If we don’t do this, they are going to repeat the same mistakes.
And, if they aren’t correcting course when we demand that they do, we will know it and can let them go knowing we did everything we could do to correct the situation.
It’s all about paying attention. When you pay attention, you notice patterns.
One of the tricks is to know what to pay attention to.
For property management, it’s very important to pay attention to itemized monthly statements prepare real estate market reports. Click here to read about monthly itemized statements.
In this article post, I’m going to talk about some specific real estate financial reports that you should be getting from OKC rental management companies.
The idea is to arm yourself with the information you will need to make good decisions.
For starter, there are five key events that should trigger an immediate report from okc rental management companies.
Here are the events that trigger to prepare a Real Estate Market Reports
If your OKC rental management company files an eviction on a tenant
This is an obvious indication that something is going wrong with the unit. Either the rent wasn’t paid, or there is some other type of lease violation that is occurring.
There are some misconceptions about eviction. Most of the time, when we file for eviction the tenant ends up paying their rent and the filing fees.
But it may mean that you are not going to get your rent for the month. And, it’s possible that the unit is going to be torn up.
If the tenant gives us notice they are moving
My company, OKC Home Realty Services requires a 30-day notice to quit if the tenant is moving out. This is a time-out for you as an owner.
It’s a chance to consider if you want to sell the property or lease it again.
Let the OKC rental management company know right away what your plans are. After all, they can start looking for a new tenant while the tenant is still on the property.
If there is some type of suspicious behavior going on in the unit that bears reporting.
Not every little thing needs to get reported. And, it’s not our job as a rental management company to monitor what goes on at a unit 24/7. That simply isn’t possible.
But if we have a good reason to suspect criminal activity, it’s something we are going to try to root out.
If it looks like we’ll need to get the tenant out of the unit, we are going to make that report to the owner.
When we expect a repair will cost more than $200
When we are up against a maintenance cost that we expect to be more than $200, we are going to contact the owner to get permission to move ahead with that.
Be clear with your rental management company about what you want to have happened.
If the tenant is tearing up the property
It doesn’t make sense to keep a tenant in a property if they are tearing it up. One of the reasons to do property inspections is to catch when a tenant is not causing damage to the property.
I recommend getting periodic inspections. Click here to read more about getting property inspections.
Section 8 Inspections
If Section 8 housing is involved, there is a whole other list of things that come into play. For example, there is a housing inspection. Click here to find out more about the process involved when your property has a Section 8 tenant.
When you have a vacancy, your rental management company should provide you with a progress report in getting that vacancy filled
It’s a good idea to pay attention to the little details when your OKC rental management company is trying to lease a property.
OKC Home Realty has an automated showing and scheduling system that keeps track of leads, qualified leads, and showings that occurred for properties that we have listed for rent.
In fact, we can set the system up to send financial reports automatically from our system.
Now, we do a whole bunch of advertising, and some of the leads and showings don’t get tracked through our automated system.
So the report from our automated system is a minimum number.
But, if the numbers are low on the automated system, it’s an 80% sure thing that some type of adjustment needs to happen, such as lower the rent and/or deposit.
A weekly real estate market reports from the management team should include the following information:
• The number of leads received (qualified leads are also a good statistic, which our system tracks),
• How many times the property was shown, and
• If we received an application on the property.
Find out exactly where your OKC rental management company will advertise the property. Click here to find out more about how OKC Home Realty does our on-line rental advertising.
Once the application is approved and the lease is together, your rental management company should send it to you for signature. We send our leases to our owners for electronic signature. It’s very important that you have an up-to-date copy of the lease for your files. And, that you see from the lease agreement all the details involved.