Real estate is usually a very solid investment, but you may find it quite time-consuming after your second or third rental property: finding new tenants is time-consuming, and so is keeping them happy. New tenant screening, maintenance issues, repairs, upkeep… all of these tasks add up and can take a considerable amount of time.
This is where property management services come in handy, allowing you to outsource the paperwork, maintenance, and even emergency repairs, so you can make the most of your real estate investment while still keeping control of your schedule.
What’s included in property management services?
While different property management companies will offer different management services, there are certain basic services that most property managers will be able to do for you. We divide them into three categories: tenant relationship management, periodic maintenance and upkeep, and emergency repairs.
Tenant relationship management
Letting out rental homes or commercial properties is a process that must be done with care: prospective tenants must be screened and studied, there are showings and negotiations, and the security deposit must be collected (in one payment or in tracts). Once you find the right tenants for your residential or commercial properties, you must ensure they are safe and satisfied, and collect payment in a timely fashion, while being prepared to end any rental agreement whenever your tenants decide to leave.
Residential property management involves a lot of relationship management: your real estate investment is somebody’s home, and they want to feel heard and looked after. A full-service residential property management company will have a dedicated phone line and email address, as well as the staff who will respond quickly to tenants’ concerns and questions, ensuring longer rentals and protecting your cash flow.
Investment properties require regular upkeep and maintenance, and we are firm believers in the money-saving power of preventative property maintenance: a stitch in time saves more than nine in some cases, both in terms of tenant satisfaction and in the prevention of costly repairs and even lawsuits.
That said, property owners such as yourself might not have the time or inclination to go inspect every HVAC unit and electrical installation once or twice a year, not to mention prune trees, check furnaces, and all the myriad seasonal inspections, maintenance, and repairs that a rental property requires on a regular basis. This is why hiring a good professional property management team is essential, to maintain the value of your properties and ensure longer leases. From paint to electrical to seasonal maintenance, our expert maintenance professionals will keep your properties in great shape, and your tenants satisfied and safe.
Even the newest rental property is bound to require an emergency repair at some point, and you probably don’t want to be dragged out of bed at 3 am on a Sunday to look at a leak or an electrical malfunction. Our services include a 24-7 emergency repair team, which is always on call to deal swiftly with urgent issues. This protects your time, your property, and your tenant satisfaction… not to mention you will not have to be answering emergency calls at odd hours.
Visit our offices in Oklahoma City and meet our management team. Our services include all we mentioned and much more, and we will be happy to advise you and craft a property management package especially for your needs.