How many evictions do you perform?
While Covid has certainly changed things for us all prior to Covid we would issue notices for around 5% of our tenants and go to court for hearings on about 1% of those. Most paid prior to hearings or turned over possession of the home. We have been fortunate to have great tenants that are responsible and follow the terms of their leases. I would also attribute this to our screening process of putting tenants and owners in a position that fits them the best.
We are not just realtors or property managers we are also Investment property owners. We own and manage over 50 units and have owned and sold many more over the years. We also have the maintenance understanding and know how that most property managers do not have. We know the in’s and out’s of management, construction, investing and all other aspects of property investing. We have laid our own tile, shown our own homes and assisted our own tenants, we treat every property we manage just as if it was our own!
We also pride ourselves on transparency in all aspects of our business. We never mark up invoices for owners, we share all communications with owners and keep them informed in all aspects of their property as often as they like!
We are experts in property management, especially in Oklahoma and the OKC Metro. We have over 40 years of combined management experience in the OKC Metro and surrounding areas. We manage over 800 properties and over 1300 units in the OKC area. If you are unsure about an area to invest in, what your property will rent for or whether your potential investment is a good buy we are the ones to ask. We have experience with every type of property from residential to industrial as well as everything in between!
We have a thorough screening process that all applicants must go through prior to be approved to pay the deposit and lease a home.
-Credit score must be over 600
-Household income must be at least 3 times the rent of the property.
-Full background check completed including, employer verification, landlord feedback, criminal background check, Online search.
-Must view the home in person
-Pet must pass full screening if pets allowed in home and not a service/emotional support animal.
What repairs is a property owner responsible for?
A property owner must allow us to address the following repairs when they arise.
-Ensure the home is safe, clean and habitable
-working smoke detectors
-safe and functional egress
-plumbing systems including hot water
-heat and air conditioning for all areas of the home
-appliances that are attached to the home which are generally the stove and dishwasher.
What repairs are the tenants responsible for?
Tenants are expected to troubleshoot minor issues in the home as well as pay for repairs caused by theirs or their guest negligence. These may include
-Changing air filters
-Keeping home clean
-Basic Pest control
-Yard care and bush trimming
How are work orders handled?
-Tenants submit their work orders through their tenant portal or by calling our Maintenance Hotline.
-The work order is evaluated and if urgent is assigned right away if non urgent it will be assigned shortly.
-The tenant, vendor and property owner are notified by email when a work order is assigned.
-The vendor coordinated the repair time with the tenant.
-The vendor notifies us when work is completed and sends in invoice.
-We verify with tenant that work is completed and nothing remains to be done.
-Invoice is shared with the prperty owner with their end of month statement
-Non urgent repairs under $200 and urgent repairs under $500 are approved by the Property Manager. Repairs over these caps will be cleared with the owner unless the nature of the issue warrants more action to protect life and property. (IE tornado damage to a home or severe flooding)
-Our repair rates are well below industry standard pricing due to the volume we send to our vendors!
Can I perform my own repairs?
There are 2 basic types of repairs, repairs on vacant and occupied properties. A property owner is welcome to complete their own repairs on their vacant rentals if they like. We will do a complete inspection prior to listing the home to ensure all items have been addressed. Repairs on occupied homes must be completed by an approved vendor with Integrity Oklahoma. We are always happy to add your vendor to our approved list but they must provide proof of insurance, workers comp insurance, tax ID and licensing information when required.
Are you the right Management Company for me?
Not every Management company is the right fit for every owner. We have fine tuned and structured our processes and workflows over the years to work well and not let things slip through the cracks. We find that the owners that enjoy working with our service the most are those that do the following.
- Treat their rental property like a small business. – The review their financial reports including income and expenses, approve needed repairs over their repair cap and treat their tenants requests in the same way the would want to be treated.
- Comfortable with technology – we utilize web portals for owner statements and prefer to email or text important info to owners so that we can have everything in writing for future reference.
- Want us to manage your home – While we value and ask for owner input there are many cases where the manager needs to be allowed to manage the property and the tenant. We always make decisions in the best interest of the owner and their property. We are EXPERTS in property management and have dealt with thousands of properties for years.
- Understand that it will cost money to maintain their investment – while many of us want to save all we can the owner that works with us understands that quality work is not free and that we all deserve to earn a fair wage for our time. We are always looking for the best deal in town but that is generally not the cheapest either. As the old saying goes “You get what you pay for”.
How do I access the lease or other documents?
All documents and leases are available through your owner portal. You can find that link here. If you do not see the document you need please reach out to your Property Manager right away.
How do you handle vacant properties?
We have a basic process that happens on all move outs or new properties that come to us. We have listed the steps here below.
- Tenant gives notice or is given notice to vacate at the request of the property owner.
- Property is inspected by our staff once the tenant has vacated the home.
- Our Preferred “Make Ready” vendor is sent to the property to prepare an estimate to get the home ready for the next tenant. This estimate as well as any inspections or photos are shared with the property owner. Home is rekeyed to our master key system at this time to save the owner on future rekeying of the home.
- We ask the owner to review the estimate and approve it quickly so that the work can be done asap.
- Work is completed on the rental.
- The Property Manager will review the invoice and bill the tenants deposit for damages caused and the owners account for items related to normal wear and tear.
- Property will be listed as “coming soon” during the make ready and made available for showings once the work is completed
How do you handle evictions?
We file evictions on a monthly basis for non payment of rent. We are generally able to have a hearing with the Judge the same month that rent is late. We generally mail and post our pay or quit notices around the 9th of each month depending on weekend. If no rent is in by the 5th day after we forward the needed documents on to our attorney to file. A typical eviction is around $180 including court and attorney fees. If we must have the sheriff do a lockout it is generally another $200 for the Writ. From the date the notice is issued it can take anywhere from 15 days to 30 days to have possession of the property depending on court date availability and lockout schedules with the sheriff.
Do you send tenants to collections?
Approximately 180 days after each move out or eviction we review all charges on a tenants ledger. If the tenant has a balance owed of over $500 and has not made a payment arrangement we forward their account to our collections agency. It can be difficult to collect on these accounts but we work with a reputable collections agency to make sure any amount owed is report to the credit agency as well as every attempts made to collect. Our collections agency generally charges between 30% to 40% of any funds collected.
How many houses do you rent out?
We are currently renting out on average 2 homes per day. Last year we rented out almost 400 homes to families in the OKC Metro.
How many homes do you manage?
We manage over 1300 homes with a combined value of over 14 Million Dollars.
How long does it take to rent out a home?
If your home is in good condition and priced appropriately for the area it is in it will generally have a tenant sign a lease and pay a deposit in 2 to 3 weeks. We require tenants to take possession within 30 days of signing a lease.
What does it take to get my house rented?
We believe Price and Condition are the main factors in getting your home rented. Sometimes you need to overcome the condition issues, i.e. dated light fixtures or wallpaper, and at times you can overcome these with a price adjustment. Some conditions are out of your control such as a neighbor with noisy dogs or a home on a busy street other condition issues can be resolved. Price is the one aspect that you the owner have the most control over and can make the biggest impact in finding a tenant.
If I ask for more rent will I get a better tenant?
Higher rent in our experience does the opposite in most cases. While we all want to increase our profits to the maximum generally a tenant/applicant that manages their money well, is frugal and budgets will be looking for the home in the area that is be “best deal” not one that is overpriced or asking way more than the surrounding homes. We have found that these frugal tenants have a lower rate of evictions and tend to leave a home in better shape when they vacate.
Can you manage my home if I already have a tenant in place?
Yes we often help out owners that are tired, busy or no longer wish to manage their homes themselves. It can be a stressful and time consuming task for sure and we are more than ready to take it on.