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How To Manage A Rental Property & How Much Do Rental Property Managers Charge?

Rental Property

Now that you own a property and have closed the deal successfully, you must also manage the real estate for the best value and returns. People may manage the property themselves or may outsource the entire tasks to an expert service for OKC rental property management. The expert services possess all the licenses, certifications, resources, and technical expertise to manage any real estate and property for the best returns. The services also ensure complete peace of mind and convenience for the property owners. However, if you are a DIY (do-it-yourself) type of property owner, you need to consider certain important aspects of property management listed below.

Management of Tenants: As a landlord, you need to ensure that you keep the tenant turnover at the lowest and the cash flow strongest. You need not heed the unreasonable demands of the tenants but must handle any genuine tenant complaints effectively and to the satisfaction of all parties involved. You must be aware of:

Management of the Property: the property should always be kept in a habitable and safe condition, for the neighbors and the tenants. Regular inspections and maintenance work ensure that costly repairs are prevented and issues are taken off before they aggravate to be a major problem. For instance, the gutters/sewage system should be cleaned timely and the HVAC (heating, ventilation, and air conditioning) system are inspected and maintained. The checklists for move-ins and move-outs should also be prepared and applied to ensure that any damages by the tenants are compensated by them. A “security deposit” is often acquired by the landlords (from the tenants) beforehand, to ensure that any damages are paid by the tenants.

Financial Management: real estate investors and property owners often invest in properties to receive a monthly or annual payment out of the rental agreements. However, you should keep track of all the transactions (including security deposits, rental payments, and late fees) to ensure that you are aware of the expenditures and profits. The resourceful rental agencies in OKC often automate the financial aspect of property management by using the latest software tools and technologies.

How Much Do Rental Property Managers Charge?

Those having property ownership experience know how rental agencies and property management services improve returns and how the services are more an asset than a liability and fetch you better returns overall. The property management services may charge every month or may charge based on a percentage of the monthly/quarterly/annual rent.

Percentage of Rent: a professional property management agency may charge somewhere between 8% to 12% of the total rent. Therefore, you would be paying $120 to the rental agency each month if you collect a rent of $1200 each month, and the fee/charge rate is 10%. In case the property is still not occupied, the rental agency may charge a percentage-of-rent fee or a fixed fee.

Fixed Charge/Fee: a property management service may charge a fixed fee as well. The fixed amount charged may depend on property aspects like its square footage area, property type, and the inclusions in the service.

Conclusion

You can easily reach out to an expert rental agency and property management company to know how affordable the services are (the fee may be as less as $100 per month for a single 1BHK family apartment!), and the immense returns they have for you over a period. However, it is important the financial, tenant-related, and upkeep aspects of the property for long-term returns and peace of mind.

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