At Keyrenter Tulsa, we are passionate about providing property management services for property owners in our area. In our latest webinar, we discussed the many benefits of property management. Additionally, we shared information on who can benefit most from our management services! This post is a summary of the information we covered in the live webinar. Follow us on Facebook to stay up-to-date on future webinar topics!
What is Property Management?
Property management is hard work! When you use a property management company, you trade time and effort for a fee. Property management also involves a lot of liability. We help owners by removing some of this liability for a fee. In short, a property management company decreases the frustrating aspects of owning a rental property. We enable you to enjoy the benefits of a rental property without spending hours each month taking care of your property and the needs of your tenants.
Benefits of Using a Property Management Company
There are many benefits to working with a property management company such as Keyrenter Tulsa. The services provided by a property management company are highly beneficial for almost anyone who owns a rental property.
Property management is a perfect solution for a property owner who has a primary occupation and simply desires a source of passive income. We put in the hard work necessary to keep your rental property running efficiently. By taking the tedious tasks of property ownerships off of your schedule, we provide you with the opportunity to spend more time doing the things you truly enjoy.
Additionally, property management companies provide property owners with the ability to transfer a portion of the liability to a third party. When we partner with you in the care of your rental property, we become part of the equation. In this way, you can decrease your personal liability in the event of unforeseen incidents.
Property management is highly beneficial to property owners who value a professional experience for their tenants. Our experienced team at Keyrenter Tulsa ensures that the rental process goes smoothly for each party involved.
Services of a Property Management Company
At Keyrenter Tulsa, we are proud to provide a wide array of property management services to our property owners. Listed below are a few of the areas in which we specialize.
Leasing your rental property is half of the battle. We know how challenging it can be to find a well-qualified tenant to rent your space. Between the listing of your property, the screening process, and finally the drafting of the lease, there is much room for error. This is where Keyrenter Tulsa steps in.
Preparing the Unit
We specialize in providing professional leasing services for property owners in the Tulsa area. The first step in our leasing process is to prepare the unit. During this time, we clean the property, change the locks, install new appliances as needed, and ensure the unit is ‘rent-ready’.
We have a minimum property standards form that we use to ensure that no small detail is overlooked during the preparation process. We take these extra measures to prepare your property because we know that happy tenants are much more likely to sign a renewal when the time arrives. Our goal is to provide you with long-lasting tenants in your rental property.
We also evict prior tenants from your property if needed, ensuring that the eviction process is done in a way that is entirely legal.
Marketing the Unit
Once your property is ready to list, our team runs rental comps using four reliable sources. This information allows us to provide you with a rate for rent that will be competitive yet lucrative for you as the property owner. We then list your property using professional images to best portray your beautiful space and a well-written and compelling description. Finally, we post the listing on over fifty rental sites.
Showing the Unit
When it is time to show your rental unit to potential tenants, we will first conduct a pre-screening process. Our team will conduct the showings and provide potential tenants with any information they require. After the showing is complete, we will follow-up with tenants, providing them with a rental application as needed.
Screening the Applications
We are passionate about only leasing the properties that we manage to ideal tenants. Because of that, we conduct a thorough screening of each application that is submitted for your property. This screening process checks everything including references, past landlords, employment, income, rental and eviction history, criminal background, and more. Additionally, we conduct a credit check using Equifax for each interested party.
Generating the Lease
After a potential tenant has successfully been approved through our extensive screening process, we generate the lease. Our leases are reviewed by an attorney, ensuring that each portion is completely legal. We also ensure that our leases protect you as the property owner.
Once your new tenant has successfully moved into your property, Keyrenter Tulsa continues to provide support through our management services. Through these services, we seek to meet any needs of both your or your tenant.
These tasks include collecting the monthly rent, assessing and collecting late fees as needed, handling all maintenance requests, addressing any HOA or city violations, and providing lease renewals when needed.
In addition to these services, we also reconcile your books monthly. This process includes tracking your rental income, fees, and maintenance costs. At the end of the year, we supply you with the information needed for reporting including both a 1099 and Cash Flow Statement.
Keyrenter Tulsa is proud to provide property owners with an easy solution to rental property management. Our property owners are able to benefit from the passive income generated from their property while not having to worry about finding tenants, drafting legal documents, or managing the needs of the tenant once they are occupying the space.
Because property management is our specialty, we have invested much time and effort into researching every aspect of rental property management. This provides you with easy access to information regarding legal matters that can greatly impact the way you rent your property.
For example, one topic which is typically overlooked by rental property owners is that of a tenant’s pet. The decision is not as simple as just deciding if you will allow pets or not. There are other factors involved include whether you will charge a pet fee or simply a pet deposit. And what about service animals?
Providing reasonable accommodation for assistance animals is required by federal law. However, what does this mean? How can you be sure that you are abiding by this law? This is just another area in which the property management services of Keyrenter Tulsa greatly benefit our property owners. Our expertise in all matters related to rental properties provides you with the knowledge that your property is abiding by all necessary rules and regulations.
Future Webinar Topics
We are excited about the opportunity to provide more detailed information about various topics related to both property management and rental properties through our monthly webinar series. A few of the topics we plan to cover in the coming months include the following:
- Eviction of Tenants
- Running Rental Comps Using Four Sources
- How We Screen Applications
- Collecting Monthly Rent
- Assessing and Collecting Late Fees
- Posting and Mailing Legal Notices
- Handling Maintenance Requests
- Lease Renewals
- Addressing HOA and/or City Violations
- Monthly Reconciliation of Your Books
- End of Year Reporting Requirements
- What to do About Service Animals
- Alternatives to Normal Security Deposits
- Avoiding Fair Housing Violations
These, as well as many other topics, will be addressed over the coming months in attempts to provide you with a more thorough understanding of the way we serve our customers at Keyrenter Tulsa. As mentioned previously, you can stay up-to-date on our monthly webinar topics by visiting our Facebook page.
The team at Keyrenter Tulsa is proud to provide property owners around Tulsa with an easy solution to rental property management. By partnering with us in the management of your rental property, you can save time, money, and unnecessary frustration. This allows you to spend time doing the things you truly enjoy. Contact us at this link for more information on how the property management services at Keyrenter Tulsa can benefit you!