Most Asked Questions and What You Can Expect
Hi, I’m Mat Zalk, the owner of Keyrenter Tulsa property management. I speak to owners almost every day, and during those conversations, I generally answer a number of similar questions. This is my best attempt to answer those questions. Of course, if you read this and it inspires additional questions, or you just want to speak in person, please feel free to give us a call at (918) 351-7000, or schedule an appointment by using the link on the website. If you’re just interested in understanding more about our pricing, you can find everything on our website at keyrentertulsa.com/fees.
What property management services do you provide?
- We provide two services, a leasing service and a management service. Either of the two services can be requested individually or together.
- Our leasing service happens as follows: after ensuring that the property adheres to our minimum property standards, a member of our team will take photos and videos of your property and begin marketing the property across a network of platforms, including Zillow, Trulia, Apartment Finder, Zumper, Craigslist, and Facebook marketplace. We will also put a sign in your yard to attract prospective tenants that happen to pass by the property. We will pre-screen interested candidates before conducting viewings of the property. For those prospective tenants that like the property, we will encourage them to fill an application. When that happens, we will screen the applicant using a 14 point screening methodology, which includes verifying and cross-referencing their social security number with a current address and former address. In addition, we screen for criminal record, credit score, and eviction history. We will survey current and former landlords, current and former employers, and any references they provide. After making a decision to approve an applicant, we will send a lease to be signed. When the tenant has signed the lease and paid the security deposit, we will countersign the lease and ensure that the tenants turn the utilities on in their names prior to the move-in date. Also prior to moving the tenants in, we will collect the first month’s rent, and then conduct a move-in inspection video, which is sent to you shortly thereafter.
- Management services include the day to day management of your property, including responding to maintenance requests so you don’t spend critical moments of your life answering tenant requests. We are there to respond to that inevitable call on Christmas eve informing you that the heat is out at your property and a contractor needs to be sent out on an emergency basis. In addition, we handle the collection of rent, including posting 5-day pay or quit notices when tenants are late in paying and chasing them to collect that rent. We also handle the eviction process for you in the event that needs to take place. With your permission, and when it is needed, we can pay bills on your behalf. At the end of the year, we send you a 1099 and a cash flow statement so that you can hand the two documents to your CPA or tax preparer and be done with it.
How will you find tenants for my house? How long will it take?
- We know the importance of answering the phone every time it rings, especially when it comes to renting properties. We answer the phone six days a week from 9 am till 8 pm. We also show properties six days a week, or as necessary to meet demand. This is one of the reasons we have the lowest vacancy rate in the Tulsa area.
- Your property, along with photos, will be advertised on our website. It will also be posted on over 20 additional websites. A yard sign will be placed immediately as well.
- It normally takes two to four weeks to rent a home. It sometimes takes longer in the winter. A home goes on the list of available properties as soon as we receive notice from the existing tenant.
How does Keyrenter Property Management handle evictions?
- We are proud of the fact that we have an extremely low eviction rate. But when an eviction for nonpayment does come up we follow the following process: On or around the 6th of every month Keyrenter Property Management will post 5-Day Pay or Quit notice per the Oklahoma Landlord Tenant Act. After 120 hours (5 days) pass, we can file for eviction. We communicate and make final decisions with our clients regarding the eviction. When filing with the courts and pursuing an eviction, our legal counsel handles the process for you.
How much does an eviction cost?
- If our clients have enrolled in Eviction Guard®, the eviction will cost nothing. If not, an uncontested eviction will cost up to $500. A contested eviction can cost up to $2500.
How are security deposits handled?
- Keyrenter Property Management will require tenants to pay security deposits—usually an amount equal to 100% of one month’s rent. We might require more in the event a prospective tenant’s credit score is below a certain threshold. These funds are held in escrow in a non-interest bearings security trust account here at Security Bank in Tulsa. Security deposits cannot be disbursed until the resident vacates, at which time a disposition of funds is processed and funds are released to the owner or back to the tenant.
How do you handle maintenance issues that arise during the tenancy of my property?
- During the tenant move-in process, we will manage expectations about what maintenance will be handled by the landlord, and what will remain a tenant responsibility. Unlike a short term rental or a hotel, there are many things that the tenant will need to handle on his or her own. Though the landlord will handle major issues related to electrical, plumbing, and heating and air, tenant responsibilities will extend to plunging toilets, unclogging drain stoppages, and re-lighting the pilot light of a hot water heater. We use a Tenant Expectations video to communicate this to all tenants prior to move-in and require that they watch the video in order to get the keys to their new home.
Do you do routine inspections?
- Yes, we conduct routine inspections on behalf of our owners. We will conduct these as often as you prefer. For our Full Management PLUS clients, we include two inspections at no additional cost. For all other clients, we charge a nominal fee, which includes photos and videos, a writeup, and the changing of air filters to preserve your heating and air equipment.
Great, I’m ready to use Keyrenter Tulsa’s services! What are the next steps?
- I will send you an email highlighting the next steps, but essentially the steps are as follows:
- Sign a management contract
- Fill a W9 so that we can send you a 1099 and cash flow statement at the end of the year.
- Ensure that you fill an Owner Property Information Datasheet
- Fill out Landlord Leave On Agreements for Oklahoma Natural Gas and PSO Electricity.
- Before we take over the management of the property, we will ask that you fund the property reserve to the tune of $300 per door under management.
- Once these steps are all taken care of, we’ll schedule a kickoff call with members of our team that will be handling the day-to-day management of your property. During our kickoff call, we’ll discuss a number of things, including:
- Transferring keys to the property
- Scheduling a maintenance walkthrough to ensure the property is in accordance with our minimum property standards, and how to bring it up to standard if it isn’t already.
- Discussing rental comps and the pricing of your investment property
- After the leasing process is completed, as discussed earlier in this video, we will manage the property by being a resource for both you and your tenant, handle complaints and concerns, handle maintenance issues should they arise, complete inspections (optional service), collect rent, prepare your monthly statements, and so forth.
- Owner payments are initiated on the 10th of every month (or next business day) via ACH, so the first payout will be on the first 10th after the tenant moves in. It usually takes 1-2 business days for that payment to hit your bank. On the first payout, we will charge our leasing fee, management fees for the first month, the cost to rekey, any maintenance or winterization done during vacancy.
- From this point on, we request that you allow us to manage the property by making recommendations, handling all communication with tenants, and providing you with great services.
We welcome additional questions and are always happy to discuss your particular situation. Feel free to give us a call at 918.351.7000, or schedule a call by using the link on the website. We look forward to hearing from you!