Hey, guys. Welcome back. Mat here, from Keyrenter Tulsa. You can find us anytime of course at (918) 351-7000, or at Keyrentertulsa.com. Today, we’re going to be talking about what property managers do for an investor. Some of you might be asking, “Why do I pay this fee? Why should I not do this myself?” The answer, of course, depends on your strategy related to real estate. Some people like to do everything themselves, some people like to have a purely passive investment. Today, we’re going to talk about that. What we do is essentially trade a fee, our management fee in this case, for time, energy, hassles, you not having to deal with them, costly mistakes, you not having to make them, and knowledge, a growing body of knowledge and a growing knowledge of the way things are done progressively and more modern every single year.
Some common property management activities that we do, of course, we’re going to have proper licensing that may involve being a real estate agent in Tulsa of course, in Oklahoma, that absolutely does. We’re going to have knowledge and ability to abide by fair housing and other laws, which of course reduces the liability associated with having a rental property. We’re going to take the marketing photos and the videos of your property so that it looks its best and it has a great appearance when it goes out to marketing towards potential tenants. Of course, we want to find the best tenants, and the best tenants are going to go to the best looking and the best properties. We’re going to answer inquiries related to those tenants, prospective tenants looking to find a place. We’re going to show those rentals, we’re going to take the rental applications, and then we’re going to screen tenants to make sure they are the right fit.
Of course, at Keyrenter Tulsa, we do a 14-point check, which makes sure that people have a no-criminal background, no credit, no significant credit dings, no evictions, et cetera. We’re also going to prepare the lease agreements once we find somebody that is going to be a good tenant. We’re going to take the deposits and the rental payments over time. We’re going to complete the move in and move out inspections at the appropriate times. We’re going to manage the tenants so that expectations are set, and also so that on an ongoing basis everyone is set up for success, the property is maintained and the tenant remains happy. We’re going to process the deposit dispositions. What that means is that when a tenant moves out, we’re going to make a list and we’re going to itemize all the things that need to be repaired and damage that has been done, and then we’re going to make a list of what happens so that we deduct those costs from the deposit, the security deposit that’s been left.
In some cases, that’s one month rent, some cases it’s two months’ rent. But, we’re going to make that that gets taken care of. We’re going to handle neighbor and other complaints. Tenants, I should say, are not always the best-behaved people as everyone has issues. We’re going to handle those complaints for you so that you don’t have to deal with that. It could be at 2 o’clock in the morning on a Thursday, Friday, Saturday night, who knows, and you don’t want to be woken up with that. But we’re going to handle that for you. We’re going to work with HOAs, we’re going to do the monthly rent collection. We’re going to post late notices, if that’s the case, if we need to do that. We’re going to work with an eviction attorney to evict a tenant if that is the case, if we need to do that. We’re also going to enforce various issues of the lease. That could be making sure the yard is maintained, it could be making sure that there’s not holes drilled in the walls, et cetera.
Part of that enforcing of the lease is going to be that routine inspection. We do twice annual inspections of your properties to make sure that you know what’s going on and we know that there’s a modicum or a standard of care that’s being enforced. We’re going to resolve issues related to the lease, again, making sure that the tenant is happy. We’re going to handle the accounting, that is monthly and annual accounting that can take significant amounts of time, in some cases. We have systems to deal with that, and make sure you get all of your accounting paperwork in a timely fashion. Again, routine inspections. We’re going to hire vendors and contractors when there are issues with the heating, with the AC, with the hot water tank or the boiler, whatever you have. We’re also going to oversee maintenance as it relates to vendors and those contractors, or anything else that’s routine and needs to get taken care of.
We’re going to oversee the utility transfers when a tenant moves in, and then when they move out back to the landlord’s policy. We’re going to have 24/7 emergency response. Again, on Christmas Eve, while you’re enjoying time with your family, you don’t get a call from a tenant saying that the heater’s gone out and you need to have somebody, you need to stop everything you’re doing, spending time with your family to call an HVAC contractor or a plumber or whatever the situation is to address that situation. We’re going to handle all of that. We take care of ongoing education and training of our staff so that we’re up to date with everything that’s going on in the property management industry, and we are serving you and our tenants as best as we can. The one thing that’s not mentioned on here that Keyrenter Tulsa also does, is we can take a property from the point that you close the purchase to the point of tenancy or once a tenant is in. We can handle everything in between.
If there are situations where you buy a house that needs a lot of work done, and that could be structural work, going down to the studs and actually changing floor plans. It could also be just punch list stuff. We need to make sure that the carbon monoxide detector is up, we need to make sure the smoke detector is up, we need to maybe do some painting, pull some carpet, change some carpet, whatever it is. Whether it’s on the full renovation side or just a couple of punch list items, we can do all of that for you. We have general contractors that we work with that give us preferential pricing. We make sure that we pass that discount on to you so that we’re doing great quality work with no headache to you, and I handle all of that with my team. If you have any questions, as always, feel free to reach us at [email protected], or give us a shout, 918-351-7000. Looking forward to chatting with you soon. Thanks very much.