What is Property Management?

Property Management is a service provided by property management companies for landlords and investors to manage their real estate assets. Property managers are licensed real estate agents in Oklahoma. They work with all types of real estate, including apartments, condominiums, residential and commercial property

 Main Takeaways

  • Property management refers to a company supervising an investor’s real estate asset.
  • Property Managers are responsible for the daily operations of the real estate. From screening tenants to scheduling and arranging maintenance repairs.
  • Property owners pay a fee from their rent collection in exchange for property management services.

What do property managers do?

A Property Manager takes care of the day-to-day tenant needs to maintain your revenue generating real estate investment which includes, process maintenance requests, pay contractor bills, while maintaining a great working relationship with the tenants. An individual investor can most certainly handle the hassle of the daily operations of being a landlord, but in turn, it can be a full-time commitment. If you’re out of state and are looking to purchase several rentals, this would be another reason to hire a property management company.

A property manager’s duties usually include the following:

  • Screening new tenants
  • Taking care of leasing agreements
  • Handling maintenance issues
  • Collecting rent payments
  • Evictions

Each state has its own set of laws that property management firms must follow, in Oklahoma we have the Fair Housing, and the Landlord Tenant Act 

Real estate investors pay a management fee, typically a flat fee or a percentage of the monthly rent, for said services. The homeowners would also need to cover any maintenance costs that have occurred for that month.

Who is Property Management for?

Renters can sometimes be a bit overwhelming, especially during the move-out season(between April-June). Landlords who have multiple investment properties under their portfolio and lack time to manage them. Some real estate investors primarily seek to cash out on the monthly cash flow rental properties provide and never having to worry about the real estate property itself.

Conclusion

Property management is a service that handles all the daily operations of owning any real estate property. Pricing varies from company to company, but the most typical is a flat fee or a set percentage on the monthly rental income.

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