How Much Do Property Management Companies Charge in OKC?

If you’re like most landlords in OKC, chances are you have been approached by several property management companies. It can be hard to determine which company is the best fit for your needs..and how much you should expect to pay for their services. In this article, we will break down the average cost of property management in OKC, as well as what services each company typically provides.

Services Offered by an Oklahoma City Rental Property Management Company

Why should you use a property management company? The simple answer is that it will save you time and money in the long run. A good property management company will handle the day-to-day tasks of being a landlord, from advertising your rental property and screening tenants, to collecting rent and dealing with repairs and maintenance issues.

While the services offered by each company will vary, a typical property management company in Edmond OK will provide the following services:

Advertising Your Rental Property: With a wide network of potential tenants and multiple channels to advertise on, a property management company will make sure your rental property is seen by as many people as possible.

Screening Tenants: A good property management company will also thoroughly screen all potential tenants, checking their credit scores, employment history, and rental history. This ensures that you end up with a responsible and reliable tenant.

Collecting Rent: Once you have a tenant in place, your property management company will collect rent each month. Additionally, they will track late payments and send out late payment notices.

Maintenance and Repairs: When something breaks or needs to be repaired in your rental property, your property management company will find and schedule a qualified contractor to come and fix the issue. What's more, tenants will have a clear channel of communication whenever something goes wrong.

Types of Fees

Leasing Fees - A leasing fee is charged for the time and effort associated with finding a tenant. This can be a one-time flat fee or a percentage of the first month's rent (typically between 50-100%). If your property is empty, you're still responsible for monthly mortgage payments, insurance, and property taxes. Therefore, this fee ensures that your property is vacant for as little time as possible.

Management Fees - A management fee is a monthly or annual percentage of your rental income (usually between 8-12%). This compensates the company for its services, which include marketing your property, screening tenants, collecting rent, maintaining the property, and responding to tenant complaints or maintenance issues.

Setup Fees - Depending on the company, you may be charged a one-time setup fee when you sign the management agreement. This fee covers the cost of setting up your account, taking photos of your property, and listing it on rental platforms.

With these various fees, it's important to know how much you can expect to pay a Shawnee property management company. In the past, many people have been stung by companies that charge hidden fees, so it's important to be as informed as possible before signing a contract. So long as you take a proactive approach to learn about the fees charged by different companies, you should be able to find a company that charges reasonable rates.

With all this information in mind, you know what questions to ask and what to look for in a property management company. Why not make your life easier now with a company of this nature?