Property Management in Oklahoma City, OK | What Is the Cost?

With some indicators pointing to rising OKC home prices, it is important that property investors keep a close eye on their finances. Most property investors with rental homes in Oklahoma City choose to work with property managers because their expertise more often than not can help to increase their return on investment. However, if you don't keep a close eye on all the fees your chosen specialists in property management in Oklahoma City, OK are charging, you can easily be nickel and dimed into debt. Here are a few of the most common fees charged by companies in the field of property management in Oklahoma City:

• Advertising fees. If you have a vacant rental property in Oklahoma City, you most likely want to find a tenant as quickly as possible. Some property investors think that advertising their home for rent in OKC using low cost methods like signs, posters, fliers and Craigslist postings will save them money. The truth is that for every day that your rental property in Oklahoma City is vacant, you are losing money. That is why your property manager will have a strategy to get your investment property rented using sites like Zillow or HotPads . Advertising fees will usually run around $100-$200.
  
  
• Renewal fees. When tenants of your rental property in Oklahoma City decide that they want to renew their leases, some property managers will see fit to charge you a fee. The process of renewing leases for rental homes in Oklahoma City is not labor-intensive, so avoid property managers who charge big fees for this. Some property management companies allow tenants to avoid the process of lease renewal altogether by opting into month-to-month leases once the initial lease has expired.
  
  
• General funds fee. Most companies in the field of property management in Oklahoma City require that property investors establish what they call a 'general fund'. A general fund is typically used to cover day-to-day operating expenses, and can also be drawn from during maintenance emergencies. Most property management companies require that property investors establish a general fund of somewhere between $200-$500.
  
  
• Eviction fee. In the event that a tenant must be evicted from your property, your property management company will likely charge you a fee to cover the many costs associated with the task, such as service of process, court fees, attorneys' fees, and any and all other work required as part of the eviction. Some property management companies will charge a flat fee for the entire eviction process. This usually ranges anywhere from $300-$600. Other property management companies charge an hourly fee, usually between $20-$60.

It is important to understand what fees your property management company is charging and how they will be used to help your investment property grow. If you have any more questions about property management fees, make sure you contact a OneProp OKC property manager today.