Strict Property Management Companies Oklahoma City Policies

Some people think that many property management companies Oklahoma City have strict leasing policies for tenants. However, it's safe to say that the majority of the people who feel this way probably haven't ever owned rental properties and they definitely haven't provided Oklahoma City property management services. If they had, then they would understand why property management professionals have strict policies in their leases.

These policies are in place to protect investors and their properties. Without them, real estate investors are exposed to a number of things that can prove to be costly. Therefore, if you are a new owner or providing property management in Oklahoma City for a new investor, you need to make sure there are a couple of strict policies stated in the lease. Below are a couple of the most common policies found in leases enforced by professional property management companies Oklahoma City.

• Late Fees and Penalties - Most investors include a provision that allows renters a 3-5 day grace period to get their rent turned in after the original monthly due date. However, you need to make sure you have a provision stating that starting the day after the grace period, unpaid rent payments will begin to accrue interest for each additional day it goes unpaid. This will tell your renters that you're serious about their rent being paid on time and if it isn't, it will cost them.
  
  
• Extensions - Most property management companies Oklahoma City allow one or two extension requests made by tenants, but usually not any more than that. Make sure your lease is clear about your policy surrounding rent extensions so this doesn't become an issue later.
  
  
• Evictions - Finally, you must have a strict policy in place for when the eviction process will begin if your renters don't pay their rent. For instance, if it has been 5 days past the grace period, have your property managers in Oklahoma City begin the eviction process. Every day that passes with unpaid rent monies costs you money and getting tenants out of properties can take a while. Therefore, don't waste any time to get the process started if they aren't paying you rent.
  
  

It's true that these policies may be harsh and strict, but they are necessary to keep you and your investment properties protected. And, they ensure that you filled properties are continuing to make you money!