Multi Family Property Management in OKC & Edmond

If you’ve owned investment property before and managed it on your own, you understand how time-consuming it can be. There may even come a point where you wonder if it’s even worth doing the job on your own if it’s taking away your ability to focus on other things.

Usually, as properties increase in complexity, such as the number of properties to manage or the number of tenants filling vacancies, hiring a property management agency becomes more realistic and efficient for most investors who can’t find the time to handle it their own anymore.

Basically, you need some help. And when it comes to managing properties like multi-family units, Melrose Realty is your full-service multi-family property management solution.

What’s Considered a Multi-Family Property? 

multi-family property management

Here’s a quick review of the types of multi-family properties Melrose Realty manages regularly.

Multi-family properties include:

  • Duplexes
  • Triplexes
  • Row houses
  • Townhomes
  • Garden apartments
  • Multi-story apartment buildings
  • Condominiums
  • High-rise apartment buildings

Melrose Realty has a lot of experience managing hundreds of multi-family properties throughout Oklahoma, including many multi-family properties like those listed above.

Managing Multi-Family Properties Needs Experts

If you’ve managed a single rental property before, you know how much time you put into managing that property. This includes all of the stuff that goes into managing a property. Stuff like:

  • Advertising
  • Showing
  • Screening Tenants
  • Lease Contracts
  • Collecting Rent
  • Taking Care of Maintenance
  • Taking Care of Emergencies
  • Adjusting Rent between Vacancies
  • Handling Evictions if Necessary

That’s only the baseline for a single property. If you have multiple single-resident properties or multi-family properties, you can take the above and multiply it by the number of units you’re looking to rent. Whatever time you spent on that property in the past goes up by a similar factor.

When you consider it that way, just the sheer number of tenants, you’ll have to devote your time to makes hiring a property management agency that specializes in multi-family properties the best decision you can make.

If you’ve never managed property and a multi-family unit is your first, hiring an agency like Melrose Realty for your property  management needs is your second-best decision after investing.

Cost Of Hiring Multifamily Property Managers in OKC & Edmond

The listed costs below can be found on their own page on this website. However, it’s also useful to reproduce them here, so you have a quick reference to compare our rental property costs when considering hiring us for a multi-family unit.

The cost of hiring us as your property manager is proportional to the number of properties you want us to manage. The cost percentages are the sum of the value of rent after payment. So:

  1. Properties 1 – 9 cost 10%
  2. Properties 10 – 19 cost 9%
  3. Properties 20 – 29 cost 8%:
  4. Properties 30 – 39 cost 7%
  5. Properties 40 – 100 cost 6%

For example, 4 properties at $1000 rent each will carry a $400 fee to manage all four.

The more properties you ask us to manage will reduce the cost percentage.

When considering hiring us to manage a multi-family property, you must remember the cost for each unit you collect rent on. So, if you have a duplex on a single lot, you will have to pay for the management of each unit, not a single fee, just because the duplex is on a single lot.

The good thing to remember is because you’re paying for the management of each unit, each unit will receive its own individual attention and not be lumped in and forgotten about. This is especially important when it comes to properties like multi-story apartment buildings.

Managing Your Rent and Your Records for Multi-family Properties

When investors start considering hiring a property management agency, they’re usually thinking about the following:

  1. Filling vacancies
  2. Maintaining the property
  3. Collecting rent

After all, as a landlord, those are the three big things you’re usually concerned about. What a lot of investors don’t think deeply about, at first, is how the rent’s collected, the records that need to be maintained, and how your rents compare to other similar properties in your area.

Hire Expert Property Managers in OKC & Edmond

At Melrose Realty, you’ll find a company that utilizes our own software to securely collect rent online from tenants, validate that rental income prior to depositing it into your bank account, and maintain records of payments for each of the units we manage. We also provide Owner Statements that provide copies of invoices and other reports at your request.

Lastly, we also offer a Rental Rate comparison tool that provides a snapshot of how the rents of similar properties compare to yours so that we can not only maximize profits but also quickly fill vacancies.

Ready to go? Contact us today for an initial consultation!

Frequently Asked Questions

Melrose can help streamline the entire process of renting your property. We have professional experience screening tenants, marketing properties effectively to reduce vacancy periods, and preparing properties for rent. This means less time spent dealing with your rental, and more peace of mind.

Throughout our application process, we perform a full background check. This includes a credit check, verification of income, history of late payments, investigation of prior residence, and eviction history.

Depending on the application process, it will take 2-3 hours during business hours to approve your rental application.

Landlord insurance covers damages caused to the property by break-ins, natural disasters, etc. when shopping for insurance ensure you have a Real Cash Value (RCV) policy. However, for some disaster-specific insurance, you may need to sign up for a separate policy like flood policies. Liability insurance also covers you in case of tenant lawsuits. You can also encourage your tenants to take a renters insurance policy so that they are covered in case of any incidents that damages their belongings.

At Melrose we manage a wide variety of properties that include apartments, condominium, multifamily units, single family homes.

If your property is ready and priced at a market rate, your average wait time is about 20-30 days.

The average rent in Edmond is $1400. The cost of rent varies depending on several factors, including location, size, and quality.

If your property is ready and priced at a market rate, your average wait time is different pertaining to the month it is listed. Call Jake and ask for a reasonable estimate of time to lease your property.

The average rent in OKC is $1400. The cost of rent varies depending on several factors, including location, size, and quality.

Get Started Here