Answers to Frequently Asked Property Owner Questions
Why Should I Use a Property Manager to Manage My Property?
Managing a rental property takes time, expertise, and legal knowledge. Here’s why hiring Purposeful Property Management is a smart investment:
✔️ Saves You Time & Stress – Managing rentals is a full-time job requiring skills in advertising, tenant screening, repairs, legal compliance, and more. We handle it all so you don’t have to.
✔️ Avoids Legal Pitfalls – Oklahoma and federal rental laws are complex. Our legal team and ongoing education protect you from costly mistakes.
✔️ Maximizes Rental Income – With our market expertise, discounted advertising resources, and wide network, we fill vacancies faster and at competitive rates.
✔️ Handles Conflict & Emergencies – Whether it’s late rent, maintenance issues, or lease disputes, we provide professional conflict resolution and ensure problems are handled efficiently.
DIY landlords must juggle marketing, tenant relations, repairs, legal matters, and more—we do it all for you, allowing you to maximize profits and minimize headaches!
How much do you charge for property management services?
At Purposeful Property Management, our pricing is transparent, competitive, and free of hidden fees.
💰 Monthly Management Fee
✔ 8% of gross rents collected
✔ 7% for owners with 3+ doors
✔ 6% for owners with 11+ doors
📑 Leasing Fee – $695 (Flat Rate)
Includes:
✅ Tenant Guarantee
✅ Professional Marketing & Photos
✅ Initial Inspection at Onboarding
✅ Comprehensive Tenant Screening & Placement
➡ Only charged after the tenant has signed the lease, paid the security deposit & first month’s rent!
🔄 Lease Renewal Fee – $200
✔ Covers the renewal process & rent increase negotiations
✔ Starts 90 days before lease expiration to minimize vacancies
✔ Often absorbed into the rent increase, making it cost-neutral for owners
✔ Saves thousands in turnover costs by keeping tenants longer
📊 Annual 1099 Tax Preparation – $49
✔ Covers third-party preparation of your 1099 & cash-flow statement for tax filing.
🔧 Property Reserve Account – $300
✔ Required maintenance reserve for repairs & emergencies
✔ Fully refundable and owner-funded via the Owner Portal
💡 Want to learn more about our renewal pipeline and process? Contact us today!
How quickly will you be able to get my property rented?
We take the time to ensure your property stands out in the rental market, attracting high-quality tenants quickly. Factors like market competition, seasonality, property condition, and pricing all impact leasing speed. By addressing these and leveraging our expertise, we position your property for maximum appeal and minimal vacancy.
On average, we secure a tenant within 2-4 weeks from the start of showings, helping protect your rental income and ensuring a smooth leasing process.
Get started with a free rental analysis today!.
How will you find tenants for my house?
At Purposeful Property Management, we know that quick communication and maximum exposure are key to filling vacancies fast.
📞 We Answer Calls 6 Days a Week – From 9 AM to 9 PM, ensuring we never miss an opportunity to connect with potential tenants.
🏡 Showings 7 Days a Week – Available from 8 AM to 9 PM or as needed to meet demand.
🌐 Extensive Online Marketing – Your property will be listed on our website and syndicated to 50+ rental websites, including Zillow, Trulia, and Apartments.com.
📍 On-Site Advertising – A yard sign is placed immediately to attract local interest.
This proactive approach is one of the reasons we maintain one of the lowest vacancy rates in the area, ensuring your property gets rented quickly!
How Does Purposeful Property Management Screen for Credit and Criminal History?
We use Buildium’s integrated screening system, powered by TransUnion, to conduct thorough background checks. This report includes:
✔️ Credit history – Credit score, open/closed accounts, collections, and account standings.
✔️ Criminal background check – Includes records from criminal databases including OSCN and the sex offender registry.
✔️ Landlord-tenant disputes – Past evictions or rental-related issues.
✔️ Terrorist watchlist screening – Ensuring compliance with safety regulations.
Our screening process helps us select qualified tenants while maintaining a safe and reliable rental experience for all residents
How do you price my property?
We analyze local market data to set a competitive rental price, attracting qualified tenants quickly while maximizing your profitability. Our strategic approach balances market trends with your financial goals, minimizing vacancies and ensuring the best return on your investment.
Get a free rental analysis today!
What makes you different from other Property Management Companies?
At Purposeful Property Management, we see your property as more than just an investment—it’s a key part of your financial future and peace of mind. That’s why we manage every home with the same care, attention, and dedication as if it were our own.
From proactive tenant selection to meticulous property maintenance and clear, consistent communication, we handle every detail with precision and a personal touch. Our focus is on protecting your investment, maximizing its potential, and minimizing stress, so you can enjoy the benefits of rental ownership with confidence.
Experience property management with purpose—partner with us today!
What if my tenant doesn’t pay?
Our rigorous tenant screening process greatly reduces the risk of late or missed rent payments. However, we understand that unexpected situations can arise. If a tenant fails to pay, we handle the entire process for you—from enforcing lease terms and initiating eviction if necessary to securing a qualified replacement who meets our high standards for timely payments.
Throughout the process, we keep you informed every step of the way, ensuring transparency, efficiency, and peace of mind.
Your investment is protected with Purposeful Property Management.
Can I say that I do not want any pets or smokers in the house? How about children?
🐾 Pets – While pet owners are not a protected class, restricting pets eliminates up to 75% of potential renters. Allowing pets can increase demand for your property, and we typically require a $250 pet deposit per pet. However, if you strongly prefer a pet-free rental, we can enforce a no-pet policy for your property.
🚭 Smoking – Smoking is prohibited in all our properties to protect your investment and maintain a clean, healthy environment.
👶 Children – Familial status is a protected class, meaning we cannot discriminate against tenants with children. Our application does not ask for the number or ages of children, ensuring compliance with Fair Housing Laws.
Our goal is to help you make the best decision for your property while maximizing your rental opportunities!
What needs to be done to my house before it is ready to rent?
A well-maintained home attracts higher-quality tenants, so preparing your property properly is key.
✔️ Professional Cleaning – Your home must be professionally cleaned before renting, as tenants pay a non-refundable cleaning fee. We prefer to arrange this cleaning to ensure quality standards are met.
✔️ Carpet Cleaning – Carpets must be freshly cleaned, and all personal belongings and debris must be removed.
✔️ Painting (If Needed) – Painting is not always necessary, but consider repainting any dirty or marred walls in a neutral color to appeal to more tenants.
✔️ Window Coverings – Blinds or neutral window coverings should be provided for privacy and safety. Avoid curtains that match specific furniture.
✔️ Yard Maintenance – The yard should be mowed, weeded, trimmed, and cleared of leaves and debris before listing, as tenants are expected to maintain it in the same condition.
Your Property Manager will be happy to discuss any necessary repairs or improvements to help your home rent quickly and for top dollar!
For how much can my investment property lease?
Your lease rate is determined by several key market factors, including:
✔️ Property Condition – Well-maintained homes attract higher rents.
✔️ Location – Proximity to schools, shopping, and amenities impacts demand.
✔️ Comparable Rental Rates – Competing homes in your area set the market standard.
📉 Unlike property values, rental markets fluctuate independently based on local demand and economic conditions.
For a personalized rental analysis, contact our office, and we’ll help determine the best rental price for your specific property!
What property management services do you provide?
At Purposeful Property Management, we offer a comprehensive approach to managing your rental property with two exclusive services:
1. Leasing Services
We handle the entire leasing process to find qualified tenants quickly:
✔️ Property Preparation – Ensuring your home meets our minimum standards.
✔️ Professional Marketing – Listings on Zillow, Trulia, Apartments.com, Zumper, HotPads, and more, plus yard signage.
✔️ Tenant Pre-Screening & Showings – We qualify interested tenants before showing the property.
✔️ Rigorous 14-Point Screening – Includes credit checks, background checks, eviction history, and verification of employment, income, and landlord references.
✔️ Lease Execution – We prepare and sign the lease, collect the security deposit & first month’s rent, ensure utilities are transferred, and conduct a move-in inspection.
2. Full-Service Property Management
Once your property is leased, we handle all daily operations, so you don’t have to:
✔️ Maintenance & Emergency Repairs – We respond to all tenant requests, including urgent issues like heat outages on holidays.
✔️ Rent Collection & Late Payment Enforcement – We collect rent, issue 5-day notices, and pursue unpaid rent.
✔️ Evictions (If Necessary) – We handle the entire eviction process if a tenant defaults.
✔️ Bill Payments – With your approval, we can manage property-related expenses.
✔️ Year-End Tax Documents – We provide a 1099 and cash flow statement for easy tax filing.
Our hands-off approach for owners ensures your property is well-managed, profitable, and stress-free!
What does Purposeful Property Management need to start managing my property?
To begin managing your property, we require the following:
✔️ Completed Owner Property Information Data Form – Submit this online to provide key details about your property.
✔️ Executed Property Management Agreement & W9 – This formalizes our management services.
✔️ Keys to the Property – Including mailbox keys, if applicable.
✔️ Garage Door Openers – If the property has a garage.
✔️ Certificate of Insurance – Listing Purposeful Property Management as an additional insured.
Once these items are received, we’ll take care of the rest—ensuring a smooth transition into professional property management!
Will you pay my monthly bills for me?
✅ Yes! Through our accounting system, we can easily pay most of your monthly bills on your behalf.
🔹 What We Typically Cover: Utility bills, maintenance expenses, and other property-related costs.
🔹 What Owners Usually Handle: HOA dues and mortgage payments.
🔹 Payment Schedule: We process payments on the 1st of each month to ensure bills are paid on time.
Let us handle the details so you can enjoy a stress-free investment experience!
How much does an eviction cost?
The cost of an eviction depends on whether it is contested or uncontested:
✔️ Uncontested Eviction: Typically costs around $500.
✔️ Contested Eviction: Can cost up to $2,500, depending on legal complexities.
We handle the eviction process for you, ensuring it is done legally and efficiently to minimize disruption to your rental income.
How much notice does a resident have to give before they can properly vacate a property?
Our lease requires residents to provide a minimum 30-day written notice before terminating their lease.
This ensures a smooth transition and allows time to prepare the property for the next tenant.
How do tenants pay their rent?
We offer multiple convenient payment options for tenants:
✔ Online (Free) – Pay using a bank account and routing number through the tenant portal.
✔ Online (With Fee) – Pay with a credit or debit card (processing fee charged by Buildium).
✔ In-Person at Retail Locations – Tenants can pay using a pay slip at:
- CVS
- Walmart
- ACE Cash Express
- Casey’s
- Walgreens
✔ In the Office – Pay via money order directly to a Purposeful Property Management manager or Business Development Manager (cash is not accepted).
We make rent payments simple and accessible to ensure on-time payments and convenience for tenants!
How long, on average, does it take you to turn a unit or house?
The turnaround time depends on the condition in which we receive the property from the previous tenant or owner. Based on our experience managing thousands of properties, here’s what we typically see:
✔ Light Make-Ready: 3-5 days (Minor cleaning, paint touch-ups, small repairs)
✔ Medium Make-Ready: 5-9 days (Deep cleaning, repainting, moderate repairs)
✔ Heavy Make-Ready: 10-15+ days (Extensive repairs, flooring replacement, full repaint)
✔ Major Renovations: Varies based on contractor availability and owner approval timelines.
Our goal is to turn properties quickly while ensuring they are rent-ready and attract high-quality tenants.
How does Purposeful Property Management communicate with their owners?
We prioritize prompt and thorough communication to keep you informed at all times. Every staff member has a direct phone extension, voicemail, and email for easy contact.
📩 Regular Updates & Notifications – We send out monthly statements and provide automated alerts for key updates.
🔹 When We Initiate Additional Communication:
✔ Leasing Updates – When a new tenant is secured.
✔ Notice to Vacate – If a tenant provides move-out notice.
✔ Tenant Move-Outs – Updates on inspection, deposit returns, and turnover.
✔ Eviction Summary – If an eviction is necessary, we provide full details.
✔ Lease Renewals – We notify you of upcoming renewals and rent adjustments.
✔ Extraordinary Maintenance Issues – For major repairs or urgent property concerns.
Our goal is to keep you informed, confident, and stress-free while we handle the day-to-day management of your property.
Can Purposeful Property Management help me buy or sell investment property?
✅ Yes! Through Purposeful Real Estate, we assist clients in buying and selling investment properties.
✔ Looking to Sell? We help you market and sell your rental property while maximizing your return.
✔ Looking to Buy? We find cash-flowing investments that align with your goals.
✔ Competitive Rates & Innovative Strategies – Our expertise ensures you get the best deal.
✔ Exclusive 30-Year Pro-Forma – Ask us about our detailed long-term financial projection tool to help you evaluate investment potential!
📞 Contact our real estate team today and let us help you grow your portfolio!
Do you provide financial reports?
✅ Yes! We provide detailed financial reports to keep you informed about your property’s performance.
📊 Monthly Owner Statements – Includes:
✔ Beginning balance
✔ Cash in & cash out
✔ Net earnings
📂 Full Financial Packet – When downloaded, includes invoices & work orders for all expenses.
📈 Custom Reports Available – Our system offers a variety of financial reports, which can be automated weekly or monthly based on your preference.
Many of our institutional investors track key metrics like occupancy, income vs. expenses, and delinquency rates. Let us know your needs, and we’ll provide the data to help you make informed investment decisions!
How are Security Deposits handled?
🔹 Security Deposit Collection – We require a security deposit from all residents, typically 75-100% of one month’s rent.
🔹 Held in Escrow – Deposits are stored in a real estate trust account as required by law.
🔹 Return Process – Deposits cannot be disbursed until the resident vacates. At that time, we conduct a move-out inspection and process a disposition of funds, deducting any unpaid rent, damages, or cleaning fees as necessary.
This ensures compliance, transparency, and proper handling of funds throughout the lease term.
