Does the city require any permits or licenses for short term rentals?
Municipalities are actively creating and modifying their short term rental policies. In Oklahoma City we are required to get a Board of Adjustment approval for permission to list this as a home sharing property. This costs ~$300. After we are given approval by the Board of Adjustment, we secure a license annually ($24/year). Norman and the Village also require licensure.

My home is in a historic neighborhood. Do I need to do anything else?
If your property is in a Historic Preservation (HP) district in Oklahoma City, you (or your host) must occupy the property as your primary residence and be on site at the time of the rental.

What is the difference between long term stays and short term stays?
Short term stays (29- days) often require city approval, do not require a lease, and the guest does not have renter’s rights.

Long term stays (30+ days) do not require a license from the city, as this is considered leasing activity. In some midterm and long term guests require a lease. We can list your property exclusively to guests for stays longer than 30 days if you prefer.

Will you get my the approval license for me?
Sure thing!

Is cleaning in house or outsourced?
Both! To keep your costs as low as possible and ensure we always have enough support we partner with Hive Helper. After they finish cleaning our team visits the property to check the final details.

How often is the property cleaned?
The property is cleaned after each guest check out. Additionally, a deep clean is required 2-6 times per year.

How often does your team visit the property?
Our team visits the property after each cleaning is complete to ensure the property is ready a guest to check in.

How much is the cleaning fee you charge guests?
The size of the property, number of beds, location, and market pricing are accounted when determining the cleaning fee charged to guests.

How much is cleaning? What is included in the cleaning fee?
Each home has a different cleaning fee. The size of the property, number of beds, and location, are accounted when determining the check out cleaning fee. The cleaning fee paid to Hive Helper is usually less than the guest pays, assuming there is not substantial damage to the property, and that deep cleanings are scheduled as needed.

How is laundry handled?
If a washer and dryer are on site our cleaners wash as many loads as possible while they clean the property. All properties use the same hotel grade linens for their property (including mattress and pillow covers).

Do you use a dynamic pricing tool?
Yes, we use PriceLabs.

How are operational expenses different if I want to switch my LTR to a STR?
Your three biggest ongoing expenses will be cleaning, management, and utilities

Why are your management fees higher for short term rentals than for long term rentals?
It is more expensive for you because it is more labor/time intensive for us. In addition to regular management tasks we coordinate all cleanings, guest management, visit your property before every guest check in, and must have a team member on-call at all times.

Set Up Fees
Set up fees are handled on a case-by-case basis because each property is unique. If your property is already furnished, inventoried, and has proper licensing you will not have a set up fee.

Who pays for consumables?
Owners pay for all property expenses. Our team handles ordering and inventory management. We order in bulk to save on costs and do not have a mark up.

Why am I paying 10% during vacancy on top of a placement fee?
During vacancy we are working. Whether the property is listed for lease, listed for sale, or not listed at all. Whether the property is undergoing repairs or not. We are paying utilities, creating reports, checking on the property weekly, negotiating with contractors, etc.

Other managers only collect fees if they collect rent. It incentivizes them. Why do you charge 10% even if you don’t collect rent?
During delinquency, we are still working. We are paying bills, creating reports, handling repairs, following up with tenants 3x per week, collecting partial payments, updating your portal, navigating challenges with the courts and Cares Act. 

Why do you retain the late fee?
This isn’t a revenue driver for us, it’s for efficiency. We realized that the income from late fees was almost the exact same as the costs for certified mail, payment processing, and bank changes. We decided to retain the late fee, and in exchange cover those costs. Income is a wash, but by not having to pass these expenses to the owner it has saved us several hours each month that we can now use to better take care of the tenants and properties.

Why do you charge a project management fee?
Honestly, we usually don’t. That is included in our management agreement because clients often ask us to handle full scale rehabs, properties declared condemned, new construction projects, etc. If projects are beyond the scope of a normal project we may approach you about your options for project management.

Why do you charge extra for housing assistance?
We charge when we work, plain and simple. Housing assistance agencies demand a lot of extra time and effort. See the “housing assistance” tab for additional information about the workload involved with leasing through housing assistance agencies.

How long does it take to place a tenant?
Our average number of days on market is 17 (as of 01/2022).

Do tenants pay pet fees?
Yes, tenants are required to pay $25/month for each pet they have.

Does the tenant pay their utilities and lawn care?
Generally tenants pay their own utilities and lawn care. There are exceptions to this, like multifamily properties where the utilities are not on separate meters.

Who is responsible for unpaid utilities?
Utilities are in the name of the person(s) occupying the property in Oklahoma. This means that investors aren’t stuck with hefty utility bills if a tenant doesn’t pay.

If the tenant breaks their lease will you waive the next placement fee?
If a tenant moves out for any reason in the first 90 days, we do not charge a placement fee when we secure a new tenant.

Where do you list properties for lease?
The property is syndicated to over 150 websites. This includes all the major sites like Zillow, Trulia, Rent.com, and Hotpads.

Do you negotiate discounts for the work?
We secure bulk discounts whenever possible. Preventative maintenance items are what get the biggest discounts.

Can I get a second estimate?
We secure multiple estimates when the repair amount is greater than $2,500.

Can I talk to the contractor?
Generally, the more people involved in a repair the more timeline suffers and misunderstandings occur. That said, you’re welcome to make calls to anyone you’d like!

Can I do my own repair?
Sure thing. We need to properly communicate/plan with the tenant, ensure the repair is done properly, upload documentation to the portal, and maintain boundaries with the tenant. If you’re fine with that, your maintenance coordinator is happy to schedule you to complete the repair.

Can I use my own contractor?
Probably! We’re always looking for more contractors. Send us their contact information so we can call and vet them. As long as they’re able to work within our systems we’re happy to add them to our roster of approved contractors.

Are your contractors in house?
For the most part we work with third party contractors.

Who approves repairs? Can I approve all repairs?
Repairs > $300 require owner approval.
Repairs < $300 are approved by our team.
Emergency repairs are handled case-by-case.

What happens if a repair is needed and you cannot get ahold of me?
If we are not able to get ahold of you, we make a judgement call based on the severity of the situation. Sometimes we will approve a repair, other times we will offer the tenant a rent credit. After 14 days, the Landlord Tenant Act may require us to allow the tenant to break their lease and receive their deposit back in full.

What is an emergency repair? What do you do if it’s the middle of the night?
Emergency repairs are authorized without owner approval when tenant safety is at risk or when property condition is rapidly deteriorating. We generally approve work to prevent the issue from getting worse. For example, if there is a plumbing issue causing flooding we may approve a service call to shut off the water, pump water from the flooded area, and install fans to dry out the area and prevent mold growth.

How do I know when a repair is complete?
The portal shows the status of each work order.

Are there any repairs or improvements you require owners to make?
Generally speaking, we require repairs needed to make homes to be safe and habitable.

A note on slum lording- 
The effort you put into your home is seen by your tenant and will be met in kind. We’re happy to take on “rougher” properties and get them stabilized, but we don’t take on rough properties if the owner doesn’t want to improve condition. If your management philosophy borders slum lording we aren’t a good team for you.

Can we modify the management agreement?
No. Our systems and processes are guided by the paperwork we have in place. If we modify the management agreement, we have to operate off memory instead of those systems. This allows room for errors, non-compliance, and poor follow through.

Why do you require a 12 month initial term?
Retaining our management services is a big commitment for our team and you. A year commitment is a way for us to ensure the decision is considered thoughtfully.

Why do you require 90 day termination notice?
90 days termination gives our team time to close out work orders, transfer utilities, make changes to portal access, pay final bills, and prepare documentation/deposits.

How do tenant move outs work?
Tenants are required to give our team a written 30 day notice of their intent to vacate.  They are required to bring their keys to our office the day of their move out. Our team begins working on the makeready as soon as we have their keys.

When can I give a tenant notice to vacate?
You are able to give tenant a 30 day notice to vacate at the end of the lease term, if the tenant is on month to month terms, or if they are a tenant at-will.

What is the eviction process?
We made a blog post for you that outlines the eviction process and common expenses. Check it out here.

How much does an eviction cost?
Typically ~$500.

Do you charge an eviction fee?
No.

Do you charge an eviction processing fee?
We do not charge an eviction fee. All court, sheriff, and state clerical fees are paid by the owner. If our preferred processors are unavailable to attend court, the property manager will attend for the same rate a processor charges.

How do you communicate with me?
Most communication happens in the portal, and via automated emails. We’re always happy to jump on a call when requested.

How fast will you get back with me?
Under normal conditions we respond to all phone calls and emails within 24 hours. Our work is cyclical so there will be times we may take more time to respond.

Who do I talk to?
Your property manager (and occasionally your maintenance coordinator). We break the traditional model of a department-based company. We operate in pods instead. Your pod is made up of your property manager, maintenance coordinator and assistant property manager. All three work together to manage your portfolio.

Will you call/email me before you _____?
You will receive an automated email at important milestones! All other information is available in your portal.

The portals cool, but I’d rather you just call me if that’s not too much to ask.
We are always happy to jump on a phone call at your request. Our default method of communication is the portal. We leverage technology to get you information in real time. It allows us to remain logistically sound and keep your fees low.

What reports will I get?
We distribute a general ledger monthly, a YTD general ledger, and a 1099 annually.

Where are my financial reports?
This can be found in Google Drive in the folder labeled “Tax Documents (1099s) and Financials.” We upload your financial statement, all bills, and 1099s to one place to make it easy for you/your bookkeeper to get all you need.

What documentation can I access?
All documentation we have is accessible: leases, management agreements, tenant notices, bills, reports, etc.

Why do you require payment for repairs up front?
We pay our vendors every Friday for work complete. To honor this commitment we must have the money in our escrow account to do so. Otherwise we have to pay for the repair ourselves, or (illegally) use funds in the escrow account that don’t belong to you. Since we don’t want to break the law or finance your repairs, we require payment up front.

Can I put a limit on total expenses incurred monthly? I am worried about multiple repairs under $300.00 adding up?
We will not reach out to you for approval for repairs under $300. However, you will be notified of every repair that is submitted and can monitor progress in the portal. If you have questions you’re welcome to message us!

Who pays for tenant caused damages?
If a tenant causes damage to the property we perform repairs and submit payment like normal. Then we will send a notice to the tenant that they are required to pay this back to you.

Will you pay my HOA bill?
We do not make HOA payments at this time.

Will you pay my insurance bill?
We do not make insurance payments at this time.

Will you pay my mortgage ?
We do not make mortgage payments at this time.

Will you pay my property taxes?
We do not make property tax payments at this time.

When will I get paid?
We reconcile all accounts, publish all reports, and process all payments by the 10th of the month. Depending on your bank it can take 1-7 days for these funds to show up in your account.

How do you pay me?
ACH direct deposit

Why do you hold a reserve?
We hold $300 per unit in an escrow account to allow our team to handle small repairs, utilities, and lawn care.

How can I send my owner contribution?
we accept ACH, Check, Wire

Where can I see individual transactions? 
The General Ledger in your Google Drive folder allows you to see each transaction associated with your properties.

Where can I see my bills, invoices, and receipts?
All financial documentation is uploaded to Google Drive.

My bookkeeper has questions, can you answer them? 
Yes, we sure can! Send an email introducing us, we can take it from there!

I got an invoice, does this mean I owe you money? 
Yes! If we need money from you, we will send you an invoice to pay. If you don’t have an invoice, you don’t owe us anything!

I got an email from Bill.com. What is this?
Bill.com its the company that processes payments. You may get an email from them notifying you that you’ve been set up or if you’ve been paid. You don’t need to do anything with this!

Why do you do weekly checks during vacancy?
We check on the property for makeready progress, preventing squatters, damages, trash, lawn care, and to drip faucets during freezing temperatures.

What is your lease renewal process?
90 days before the end of the lease term we look at comparable rentals to determine if the property is leased at fair market rate. If the property is rented significantly below market value we discuss options with the owner. Otherwise, we proceed with renewing the lease with the tenant.

Do you increase rent annually?
Assuming the property is not well below market rate, the rent rate will remain the same if the tenant renews for another year. If the tenant becomes a month-to-month tenant their rent rate increases by $25/month. Note, if the tenant receives rental assistance we may apply for a rent increase before securing a renewal. Most agencies allow owners/management companies to apply for an increase once per year.

Should I accept tenants who are receiving housing assistance?
We can’t answer that for you, but we can point you in the direction of a blog we wrote that outlines pros/cons. Check it out here.

Which agencies do you work with?
Oklahoma Housing Finance Agency, Oklahoma City Housing Authority, Veterans Affairs, Homeless Alliance, Independent Opportunities

How do you screen tenants who receive housing assistance?
Housing assistance applicants are subject to the same application and screening process as private pay applicants.

How much longer does it take to place a tenant through a housing assistance agency?
4+ weeks: Additional work includes advertising, application paperwork, coordinating the inspection, handling the rushed repairs, reinspection, and the approval paperwork.

How much longer does it take to secure a lease renewal through a housing assistance agency?
8+ weeks: Additional work includes 90 days prior to renewal we apply for a rent rate increase and follow up regularly until we receive confirmation. Then we secure a renewal with the tenant and file paperwork with the agency for compliance.

How do inspections work for housing assistance agencies?
Most housing agencies require annual inspections. The inspection process can take 4+ weeks to complete. Our team receives notice of the inspection, coordinates the inspection with the tenant, coordinates rushed repairs, and coordinates the reinspection with the agency.