In this episode of The Same Day Podcast, Yoni Schmidt talks about what landlords should expect from their property managers and how Keyrenter’s onboarding process sets the standard. He breaks down the eight key steps that guide landlords through seamless management, from pricing analysis to maintenance coordination. Yoni also discusses how clear communication with a dedicated property manager ensures a hassle-free experience.
What To Expect From Your Property Manager: Keyrenter’s Landlord Onboarding Process
Yonatan (Yoni) Schmidt is the Regional Vice President of Sales and Marketing at Keyrenter Property Management, which has offices in Tulsa, Oklahoma City, and Arkansas. After working as a financial analyst at a private equity firm, he founded Tulsa Property Lad to offer clients a better way to buy, sell, manage, and invest in real estate. Yoni provides comprehensive Oklahoma real estate services and listings, supported by first-class customer service.
Here’s a glimpse of what you’ll learn:
- [1:05] What to expect from a property manager and how they support landlords
- [2:12] How the discovery call helps landlords define goals and address challenges
- [3:30] Where rental market data comes from, and how it determines pricing
- [4:06] Why on-site consultations are key to assessing property condition and compliance
- [6:13] Repairs and maintenance that boost property value and attract tenants
- [7:58] Property details to submit for smoother management and better communication
- [10:03] Onboarding documents and formalities landlords must complete
- [11:03] How the kickoff call promotes clear communication and a positive management experience
- [13:02] Why Keyrenter follows up at 30, 60, and 180 days
In this episode…
Understanding what to expect from your property manager is the key to ensuring a smooth and profitable rental experience. From the initial onboarding to ongoing communication, the right process can save landlords time, money, and stress. But what does a structured and effective property management experience actually look like?
According to Yoni Schmidt, a seasoned expert in real estate and property management, a great property manager provides clarity, efficiency, and proactive solutions from day one. He highlights the importance of a structured onboarding process that helps landlords maximize rental income while minimizing risks. A thorough rental market analysis, property assessment, and clear communication ensure a strong foundation for long-term success. Without a proper system in place, landlords may face unnecessary challenges that could have been prevented through a well-organized approach.
Resources mentioned in this episode:
- Yonatan Schmidt on LinkedIn
- Mat Zalk on LinkedIn
- Keyrenter Property Management
- Keyrenter Property Management in Tulsa | Oklahoma City | Arkansas
- Keyrenter Property Management email address: [email protected]
Quotable Moments
- “Effective onboarding helps homeowners reevaluate their property through the eyes of a professional and maximize net operating income.”
- “Ensuring the property is clean, safe, and well equipped increases the odds of finding a qualified, high-quality tenant.”
- “The most important thing for Keyrenter is ensuring our clients are happy with our services, enjoying passive income effortlessly.”
- “Our discovery call’s objective is to understand your goals and challenges, offering tailored management solutions.”
- “Finding the right property manager makes life easier, turning you into a passive investor enjoying monthly rental income.”
Action Steps
- Schedule a discovery call with a local expert: This step allows property owners to connect directly with a knowledgeable business development manager who can understand their unique needs and challenges. It sets the foundation for a successful partnership by aligning goals and addressing initial concerns right away.
- Perform a free rental and comparative market analysis: By analyzing the property’s rental potential and comparing it with similar properties, owners can set realistic rental expectations. This step helps align the owner’s financial goals with market realities, minimizing the risk of pricing issues later.
- Conduct an on-site consultation: Visiting the property in person provides a comprehensive understanding of its condition and necessary improvements. This step ensures that the property meets required standards, ultimately improving tenant satisfaction and reducing turnover.
- Complete work estimates and repairs: Addressing necessary repairs before a tenant moves in ensures the property is safe and appealing, which can attract high-quality tenants. This proactive approach minimizes vacancy periods and maximizes return on investment.
- Fill out the owner property information document: Providing detailed information about the property and owner expectations streamlines the onboarding process and sets clear communication channels. This step reduces potential misunderstandings and facilitates a smooth transition into property management services.
Sponsor for this episode…
Keyrenter Property Management:
This episode is brought to you by Keyrenter Property Management.
Keyrenter Property Management is a full-service property management company that helps clients buy, renovate, and operate real estate assets.
The team helps clients build wealth while taking the headache out of property management.
That’s why, no matter what rental you have — single-family homes, condos, townhomes, or apartments — they can give you the management solutions you need.
To learn more about their services, go to https://keyrenterpmc.com/ or send them an email at [email protected].
Episode Transcript
Intro: 00:05
Welcome to The Same Day Podcast, where we discuss driving incremental business growth and other topics related to real estate, property management and entrepreneurship. Now to the show at hand.
Yoni Schmidt: 00:20
Yoni Schmidt here, hosting today’s episode of The Same Day Podcast, where I connect with top business and real estate leaders. In today’s episode, I’ll share what you should expect from your property manager and cover key renters landlord onboarding process. It’s brought to you by Keyrenter Property Management. At Keyrenter Property Management, we are a full service property management company helping our clients buy, renovate, and operate real estate assets. We help our clients build wealth while taking the headache out of property management.
That’s why no matter what rental you have single family homes, condos, townhomes, apartments. We have the management solutions you need. Go to keyrenterpmc.com or email us at [email protected]. In terms of what to expect from your property manager. Your property manager’s job function starts from the moment an investor initiates contact all the way through onboarding prospects.
As clients who wish to enjoy hands free peace of mind when it comes to the day to day management of their real estate investments. Following a process is crucial in setting landlords and property managers up for success and kicking off the partnership on the right track. Effective onboarding helps homeowners re-evaluate their property through the eyes of a professional. Get familiar with the market and come up with the right strategy to maximize net operating income. That said, the onboarding process varies depending on the property management company to set the gold standard.
In this podcast episode, we’ll go over Keyrenter’s eight step onboarding process so you know what to expect from our business development managers and ultimately your dedicated property managers, who are your main point of contact at Keyrenter PMC and the person responsible for the day to day management of your property if you choose to hire us. Step one discovery call with a local expert. Our first step to a successful onboarding process is holding a discovery call, which can take anywhere between 30 and 60 minutes between homeowners and our local business development manager. This call can be held either by phone or through video, depending on what you prefer. The objective of this call is to get to know you, learn about your property and current situation, as well as your experience managing your portfolio or working with other property managers in the industry.
During this call, we aim to gain a better understanding of your goals, objectives and intended timeframe and answer your questions about working with Keyrenter. Doing this allows us to learn what challenges you’ve faced as a landlord that led you to consider Keyrenter as your future management solution. Our team will focus on explaining our services, addressing how we can solve any problem or alleviate pain points you are facing. Along with breaking down our pricing structure and how we aim to avoid the same issues and cater to your specific needs moving forward. Lastly, this call will give you insight into our thoroughness and dedication and allow you to learn a bit more about our staff functions and responsibilities, systems, processes, standard operating procedures, and general philosophy for managing real estate.
Step two free rental and comparative market analysis. Next, we’ll move on to the free rental analysis stage, where we aim to ensure expectations related to rental income are aligned. Our local Business Development Manager will perform an initial evaluation of your property using the information obtained from your discovery call, such as the property condition, notating any updates, and obtaining additional information from publicly available sources to produce a comparative market analysis. It is important to share with our Business Development manager any upgrades and updates you have done to the property, so we can consider those when preparing the rental analysis and providing you with an accurate report. We also perform additional market research on the area.
Search our internal database and compare it with similar properties that have been rented within the last 12 months and within a two mile radius. Our team uses this information and our extensive industry knowledge to determine a realistic competitive price to start the listing for your rental property. We base our estimates on the median of those comparative rentals we find. Lastly, we’ll share our conclusions and a report with you to determine a rental price. Answer any questions and make sure we’re on the same page before continuing with an on site consultation.
In the meantime, you can also research on your own and arm yourself with market data using the Instant Rental analysis tool found on our website. Step three on site consultation. Once we have an estimate of monthly rent, our local Business Development manager will gladly book an on site consultation to walk through the property and see it in person. If your property is tenant occupied, we can hold off on a visit and conduct it in the event you decide to hire Keyrenter. If you are under contract to purchase a property, we advise you to get in touch with us before the inspection period ends.
And with your permission, we can schedule a tour during your due diligence. On site consultations allow us to evaluate the true conditions of a property and note any important details such as curb appeal, interior and exterior upgrades, age of systems, appliances efficiency and more. If you request that we obtain any repair estimates, our Business Development manager will take notes of important details and photos. They can also answer any questions you might have. Point out items that must comply with Keyrenter’s minimum property standards and evaluate the estimated cost of preparing your house for rent.
If the property is prepared already, we can agree on a competitive listing price and explain what the next steps would look like if you decide to onboard your property with us. Step four work estimates and repairs. During the onsite consultation, our Business Development Manager will attempt to identify any repairs that may be needed before a tenant can move in. But do not worry, you won’t need to handle them alone. Suppose you choose to onboard with key renter shortly after you sign up.
Our team will deploy a maintenance technician to complete an initial inspection of the property. Unless the home is occupied. To better understand what, if anything, is needed to bring the property up to our minimum property standards adhering to federal housing quality standards. Once we complete the initial inspection, our team will put together a list of items that need to be addressed, and you will have the option to leverage our network of trusted contractors to save time and money when we have agreed on the scope and price of work. Your dedicated property manager will coordinate with our vendors to complete the repairs, and you can rest assured that we are lining up the team to complete the work necessary to market your rental quickly.
You may be asking yourself, why is it so important to adhere to these standards before renting out my property? Simply put, ensuring the property is clean, safe and well equipped before looking for tenants increases the odds of finding a qualified, high quality tenant that will stay for multiple years. Improving your return on investment and lowering your operating expenses can make readies as well as your overall vacancy costs. Adhering to these minimum property standards is required for us to onboard the property market and advertise and coordinate and facilitate showings. These include securing railings to support the weight of adults, fixing doors and windows to function properly, and keeping the keeping the house’s appearance neat, both on the inside and the outside.
Step five submitting your owner property information document. Once you’ve decided you’re moving forward with Keyrenter, we will share the Owner Property Information document. This is an online form we ask you to fill out, which provides our team with all necessary information for a smooth onboarding and a successful partnership. We’ll briefly ask you to provide details about the plan for this investment. What led you to want to rent the house, your experience working with other property management companies, and more information that will help us better understand your investor profile, expectations and goals.
Our team must get this information before the kickoff call with your dedicated property manager, and ask to be provided with as many details as possible. This reduces friction throughout the onboarding process and clarifies instructions. Rent thresholds, alarm code. Whether or not you accept voucher tenants. Whether the tenant or owner is responsible for utilities and even the existence of a sprinkler system.
So our team can plan to winterize if necessary. If you bring on a property that is tenant occupied, we ask that you fill out the current tenant form, provide us with the lease agreements and any other information or documents you would like us to keep in their file. You can also connect us with your current property manager, and we can coordinate the transition while keeping you in the loop on all communications we send them. With this information, we will not only onboard you and your property, but also reach out to the tenants, introduce ourselves and provide them with a change in management letter so they know who we are, where and how they can reach us, pay their rent and submit maintenance requests. Filling out the owner property information document takes around 15 to 20 minutes and is necessary to fully onboard your property.
We suggest you have your property’s information handy when you are ready to complete it like updates, amenities, rent thresholds, insurance documents, etc.. Step six documents and formalities. The Property Management Agreement also contains several attachments that you’ll need to read, fill, initial, and sign before submitting them back to our team. These are a copy of our Minimum Property Standards, your form W-9, which is needed for our records to prepare 1099 at the end of the fiscal year. And for your tax filing purposes, information about any holding entity, authorized owners and their contact details.
The Direct Deposit Payment Information page with details about the financial institution you wish for us to deposit your monthly rental payments once you have completed, initialed and signed your form W-9 attached in the Property Management agreement as well. We ask that you add key renter property management as an additional insured party to your homeowner’s insurance policy. This allows us to handle any claims and truly provide you with a hands off experience in owning rental property. Step seven kick off call with paperwork and formalities now done. You will receive a welcome email from our team explaining the next steps.
We ask that you schedule a call with your dedicated property manager, who will act as your main point of contact at Keyrenter. Their calendar link will be provided so you can schedule it for a time that is most convenient for you, and spend about 10 to 20 minutes reviewing all the information we have. We’ll realign expectations as they relate to monthly rent. Timeline for initial inspection, marketing photos, and any work that needs to be completed. Our automated systems will notify you when your property listing has gone live, when a qualified prospect applies, when a lease was signed, and more while your property is being marketed online.
You can expect to receive regular updates related to the level of interest, showing activity and feedback we receive on the property’s condition. A healthy level of interest indicates we have priced the property appropriately. If we notice insufficient prospective tenant interest, we’ll review any feedback from tours, communicate those to you, and assist in considering any of their suggestions or adjusting our pricing strategy. After securing a qualified tenant, your property manager will focus on collecting the appropriate security deposit and first month’s rent and ensuring utilities have been switched over into the tenant’s name as appropriate before moving into the new residence. Next, your property managers main responsibilities lie in collecting rent, ensuring any maintenance issues are addressed promptly and appropriately, and communicating with you upon submission of any work order by the tenant.
Our system will notify you via email to avoid surprising you at the end of the month on the last business day of every month, you can expect to receive an email indicating that your monthly owner statement has been uploaded to your owner portal, and another email confirming the amount that will be deposited into your bank account. Step eight client feedback. Onboarding, marketing, leasing, maintenance, and effective communication are just a small part of our job function of being successful property managers. The most important thing for Keyrenter is to have certainty that our clients are happy with our services. While they enjoy collecting rent every month with little to no effort and truly experiencing the benefits of passive income.
For that reason, our team will check back with you a few times throughout the first 30, 60, and 180 days from the day you signed your management agreement as a continuous learning organization committed to growth. We want to learn from our clients about their experiences. Specifically, if expectations fell short, where we excelled and how we can improve in the future. This information is invaluable to our team and allows us to address your concerns and make any necessary adjustments to create the best experience for our current and future valued clients. Ready to partner up with a trusted property manager?
Once you find the right property manager, they’ll make your life easier by taking care of the hassles of owning a home. While you play the role of a passive investor and enjoy the income from your rental every month. Key renter has a clear, concise, and reliable eight step onboarding process for homeowners to learn how to quickly delegate their job function as landlords. If you’re interested in working with us, start with the first step and schedule a discovery call with our local Business Development manager and learn how we can help you grow your real estate portfolio.
Outro: 14:41
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