First Commercial Blog - First Commercial Real Estate Property Management

Why Renters Insurance Is One of the Smartest Decisions You Can Make

May 29, 2025

Many renters believe their landlord’s insurance policy will cover them in case of fire, theft, or damage. Unfortunately, that’s not the case. A landlord’s policy typically only covers the building itself—not your personal belongings, liability, or temporary living expenses if disaster strikes.

That’s where renters insurance comes in.

🏠 What Is Renters Insurance?

Renters insurance is a policy that protects your personal property and offers liability coverage while you’re renting a home or apartment. For a small monthly premium—usually between $10 and $25—you gain peace of mind and financial protection.

🔒 What Does It Cover?

Most standard policies include:

1. Personal Property Protection
If your belongings are damaged or stolen due to events like fire, theft, vandalism, or certain types of water damage, renters insurance helps you replace them.

2. Liability Coverage
If someone is injured in your unit or you accidentally damage another person’s property (like a leak that damages your neighbor’s ceiling), this coverage can help pay for legal and medical costs.

3. Additional Living Expenses (ALE)
If your apartment becomes uninhabitable due to a covered event, your policy may pay for hotel stays, food, and other costs while you’re temporarily displaced.

💸 Why It’s Worth Every Penny

It’s affordable – For less than the cost of a streaming subscription, you can protect thousands of dollars’ worth of personal property.

It can save you from major out-of-pocket expenses – Without coverage, you’d have to replace everything you own on your own, not to mention pay for alternative housing in an emergency.

It helps protect your future – Having renters insurance and filing claims responsibly can positively affect your insurance history, potentially lowering premiums for future homeowners or auto policies.

🧾 Renters Insurance & Your Lease

Some apartment communities require renters insurance as part of the lease agreement, and for good reason: it helps protect both you and the property. Even if it’s not mandatory, it’s still highly recommended as part of being a responsible resident.

✅ How to Get Started

Shop around: Compare quotes from reputable providers.

Know what you need: Take an inventory of your belongings.

Understand your policy: Make sure it covers the types of risks most likely to affect you (like floods, if you’re in a flood-prone area).

Final Thought

Accidents and disasters are unpredictable—but your financial well-being doesn’t have to be. Renters insurance is a small investment with big benefits. Whether you’re in a studio apartment or a three-bedroom rental, it’s one of the easiest ways to protect yourself, your belongings, and your peace of mind.

Storm & Severe Weather Safety: A Guide for Apartment Living

May 19, 2025

Whether it’s tornado season in Oklahoma, heavy thunderstorms, or unexpected winter storms, it’s crucial to be prepared—and to know what actions to take when weather turns dangerous.

Here’s how apartment residents can stay safe and informed when storms strike:

🌪️ 1. Know Your Risks

Tulsa and many areas in Oklahoma are prone to:

Tornadoes and straight-line winds
Severe thunderstorms with hail and lightning
Flash flooding
Power outages

Check local emergency management websites or apps like FEMA, Red Cross, or your local news station for area-specific alerts.

📲 2. Sign Up for Weather Alerts

Make sure you’re receiving emergency alerts. Here’s how:

Enable Wireless Emergency Alerts (WEAs) on your smartphone.
Download a reliable weather app (such as NOAA Weather Radar or WeatherBug).
Follow your city’s emergency management on social media for updates.

🧰 3. Prepare a Basic Emergency Kit

Even in an apartment, you can keep a compact emergency kit ready:

Flashlight & extra batteries
First aid kit
Bottled water (1 gallon per person per day, at least 3 days)
Non-perishable snacks
Medications and essential documents
Phone charger & power bank
Whistle (in case of rescue needs)
Extra face masks and hand sanitizer

Store your kit in a location that’s easy to grab in a hurry.

🧭 4. Know Where to Shelter

In an apartment:

Ground floor units or interior bathrooms are usually safest.
Avoid windows and exterior walls.
If your building has a designated storm shelter or safe room, know where it is ahead of time.
Live on a higher floor? Ask management if there is a safer area in the building to relocate during storms.

🔌 5. Before the Storm Hits

Charge your phone and devices.
Bring pets indoors and gather their supplies.
Move patio furniture or loose items from balconies to prevent them from becoming projectiles.
Fill the bathtub with water for non-drinking use if flooding or water supply issues are possible.

💡 6. During the Storm

Stay indoors and away from windows.
Monitor the situation with a weather radio or app.
Avoid elevators, especially during tornado watches or power outage threats.
If flooding begins, move to higher ground safely and avoid walking through water.

🛠️ 7. After the Storm

Wait for official confirmation that it’s safe to leave your shelter.
Report damage or hazards (like gas smells or downed lines) to your property manager immediately.
Be cautious of debris, broken glass, and slick areas in common spaces.
Take photos of any damage to your belongings for insurance purposes.

Severe weather can happen quickly, but with preparation and awareness, you can weather the storm safely—even from your apartment. Talk with us about building-specific safety plans, and consider sharing this information with neighbors to help foster a safe and informed community.

Stay safe, stay ready—and don’t wait until the storm sirens sound to make your plan.

Unlocking the Value of CAI Membership: A Smart Investment for HOA Boards and Community Managers

May 14, 2025

The Community Associations Institute (CAI) is a leading international organization dedicated to building better communities. With over 47,000 members and 64 chapters worldwide, CAI provides education, resources, and advocacy for homeowner volunteers and professionals who support them. First Commercial is actively working to establish a local chapter of the CAI in Oklahoma. Let’s talk about the benefits!

Why Join CAI? Key Benefits for HOA Boards and Managers

1. Education and Professional Development

CAI offers a wealth of educational programs, including on-demand webinars, elite events, and award-winning publications. Members receive significant discounts on these resources, ensuring they stay informed about industry trends and best practices.

2. Networking Opportunities

Membership includes access to local chapters, providing opportunities to connect with peers, share experiences, and build relationships with industry professionals. This networking can lead to valuable collaborations and insights.

3. Advocacy and Representation

CAI actively represents its members in legislative and regulatory matters at both state and federal levels. Through member-driven legislative action committees, CAI works on critical issues to ensure that association boards and professionals can continue to build and strengthen communities.

4. Access to Exclusive Resources

Members benefit from around-the-clock access to CAI’s information-rich website, including an extensive education center, research library, job market, and directory of service providers. Additionally, members receive a subscription to Common Ground, CAI’s bimonthly, award-winning magazine filled with information, perspectives, and industry trends.

5. Discounts on Insurance and Services

CAI members are eligible for discounts on new Directors & Officers (D&O) and Employment Practices Liability Insurance (EPLI) policies, provided certain conditions are met, such as the association and community manager being CAI members and holding specific CAI credentials.

Conclusion

Joining CAI offers HOA boards and community managers a comprehensive suite of benefits, from education and networking to advocacy and exclusive resources. By becoming a member, you invest in the tools and support necessary to effectively manage and enhance your community.

For more information on membership and to join, visit www.caionline.org.

Understanding fair housing law: what every property owner needs to know

April 9, 2025

The Fair Housing Act, originally passed in 1968 and amended over the years, prohibits discrimination in the sale, rental, and financing of housing based on:

Some states and municipalities may include additional protections, such as source of income, age, or military status, so it’s important to be familiar with both federal and local laws.

Why It Matters for Property Owners

Violating Fair Housing Laws can result in costly lawsuits, fines, and damage to your reputation. Even unintentional discrimination—such as writing a rental ad that includes phrasing like “perfect for singles”—can be considered a violation. It’s your responsibility as a landlord or property manager to treat all prospective and current tenants equally and fairly.

Best Practices for Compliance

To stay in compliance and foster an inclusive rental environment, follow these guidelines:

1. Standardize Your Screening Process

Use the same criteria for all applicants, such as income-to-rent ratio, credit score, background checks, and rental history. Avoid subjective language like “gut feeling.”

2. Be Careful with Advertising

Your rental listings should focus on the property, not the type of tenant you’re looking for. Avoid phrases that suggest preference, such as “ideal for young couples” or “no kids.”

3. Provide Reasonable Accommodations

If a tenant has a disability, be prepared to make reasonable modifications or accommodations, such as allowing a service animal even if you have a no-pets policy.

4. Train Your Staff

If you work with a team, make sure everyone involved in leasing or property management is trained on Fair Housing Laws and understands how to avoid discrimination—intentional or not.

5. Document Everything

Keep written records of interactions with applicants and tenants, especially decisions about applications or lease terminations. Clear documentation can help protect you if questions arise.

Work With Professionals

Partnering with a knowledgeable property management company like First Commercial can make a big difference in maintaining compliance. We stay up to date on changing laws and can help you navigate complex situations with confidence.

How professional property management increases your roi

March 19, 2025

Investing in rental properties can be highly profitable, but managing them efficiently is key to maximizing returns. A professional property management company, like First Commercial, can significantly enhance your return on investment (ROI) by reducing vacancies, improving tenant quality, maintaining the property, and streamlining financial operations. Here’s how expert management makes a difference.

1. Reducing Vacancy Rates

Every day a unit sits vacant is lost revenue. We use strategic marketing, professional listings, and optimized pricing to attract tenants quickly. We also handle lease renewals efficiently, reducing turnover and keeping occupancy rates high.

2. Attracting and Retaining Quality Tenants

Bad tenants can cost landlords thousands in unpaid rent, damages, and legal fees. Professional management includes thorough tenant screening, background checks, and credit verification to ensure reliable, long-term renters. Happy tenants who receive prompt maintenance and clear communication are more likely to renew leases, decreasing turnover costs.

3. Optimizing Rental Pricing

Setting the right rental price is crucial for maximizing income while staying competitive in the market. First Commercial conducts market research and analysis to determine the optimal rent, ensuring you get the highest possible return without pricing out potential tenants.

4. Efficient Maintenance and Repairs

Neglecting maintenance can lead to costly repairs and unhappy tenants. We have networks of trusted contractors who provide timely, cost-effective repairs. Preventative maintenance strategies also help avoid major expenses down the line.

5. Streamlining Rent Collection and Financial Management

Late or missing rent payments can disrupt cash flow. Property managers enforce strict rent collection policies, offer convenient online payment options, and handle any delinquencies professionally. They also provide detailed financial reporting, helping owners track expenses, profits, and overall property performance.

6. Ensuring Legal Compliance

Landlord-tenant laws, fair housing regulations, and lease agreements can be complex. A professional property management team stays up-to-date on legal requirements, ensuring your property remains compliant and reducing the risk of costly lawsuits.

7. Enhancing Property Value Over Time

A well-managed property maintains and even increases in value. Regular upkeep, tenant satisfaction, and professional oversight prevent property deterioration, making it a more attractive investment for future buyers or refinancing opportunities.

Maximize Your ROI with Professional Property Management

Partnering with an experienced property management company allows landlords to enjoy passive income while experts handle the daily operations. Whether you own a single-family rental, a multifamily complex, or commercial property, professional management ensures efficiency, profitability, and long-term success.

If you’re looking for expert property management that delivers real results, contact us today to see how we can help you maximize your investment.

How to Attract and Retain Quality Tenants in Your Rental Property

March 11, 2025

Finding and keeping high-quality tenants is crucial for the success of any rental property. Good tenants pay rent on time, take care of the property, and contribute to a positive community atmosphere. Here’s how First Commercial works with Owners to attract and retain reliable renters.

1. Enhance Curb Appeal

First impressions matter. A well-maintained exterior, clean common areas, and attractive landscaping can make a property more inviting. Investing in regular upkeep signals to potential tenants that the property is well-managed. First Commercial has an excellent vendor list and maintenance staff who can help keep your property looking its best.

2. Offer Competitive Rental Rates

Researching the local market ensures that your rental rates are fair and competitive. Overpricing can drive away potential tenants, while underpricing may attract less qualified renters or reduce profitability. If you hire professional management, it’s important to go with a company who is in the local market and knows the area and its trends.

3. Market the Property Effectively

Use high-quality photos, virtual tours, and detailed descriptions in online listings. Leverage social media, rental websites, and local advertising to reach a broader audience. Highlight unique features, such as updated appliances, security features, or included utilities.

4. Screen Tenants Thoroughly

A rigorous screening process helps ensure that tenants are financially responsible and have a history of good rental behavior. We check credit reports, verify employment and income, and contact previous landlords to assess reliability.

5. Maintain the Property Proactively

Responsive maintenance is key to tenant satisfaction. Regular inspections, quick repairs, and upgrades (such as energy-efficient appliances) help retain tenants and demonstrate a commitment to their comfort.

6. Build Strong Tenant Relationships

Good communication fosters a positive landlord-tenant relationship. Being approachable, addressing concerns promptly, and showing appreciation—such as offering lease renewal incentives—can encourage long-term tenancy.

7. Offer Flexible Lease Terms

Providing different lease options (e.g., 12-month vs. 24-month leases) can attract a wider range of renters. Consider offering incentives like discounted rent for longer commitments.

8. Ensure a Safe and Secure Environment

Safety is a top priority for tenants. Installing security cameras, proper lighting, and secure locks can enhance tenant confidence in their living environment.

9. Provide Modern Amenities

High-speed internet, smart home features, laundry facilities, and energy-efficient appliances are attractive perks that can set your property apart from competitors.

10. Encourage a Community Atmosphere

Creating a sense of community can increase tenant satisfaction and retention. Hosting resident events, implementing referral programs, and maintaining open communication channels can foster a friendly and welcoming environment.

By following these strategies, property owners can attract reliable tenants and encourage long-term residency, ultimately leading to increased profitability and a more stable rental business. We would love to discuss this further and answer any questions you have!

How to find a good property manager in tulsa, oklahoma

March 3, 2025

Owning rental property can be a great investment, but managing it effectively requires time, knowledge, and dedication. A professional property manager can help alleviate the stress of handling day-to-day operations, but choosing the right one is essential for success. If you’re looking for a reliable property manager in Tulsa, Oklahoma, here’s what you need to consider.

Look for Local Experience

Property management laws and market trends vary by location. A company with extensive experience in the Tulsa rental market will understand local regulations, tenant expectations, and pricing strategies to maximize your investment.

Verify Licenses and Certifications

Oklahoma requires property managers to have a real estate broker’s license. Ensure that the company you’re considering meets state requirements and holds certifications from professional organizations such as the National Association of Residential Property Managers (NARPM).

Evaluate Their Services

Different property management companies offer varying levels of service. Look for a firm that provides comprehensive management, including tenant screening, rent collection, property maintenance, legal compliance, and financial reporting.

Ask About Tenant Screening Procedures

A good property manager will have a thorough screening process to ensure high-quality tenants. This should include background checks, credit history evaluations, income verification, and rental references.

Understand Their Fee Structure

Management fees can vary significantly. Some companies charge a percentage of the monthly rent, while others have flat-rate pricing. Make sure to clarify all fees, including leasing fees, maintenance markups, and renewal charges, before signing a contract.

Assess Their Communication and Responsiveness

A property manager should be easily accessible and responsive to both landlords and tenants. Consider how quickly they respond to inquiries and how they handle maintenance requests and tenant issues.

Request a Sample Management Agreement

Before making a decision, ask for a sample contract to review terms and conditions. Pay close attention to termination clauses, service details, and fee structures.

Seek Referrals from Other Property Owners

Networking with other rental property owners in Tulsa can provide valuable recommendations. Fellow landlords can share their experiences and suggest reliable management companies.

Consider First Commercial Multifamily Management Services

We specialize in managing multifamily properties and offer a full range of services, from leasing and maintenance to financial reporting and compliance. Choosing the right property manager can make all the difference in maintaining a successful rental property. By taking the time to research, compare services, and ask the right questions, you can find a trusted partner to help manage your investment efficiently in Tulsa, Oklahoma.