Hiring a real estate broker is one way that landlords find tenants for your Memphis property. It makes sense because brokers can help you find an investment home in a short time. So why not a tenant too? However, an even better solution would be to hire a broker who is also a Memphis property manager.
There are several advantages of this arrangement; most important is you get to work with someone who is not simply interested in earning his brokerage fee, but who cares as much about your property as you do. The other benefits are as follows.
Finding quality residents who stay longer
The first benefit of having a real estate broker who is also a Memphis property manager is that you can get quality tenants who stay for longer durations. Looking for good tenants on your own can result in a hit-or-miss kind of situation. You may sometimes get genuinely good tenants who stay for years, but that is not always a guarantee and you may end up with some really bad experiences as well.
This uncertainty is eliminated when your broker is also a property manager in the area; you are assured of getting long-term, high-quality tenants.
An easier tenant screening process
When your property manager is also your broker, screening prospective tenants becomes a simpler and easier task. As Memphis property managers handle the property themselves, there is no need for a third-party coordinator. Property managers can screen potential tenants and help you pick the best applicant as they are equally concerned about the maintenance of your property.
This may not always be the case when your broker is a third party, as they are not obligated to think of your property. They are simply concerned with finding you a tenant. A property manager thinks about the long-term well-being of the property they’re managing and hence helps you find the best prospect for your property.
Freedom from repairs and maintenance
A professional property manager saves you the hassle of repairing and maintaining your property on your own. They get all the required repairs and maintenance done on your behalf by arranging professional service providers in a timely manner, thus ensuring a good and hassle-free experience for you as well as your tenants.
A major benefit of having a broker who is also a property manager is that your property remains vacant for far shorter periods of time. Property managers have better resources and a larger contact list. Their access to a greater pool of professionals who work to source your tenants results in shorter vacancies for your properties as compared to an independent broker.
Better legal advice
Professional Memphis property managers negotiate and execute every single tenancy agreement while keeping the local tenancy laws in mind. In addition, almost all of them have access to legal assistance in case of any legal issues that may arise. The end result is far fewer legal troubles and disputes concerning you or your tenants.
There are several benefits of hiring a real estate broker who is also a property manager, as compared to a standalone broker, which is why you should contact a trusted Memphis property management company, like RiverTown Realty, to take care of your rental investment.