Every Memphis property management company will operate differently when it comes to how they provide their services and what they do to keep your rental home profitable and in good condition.
Typically, you can expect leasing, management, and maintenance. You should also look for a management company that’s able to consult with you on the local Memphis market and the trends and topics that are showing up in the area. You won’t want to be surprised by sudden shifts in rental values and vacancy rates, for example.
Here are some of the general things you should expect when you begin working with a Memphis property management partner. If you’re not getting these services from your current management company, think about switching to a full-service partner like RiverTown Realty.
Leasing and Your Memphis Rental Property
Attracting, screening, placing, and retaining good tenants is step one in a property management relationship. You should expect property managers and leasing agents who understand the best marketing strategies, screening best practices, and fair housing laws. You want a solid tenant retention plan so you don’t lose money on turnovers and vacancy. You should expect local market expertise so your property is priced competitively.
Once a renter is approved for your property, a property manager will collect the move-in funds, handle the lease-signing, and conduct a move-in inspection to document the condition of your property before the tenant takes possession.
Positive tenant relationships start during the leasing process. You should expect your management company to communicate well with residents and provide a detailed explanation of the lease requirements so everyone is aware of their responsibilities.
Memphis Property Management and Maintenance
After a tenant has been placed, you can expect your property management company to handle the day-to-day details involved in the effective and efficient management of your home. This should include:
- Rent collection
- Lease enforcement
- Tenant relationships and communication
- Property accounting and bookkeeping
- Inspections and inspection reports
- Vendor relationships
- Cost controls
Every owner expects their property manager to maintain the rental property and protect its condition and value. You’ll need someone available 24 hours a day to respond to emergencies. There should be an outstanding network of vendors and contractors in place, who offer the best rates. You should also expect a plan for preventative maintenance, which will keep your long term repair costs down and prevent unexpected emergencies.
Memphis Investment Advice and Opportunities
You’ll know you have an exceptional property management team when they’re willing to do more than collect rent and make repairs.
Good property managers will understand your investment goals and help you make decisions that will further their goals. If you want to acquire more properties, they’ll help you identify good opportunities. If you want to conduct a 1031 Exchange, they’ll put the wheels in motion. If you want to renovate some of your current investments to earn more rent, your property manager should be able to help.
Your property management team should help with every part of the real estate investment process. This includes helping you understand how much rent you’ll earn and how long it will take to rent the property out. It includes estimating the repairs and work that will be required to prepare the home for the rental market. It includes direction with financing, insurance, and assistance in closing the deal.
These are just a few of the things you can expect when you work with a Memphis property management company. If you have any questions or need any help, please contact us at RiverTown Realty. We’d be happy to tell you more about what it’s like to work with us.