If you own or are thinking of purchasing a rental property in the greater Memphis area, you will undoubtedly weigh the benefits of hiring a property management firm. Whether your rental property is far from where you live full-time, your time is better spent on other jobs or researching additional real estate opportunities, or you don’t have the patience or experience to deal with tenant issues, working with a property manager is the right choice. For a fee (or a series of fees), your Memphis property management firm will deal with all of the details from securing tenants to arranging repairs to evictions, if necessary – and everything in between.
Memphis is an especially promising market for long-term rentals; it is already the largest city in Tennessee and it continues to grow, with many job opportunities for those who are relocating. Single family homes, condos, townhouses, duplexes, multi-family homes, and apartment complexes are all available for purchase and can then be rented out. Thanks to technology and property management companies, landlords no longer need to live in Memphis in order to take advantage of the rental market.
Once you’ve purchased your investment property and have decided that partnering with a Memphis property management firm is the best option for you, it is time to do your due diligence. You’ll need to learn about all of the top property management companies in Memphis, along with their fee schedules and the property managers you’d be working with. Only then can you make an informed decision about who is the best choice given your needs and preferences.
With its booming rental market, Memphis offers several excellent options for property managers, as well as several national chains of property managers who operate locally in the Memphis market. Whether you’re considering a long-running locally-owned option like Advantage Property Management, or a national chain with an outpost in Memphis like HomeRiver Group, you will find that options abound in your search for a property management partner. Below are just a few that you’ll come across in your search, and are worthy of a deeper look.
Advantage Property Management
With more than 15 years of experience, Advantage Property Management has one of the strongest footholds in Memphis, with stellar reviews from tenants and property owners alike. Their team is often recognized for their fast response times, professional service, and attention to detail. Specializing in the management of single family homes, condos, townhomes, and small multifamily properties, they are quick to tailor their services to the unique needs of each property and owner.
For those seeking a family owned and operated business where you’re more than just a number, Advantage will be a strong contender. Hailed as a “one stop shop,” Advantage Property Management will advise and guide owners on how to get their investment into top shape for maximum rent earnings. They will find applicants, select and screen tenants, collect rent, and manage all maintenance needs while your property is occupied.
Advantage operates as a property manager within a 50 mile radius of Memphis, including Cordova, Bartlett, Germantown, Collierville, Shelby County, Lakeland and Eads.
RiverTown Realty
A progressive company operating in and around Memphis, RiverTown Realty touts their core values of Integrity, Compassion, and Determination. In addition to residential properties of varying sizes, they also manage a portfolio of small commercial properties. RiverTown stresses their clear communication and experience with rentals, purchases, management, and maintenance.
Unlike other firms, RiverTown Realty posts their fees on their website, so you can decide if you can afford their services prior to making contact with them. As with any financial decision, you’ll want to confirm that there are no hidden or additional fees prior to signing a contract with any property management firm.
Reed & Associates of TN, LLC
With almost 35 years in business, Reed & Associates specializes in single family home rental property management. Their portfolio boasts more than 400 properties in Memphis, Shelby County and North Mississippi; they know they are not the largest or the most well-known in Memphis, but they strive to customize their offerings for each individual’s property.
According to their website, Reed & Associates boast a less than 2% vacancy rate, and 98.6% average gross rents collected.
Property Management is Personal
When you own a rental property, whether you own one or one hundred, you want to feel confident that the company you hired has your best interest at heart. You’ll want to have a full understanding of their fee schedule, as well as a clear line of communication to a property manager that you trust.
Your investments are valuable and you need a Memphis property management company that treats them as such. Property Management is much more than collecting rents each month, so be certain that whoever you hire can effectively handle your rental needs from marketing to maintenance and everything in between.
Local expertise is key, as are reviews from previous tenants and property owners. Whether you’re reaching out to Advantage Property Management or Reed & Associates, you should find making contact to be easy and comfortable.
With the right property management firm, being an owner is easy!
