Are you looking forward to seeing more money flow into your bank account from your new Memphis income property? You’re in good company. Memphis has recently drawn the attention of many real estate investors, as the city saw the fifth-highest rent increase among large American cities in 2022 compared with the previous year. Before you attempt to manage your Memphis property yourself, though, you might want to consider hiring a Memphis property management company.
Here’s a rundown of seven ways property management services can help you.
Let’s jump in!
1. Collecting Your Rent
When you work with a property management company in Memphis, you’ll receive help with one of the most challenging aspects of managing a property: collecting the rent.
Collecting a payment from a client can be both difficult and awkward. However, a reputable property management firm has a reliable and efficient system in place to make sure that rents are consistently collected on time.
Hiring a property manager is especially wise if you have only a few properties. That’s because being able to collect rent payments right away is critical for maintaining your company’s cash flow.
2. Setting Your Rental Rates
Exactly how much should you charge for rent at your property?
To answer this question for you, the best property management company can conduct a thorough market study. The study findings can help them to determine how much other investors are asking for rent for properties similar to yours.
With this data, your property manager can help you maximize your rental income each month. This will help you to keep your vacancy rate as low as possible.
3. Maximizing Your Profitability
Another way a property management company can help you is by helping you to make the most profit possible from your property.
When you work with a property management company, you’ll likely have to pay them a certain percentage of your Memphis property’s monthly rental rate. However, this rate is a lot lower than the salary you would have to pay somebody to manage your property. This will save you money long term.
Also, by hiring a property manager, you free up your time. After all, you won’t have to worry about collecting rent and performing other property management duties yourself.
This means you can focus more on identifying other investment opportunities. Alternatively, you can enjoy more leisure time — one of the major perks of being able to generate passive income.
4. Marketing Your Property
A property management service can further assist you in drawing prospective tenants to your property through high-level advertising.
Specifically, the service can help you to determine where and when to advertise your property. In addition, they can show you techniques for creating engaging and compelling marketing content.
This assistance will allow you to place a tenant in your property more quickly. You’ll also be able to avoid the lengthy vacancies that often occur when properties are not marketed properly — or at all.
5. Achieving Compliance
A property management company in Memphis can additionally help you to remain compliant with industry laws and therefore avoid lawsuits.
For instance, the company will ensure that you comply with housing regulations, like the Americans with Disabilities Act. Likewise, they can help you to follow local, state, and federal regulations.
6. Finding and Managing Tenants
Finding and managing your tenants in Memphis can be an easy process for you when you work with a property manager.
An experienced property manager knows how to find the best tenants for investors’ properties.
As part of this process, they can run a criminal background check on a potential tenant for you. They can also collect references from the prospective tenant’s previous landlords.
In addition, they can run a credit report and verify the possible tenant’s employment. This information can help you to determine if the tenant is the right fit for you.
Once you have chosen the best tenant for your property, your property management company can oversee every aspect of your relationship with the tenant.
For instance, they can handle routine or emergency maintenance requests. They can also perform routine inspections of the property. If a conflict arises between you and the tenant, they can handle that, too.
7. Maintaining Relationships with Key Vendors
Finally, a quality property management company can make it easier for you to complete repairs at your property. That’s because they maintain relationships with multiple vendors.
The vendors that property managers stay connected with include suppliers and contractors. They also include tradesmen and maintenance workers. It would be very difficult for you to duplicate this type of vendor network.
With the help of your property manager’s existing vendor network, you can more quickly get the work you need done at your property. In addition, you’ll get your maintenance projects done at the best prices possible.
The property management company will also oversee all of the projects being done at your property. This means you can rest assured that the work is being done properly even if you can’t physically be there to verify this.
How We Can Help with Memphis Property Management
A Memphis property management company can help with collecting rent and setting the right rental rate for your property. They can also help you to effectively find and manage tenants.
At Reedy & Company, we take pride in offering top-tier property management services. We work with investors who own both single-family and multi-family properties.
Get in touch with us to learn more about our services and let us lighten your load as a real estate investor!