Memphis is one of the hottest real estate markets for property investors. It’s no wonder that in 2021, properties in this area sold 16 days faster than in 2020.
If you already own a property in Memphis, TN, congratulations. Owning a property comes with a long list of responsibilities, as there’s always something that needs to be done.
If you’re starting to feel burned out, it might be time to consider hiring a Memphis property management company. Have you been thinking about investing in property management but aren’t sure if it’s worth the cost?
Read on to find out why partnering with Memphis property management companies is the right decision.
Marketing Your Home
When you hire a professional property management company, you tap into their marketing expertise and resources. They’ll ensure that many potential tenants see your home from the get-go.
First, they’ll take high-quality photos showing your property’s best features. Then, they’ll create an appealing description of the property. They’ll advertise your property online to attract the attention of qualified tenants.
If you want to rent your property, the property management experts will help you price it correctly. They understand that incorrect pricing is one of the main reasons Memphis homes sit vacant for long periods.
A Memphis property management company will use its local market knowledge to help you find the perfect price for your rental.
High-Quality Property Maintenance
When you own a Memphis property, you should keep up with regular maintenance and repairs. Not only will this help your home retain its value, but it will also ensure that your tenants are happy.
Unfortunately, not all landlords can stay on top of their properties’ maintenance needs. If this is the case for you, it’s time to consider hiring a Memphis property management company.
They have the knowledge, experience, and resources necessary to handle your property maintenance needs. Plus, they have access to a network of reliable contractors who can help with any repairs required. You won’t have to lift a finger when maintaining your Memphis property.
Handling Tenant Screening
Finding the right tenants is essential to being a successful landlord. You want tenants who will pay their rent on time. You also want those who will take care of your property as if it were their own.
A Memphis property management company has the experience and resources to screen and find high-quality tenants. The professionals will start by conducting a thorough background check. This will include a criminal history check, employment verification, and rental history verification.
The background check will ensure that you’re renting your Memphis property to tenants who are likely to treat it respectfully.
A Memphis property management company will also run credit checks to ensure that your tenants have enough income to cover the rent. This way, you can be confident that you’re renting to a qualified tenant who is less likely to default on their rent payments.
Compliance With Memphis’s Landlord-Tenant Laws
Memphis has several laws that landlords must follow, such as the Residential Landlord and Tenant Act. If you’re unfamiliar with these laws, it’s easy to violate them accidentally.
This is where Memphis property management companies come in. They will ensure you comply with all the relevant laws. You won’t have to worry about getting into legal trouble. In addition, they can help you resolve any disputes that may arise between you and your tenants.
Memphis property management companies understand the importance of communication. They will keep you up-to-date with what’s going on with your Memphis property, so you’re never in the dark.
For example, if there’s an issue with one of your tenants, the property management company will let you know right away. They’ll also provide regular updates on the status of your rental property, so you can see how it’s performing.
Plus, they’ll be available to answer any questions about your Memphis property or the property management process. This way, you can be confident that you’re making the best decisions for your investment.
Handling Accounting and Finances
Memphis property management companies will also handle all your rental property’s accounting and financial aspects. This includes collecting rent, paying bills, and preparing tax documents.
They’ll also keep track of your income and expenses, so you can see how much money you’re making (or losing) from your Memphis property. This information can be beneficial when making decisions about your investment.
Maximizing Your Rental Income
Memphis property management companies want you to make as much money from your rental property as possible.
To begin with, they’ll reduce the rate of tenant turnover by working hard to keep your tenants happy and your property in good condition. As a result, you can charge top dollar for rent and minimize vacancy rates.
A Memphis property management company will also help you keep your expenses in check. They’ll work with you to find cost-effective solutions for any repairs or upgrades that need to be made. This way, you can increase your profits without breaking the bank.
You’ll Enjoy Personal Benefits
A property manager will take a huge burden off your shoulders. For example, if you live in another city or state, keeping track of everything going on with your Memphis property can be challenging. With a property management company, you can relax knowing someone is taking care of everything for you.
Memphis property management companies can provide valuable advice and guidance. They can help you develop a strategy to maximize your profits while protecting your investment.
You’ll also have more freedom and flexibility in your personal life when you hire a Memphis property management company.
You won’t have to worry about dealing with tenants or managing repairs. Instead, you can focus on enjoying your life and spending time with the people you care about.
Hire a Memphis Property Management Company Today
Hiring a Memphis property management company is a great way to protect your investment. When you choose property management in Memphis, TN, you’ll maximize your profits and take some of the burdens off your shoulders.
If you’re ready to enjoy all these benefits, consider working with Reedy & Company. We have over 40 years of experience in property management in Memphis, serving local and foreign investors. We will use our expertise and local knowledge to make the best decisions about your property.
Contact us today to learn more about our services.