Did you know that Memphis had the largest increase in renters in the US between 2006 and 2016? We’re still seeing echoes of this trend today and there’s always a high demand for rental housing. It’s no wonder that so many Memphis property owners went beyond purchasing a residential home to purchase rental units, as well. However, many property owners are realizing that running rental units, whether they’re single-family or multi-family units, is a lot of work. Are you on the fence about hiring a property management company to give you a hand with those rentals? If so, you’ve come to the right place.
Read on for the top seven benefits of working with property management to help you decide if a partnership with us is right for you.
1. Expert Marketing Tactics
When you own a property, your job extends far beyond basic groundskeeping. In order to get your listing out there, you need to use the latest real estate marketing tactics. Every advertisement you place for your property should use SEO-guided copy, professional photography, and more.
Chances are, you didn’t purchase additional properties to test out your marketing skills. Fortunately, we can handle all of the marketing for your properties and ensure that they’re well-known throughout the Memphis area.
2. Tenant Screening
What’s the next big step after great marketing? Screening your potential tenants to ensure that they’re a good fit.
Tenant screening is a complex process. It requires background checks, credit checks, and employment verification. Thorough tenant screening also requires that you get in touch with your applicants’ previous landlords to make sure there was no trouble.
We provide a top-notch tenant screening process for all of our property owners. That way, you can match up with the right tenants from the beginning and lessen issues down the road.
3. Profit Maximization
The two practices we’ve just discussed are some of the best ways to maximize your profits year after year. How does this work?
One of the most costly issues a property owner can face is constant tenant turnover. You want to increase your tenant retention (how long you hang on to your tenants) in order to avoid vacancies. The longer you keep your units filled, the less you have to invest in advertising and tenant screening–and the more rent checks you collect.
4. Rent Collection
Speaking of rent, nothing is more frustrating for a property owner than trying to chase down late rent checks every month. One of the many ways that a property manager can help you is by collecting rent and enforcing rent deadlines.
We make things simple for both you and your tenants by providing an online portal for rent payments. Not only does this allow tenants to pay their rent quickly and efficiently but it also issues automatic late fees and penalties when rent doesn’t come in on time. This is a system that encourages tenants to pay rent on time every single month.
5. Complaint and Maintenance Management
As it turns out, there’s one big reason why many tenants decide not to resign their lease. A recent survey found that over one-third of tenants move because they’re hoping their next landlord is more attentive. In other words, they’re looking for regular maintenance and reliable management.
Many property owners have other work or obligations to fulfill during the week. Some live in other cities and even other states from their rental units. No matter what, when you’re running a property on your own, it’s not always easy to respond to your tenants in a timely fashion.
When you work with a property management team, you don’t have to worry about fielding complaints or fulfilling maintenance orders. We take care of everything for you! Not only does this improve the state of your property but it also improves the state of your tenant relations, leading to even higher tenant retention levels.
6. Lease Enforcement
Sometimes, even with the best tenant screening practices, incidents still occur. You may have a tenant who is allowing third parties to stay in their unit without permission. You may have a tenant who is making noise after hours and causing a disturbance amongst their neighbors.
No matter what the issue is, it’s important that you have a go-to lease enforcement system. What are the penalties for breaking different clauses of the lease? Do you know the legal process of evicting a tenant and when it is time to do so?
We have years of experience with both landlord and tenant rights as well as tenant intervention. We navigate all leasing issues with deescalation in mind, seeking a solution that works for everyone. If all else fails, we can help you navigate the eviction process–although it rarely comes to that.
7. Less Stress for You
One of the biggest property management benefits? It reduces the stress in your day-to-day life.
Most people who own rental properties are looking for ways to protect their wealth or boost their income. They’re not necessarily looking to run an entire business. If you want to reap the benefits of property ownership without having to spend all of your time and energy managing your properties, we’re a perfect match.
Can Our Property Management Team Boost Your Memphis Properties?
Memphis has one of the largest rental rates in America, making it a great city for property investment. However, you may not want to invest all of your time and energy into your properties, too! That’s where Reedy and Company comes in.
Our property management team is here to take all of your rental properties to the next level. From increasing tenant retention to improving the rent collection process, we can elevate your experience as a property owner–and take those responsibilities off your hands.
Contact us to find out more about how we can help you.