The decision to hire a property management company to handle your rental property is a huge one, especially in the Memphis area.
Tenant satisfaction, steady inflow of rent, dependable communication, as well as proper care of your property are some of the qualities you should look out for in hiring a property manager. Any property management company you hire must be able to carry out the following:
- Market to and screen prospective clients successfully
- Ensure payment of rent promptly and processes for when it isn’t
- Be able to inspect your property from time to time
- Have a functional policy on maintenance and repair for protection of your asset and to the satisfaction of your tenant promoting long-term residency.
As a property owner, you’ll also want competitive management fees, excellent and reliable three-way communication between tenants, yourself and the property managers. Furthermore, you’ll need a well-structured company that will offer reporting and compliance for your rental portfolio.
Read further if you wish to engage the services of a top-notch property management company, this article will show you how to go about achieving that.
1. Online Search
The internet is by far one of the ideal places to begin your search if you need a good quality property management company in Memphis.
Google really is your best friend here, it is expansive and generally telling of all things important when making this decision. After you have narrowed down your options it will allow you to carry out further investigations. Here’s how…
Read Online Reviews
As a suggestion, Google the name of the property management company and see what the online community has to say about them – it is important to understand that there is a balance to what you read. Unfortunately, statistically, more negative reviews are shared than positive reviews so when you find a positive trend this is big (and good) news! Google makes searching reviews easy to find, they are typically located on Google’s first page when you search.
Websites of Companies
Apart from checking out other people’s opinion about a potential property management company you want to hire, also check out the website of the company.
Listed below are a few things you should pay attention to while perusing the company’s website:
- A showing of services rendered such as marketing efforts, screening requirements for tenants, property inspections, maintenance procedures, rent collection, tenant and owner portals, and financial reports.
- The areas served by the property managers
- Information about the leadership, administrative and field team along with the owner
- Testimonials from pleased landlords and tenants
Many property management companies in Memphis may have similar info on their websites however, they are not all the same.
Presentation is important. How a company projects its image online might provide insight into the type of company they are. A decent property management company will put out adequate information for potential property investors and tenants to see.
Finally, you will want to confirm that your property management company of choice is in good standing with the Better Business Bureau. If there are any trending problems or complaints against the company you want to hire, you’ll find them in Better Business Bureau. This will help you cross off the companies that seem troublesome so you can avoid hiring them in the first place.
2. Get a Local Referral
Memphis has a number of property management companies, as is the case in most other markets. It is important to find the ones that have solid relationships with industry professionals, such as realtors, in the region. If you’re still unable to decide on which property management company to hire, reach out to your real estate professional for their opinion.
One more thing you can do is to ask your friends or associates that also rent property in the area. It’s possible they can recommend a management company they like and are able to help you feel more confident in entrusting your property to them. People usually feel more comfortable trusting a referral from somebody who has tried it personally.
Regarding home services, particularly for rental properties, word of mouth referral usually goes a long way. Companies with a good reputation will likely have a strong referral network.
3. Local Ads Are Helpful
A whole lot of advertising is done by property management companies in order to find tenants for their clients’ vacant properties. Consider this a great way to source property managers in your locality.
Go through hotspots like Craigslist, Trulia, Zillow, online classifieds, the local newspaper, etc. Many local property management companies utilize these resources to share information about available rental property that they manage. Once you’ve identified some options you should do some further digging to confirm if they suit your needs.
This method also gives insight into how the Property Manager does their rental advertising. It is important to note how their ads appear, and if their method is something you’re comfortable with. Ensure that their ads do not have any discriminatory undertones or outright statements, have images of the vacant property, and also detailed descriptions of the property with a call to action. Chances are all of the major players will be found across a variety of marketing channels which will be a positive indicator of their reach. This reach will be a tremendous benefit to you as a property owner when your vacant property is being marketed.
4. Speak to People Who Are Currently Renting
Current statistics show that 37% of homes in the US are occupied by renters, this is up from 31% in 2006 and is the highest percentage in nearly 50 years. The implication is that there’s a very high chance you already know someone who’s currently renting. Find out from tenants if they know their landlords personally and if their rental is managed by a property management company.
No tenant will sugar-coat their experience with a property manager, especially if they’re aware that you’re looking to hire one for your property. While it is not difficult to find a local property management company, it can be a challenge find one that is reputable and communicative, has competitive management fees, and demonstrates high standards.
You can depend on Reedy and Company to take good care of your property. Our team has very strong ties within the community, an extensive network of industry professionals, and we are dedicated to taking care of all aspects of your rental property including leasing, tenant screening, collections, in-house maintenance, acquisitions with fees you can afford. Reedy and Company an expert team dedicated to balancing the needs of our tenants along with the interest of our owners.
So, what are you waiting for? Contact us today at (901) 271-6729. We look forward to talking with you about building a long-standing partnership.