It goes without saying that real estate is one of the best possible investments you can make and this is no less the case in Memphis. Whether a person is looking to rent or own, the cost of real estate in Memphis is on the rise. That said, there’s never been a better time for would-be real estate investors to get in on the action.
Smart Memphis real estate investors are turning to property management companies to assist in the process and with good reason. A property management company ensures that your investments are managed and maintained as they should be, leaving you with more time to deal with other aspects of running your business. They’re an absolute must for investors with multiple properties to look after. Here’s how to make sure you choose someone you can really trust.
Knowledge of the Local Market
While it’s great for a property management company to have general knowledge about property management, it’s important to go with someone that has local knowledge as well. The right property manager will have a solid understanding of what Memphis area residents in particular are looking for.
The right property management company will also be willing and able to put their Memphis real estate experience to work for you. They’ll be able to make recommendations as far as how your property can be improved and made more desirable to Memphis residents. This in turn will help decrease vacancies, lower turnover rates, and boost desirability.
Solid References and Stellar Reputation
Nothing prepares you for a potential experience with a property management company quite like the experiences of previous or current clients. Ask the Memphis property management companies you’re considering for a minimum of three references each. Ideally, the references should be clients with similar types of properties to yours. Then make sure you follow up with each and every one of them.
It also doesn’t hurt to let your fingers do the walking and check out what other property owners are saying about the companies you’re considering online. Are people generally happy with the service? Does the company’s management style gel well enough with your own personal goals as an investor?
Fantastic Customer Service
When you arranged your initial meeting with your potential property management company, how did you feel? Did you feel like just another customer or did you feel valued and important? Were your questions and concerns addressed to your satisfaction? When you asked about potential management strategies, did the manager’s answer imbue you with confidence?
Excellent customer service shouldn’t be something that stops once you select a company either. Good property managers are easy to get a hold of whenever you need to communicate. You should also be kept constantly in the loop in regards to what’s going on with your property, your tenants, and other aspects of your business. Lastly, make sure that proper customer service practices extend to your tenants. They are your customers, so you’ll want to make sure they’re being treated properly and that their concerns are being addressed in a timely manner.
Solid Money Management Practices
Reputable Memphis property management companies manage money from rentals in professional ways that benefit you, the owner. It should take no longer than one week for rental funds and prepared monthly statements to be processed. Any longer than that and you could be losing out on valuable potential interest accrued on your profits.
Shady managers may attempt to keep moneys collected in their accounts longer than necessary so that they collect the interest instead of you. You’ll want to make sure your property manager is organized when it comes to accounting and bookkeeping as well. It makes a huge difference in the long run.