Well, you’re in for a big disappointment if you believe in this premise! Things don’t just work that way especially in the real estate industry and even in life generally. A rental property, no matter the size of the building, is a serious business.

You have to perform certain important tasks to make the business worthwhile – stay on top of general maintenance, advertise the listing to find tenants, and always communicate with the tenants to guarantee their happiness throughout their stay in that property. For someone with many rental properties or a separate full-time job, this can be an impractical use of your time.

This is where property management comes in.
A professional property management company can bring greater levels of value to your investment.

Owning a rental property in Tennessee regardless of type may be highly rewarding. However, if you don’t have the necessary tools at your disposal, the task will quickly become a nightmare and time-consuming.

A lot of human and economic resources goes into running a successful, income-generating property management outfit. Most real estate investors simply don’t have the resources to oversee one or multiple properties at a time. This is why property management companies exist.
When you hire a property management company, it takes some of the heavy burdens off your shoulders.

Many investors support the use of a property management company. So, opting for the services of a property manager is optional to a real estate investor. While property management companies have many advantages, they can be quite expensive to deal with. Therefore, plan on hiring a property manager if 👇👇👇

✅ You plan to acquire many rental properties. The more rental properties you have in a portfolio, the more important property management firms become.

✅ You are not staying close to your asset. If the rental property is far from where you live, it’s a good idea to hire a manager who can keep watch over it.

✅ You don’t want to actively manage the property. If you take the property business as a source of passive income, you’ll need a property manager to see to its daily operations.

✅ You don’t want to be an employer. Hiring employees like a resident manager comes with huge responsibilities such as payroll and legal requirements. A property management company is made up of independent contractors.

✅ You can afford the added cost. The fee property managers charge is a percentage of the rental fee. The same fee can give landlords fresh breath and provide them with an ample opportunity to invest elsewhere.

✅ You have limited time. Even if you’re not perturbed handling your property business, you might not be able to manage it daily. If you channel more energy into running your business, hiring a property management company will be more beneficial to you.

✅ You can afford it. When choosing a property management company, you can expect quotes that range from 5 to 10 percent of your rental revenue. In this regard, you’re better off managing the property all by yourself.

✅ You own a property in the inexpensive housing program. Oftentimes, in programs of this nature, property owners may receive loans with low-interest rates just to compensate them for renting their properties to low-income earners.

With these benefits also come more difficult rules you must adhere to. Having a property management company that knows how these rules work can lead to quick growth.

Property managers provide a lot of real estate services that relate to the care and maintenance of many real estate properties. At a high level, their job is to ensure that your investment property is a success. This could include many different daily responsibilities such as 👇👇👇

✅ Advertising rental listings to attract potential tenants
✅ Administering and enforcing leasing agreements
✅ Collecting monthly rent payments
✅ Scheduling maintenance and repairs
✅ Keeping a record of financial statements and preparing reports for the landowner
✅ Maintaining positive tenant relations and initiating the eviction process, if necessary

At a glance, you can see just how many tasks property managers must be able to entertain. Also, most property management professionals have deep knowledge about property management software that helps automate a lot of the work they do. Using a property management application makes it much easier to handle certain office jobs and balance other day-to-day operations with ease.
As a property owner, you can choose to get involved with the rental space as you’d like. If you decide to stick around, you can choose to stay in touch with your property manager quite often. If you’re occupied with other engagements, you don’t have to worry yourself as your property management team will take care of your investments even when don’t with them communicating regularly.

The major aim of a property manager is to serve both the property owner’s and the tenants’ best interests. It’s their job to keep the tenants happy, while also ensuring that your building is staying in excellent condition. You don’t have to worry about the daily hassles that arise from having a rental property. Instead, you’ll just be making money.

Property management companies provide high-quality tenant selection services

One of the major reasons you need a Memphis property management team is for the high-quality tenant selection services offered. Whether you’re managing a property, renting, or leasing it, responsible tenants are the determinants to your success.
A strong tenant screening process that includes both tenant selection services and tenant location services will render the highest rewards. Property management firms get valuable information and use them to analyze data as well as screen prospective tenants.

Investment property management companies in Memphis and throughout the State of Tennessee will evaluate a tenant’s payment history, the tenure of their rental agreements, and their reputation for taking care of the properties in which they have resided before. By having these services under your belt, you will optimize your original investment in the property.

Investment property management companies fill vacancies

As a real estate expert, you know the importance of marketing your properties, taking telephone calls, attending to all sorts of inquiries, and scheduling meetings to display your rentals.

By subscribing to the services of a property manager in Memphis, you will run away from these time-consuming operations.

The real estate expert knows your market completely. They will know how to apply the best advertising techniques and will put in the effort to fill your vacancies in the absolute shortest time possible..

Memphis property management experts handle all property maintenance requirements

Although property management professionals execute leasing tasks and all related services, they equally take care of all property maintenance assignments.

Today’s Memphis property management companies know that repairs and the standard maintenance of the rental property are a known reality of renting and leasing.

Oftentimes, some challenges may come up at the most inconvenient periods and prove stubborn to get rid of.
Property management experts in Memphis have built a complete network of independent business people that take care of property maintenance jobs with ease and at no cost to you. These include contractors, suppliers, and specialists.

Property management companies handle all tenant interaction

By subscribing to the help of a property manager with your rentals in Memphis, you will be placing a professional “obstacle” between yourself and your tenants.

This allows you to make feasible business-based decisions that will take the business to a greater height.

Property management experts in Memphis will work in every area of your property. The services cover lease enforcement, financial complications, boundary setting, and others. These they do while carrying you along with the highest level of expertise.

It is not always difficult to reach out to a property manager as you can easily connect with them on the phone. They are willing to lend a helping hand to make your business succeed.

Property management experts ensure complete legal compliance

The other important reason you need a property management company at your service is that these professionals ensure complete compliance with applicable laws.

Regulations are what control the real estate industry; especially in terms of property management. You must ensure total compliance with the laws governing fair housing, disclosures, municipal codes, local ordinances, state laws, and more.

To avoid striving to keep these complicated landscapes of real estate law, your property manager will take of that without any hassles.

Property managers handle all accounting activities

Accounting is a huge task when it comes to property management. A property manager can do that for you.

These professionals will monitor your expenses and income on every property you are managing, renting, or leasing. They will collect all revenues for you including rent, necessary fees, and your expenses.

At the end of each month, you will receive a detailed statement that shows your performance. Also, managers of your properties can assist you with filing taxes and fulfilling all financial obligations that you may face as a real estate owner.

Accounting for your business takes up ample resources such as time and knowledge. A property manager can ease this burden.

Real estate managers optimize tenant relations

One of the most common complaints among tenants these days is that the landlord isn’t responsive.

Usually, they complain of violations of privacy, lack of maintenance, failure to repair, and communication difficulties. In turn, these challenges often get so drastic that the tenants will simply vacate the property.

If this happens, income from that property is immediately terminated.

Real estate property managers build strong relationships with your tenants. They see everybody as a potential resource and treat them with respect.

Based on increased good tenant relations, your income will rise. Then, those tenants will be very willing to continue their renting at the appropriate time.

Your property management business is where you make your livelihood from. As such you should take the right steps to ensure you hire the best manager to take care of it. If you hire the wrong person, it will lead to increased vacancies and lost rent. You need to screen the tenant first before giving them access to your property. The screening calls for thoroughness in choosing your property manager. Here are the steps to do that 👇👇👇

Ask Friends and Colleagues for Referrals

One of the best ways to begin your search for a property manager is by talking to people you know and trust. Consult with as many professionals in the real estate industry as possible, including contractors and even your friends.

But don’t take their recommendations without checking them. Try to know about their strengths and weaknesses. If they have parted ways, ask why.

Research Property Managers Online

The next step is to conduct some online research. You can screen property managers you’re interested in and even find new ones.

Some websites provide lists of property management companies that are functional in your area. Just state the size and location of your property.

Immediately you’ve got some names, check their company’s website and mission statements. Check for reviews from reputable websites.

Visit Their Properties

Paying on-site visits to their properties can be a great way to assess a property manager. It’s a bad omen to see trash or debris scattered all over the property. Besides, you’ll want to be on the lookout for any obvious crucial repairs.

Also, you can request to discuss this with the tenants. Find out if their complaints are taken care of and the amount of time it takes to fix a repair or maintenance issue.

Ask whether the environment in and around the building is conducive for their stay. You should also know if they have any challenges with co-tenants and if they’re considering signing new leases. Find out why or why not.

Interview People

You need to ask many property management experts in Memphis in-person to know the right one to handle your property dealings. Organize your questions into three main categories:

I. Experience and education – Knowing local and federal landlord or tenant law
II. Fee structure – How the fees are collected both locally and in others.
III. Services – These include how properties are maintained, how rent is collected and managed

Another thing to consider is how many properties they manage and how many hours they put in your work every week. Any Memphis property manager who manages more than 8 other properties in addition to giving you 10 hours per week probably may not have the strength to do the job and do it well. However, if the company has a lot of staff, a huge clientele can be an indication of a successful business.

Check Licenses and Certifications

The state of Tennessee just like every other state in the US makes it mandatory that property management Memphis companies have a real estate broker’s license. This is a property management license to display vacant apartments. Check with the state of Tennessee Real Estate Commission to see if a candidate’s brokerage license is active.

Also, verify that property management Memphis is duly certified with a trade organization. Search online to verify credentials with groups including:

✅ The Institute of Real Estate Management (IREM)

✅ The Tennessee Real Estate Commission (TREC)

✅ The National Apartment Association (NAA)

✅ The National Association of Residential Property Managers (NARPM)

✅ The Community Associations Institute (CAI)

These associations provide certification after completion of thorough training programs. This is an indicator that the manager is committed and willing to spend their resources to pursue continuing education courses.
Of course, you should also trust your instincts. You should also be aware that property management Memphis experts paid money to take a class that shows that they’re willing to put into practice what they were taught.

Understand Management Terms of Agreement

An agreement with property management Memphis is a binding contract between you and the property manager in Memphis. So, ensure you understand every bit of the agreement before signing. If it’s possible, have a lawyer look over the contract to ensure you’re not short-changed.

Understand that the duties of the property manager can be detailed or shallower. Whatever the terms might be, ensure the agreement on paper matches with what you discussed during your interview section. It is equally important that you understand your obligations as the property owner.

Check for compliance with fair housing laws and the terms of hold harmless and cancellation clauses. It’s not a bad idea to request an example of the report you would receive at every month-end. Ensure both of you do adequate insurance to take care of any errors coverage, general liability, and property-casualty.

It takes ample time and quality research to find a good property manager in Memphis. Your property management is your means of earning income. So, allowing another person to manage it can either make or break your investment. The steps enumerated above can help you select someone who will protect your investment and also help it grow.

The best route to hiring a new property manager who can take care of your property in Memphis is to, first of all, come to terms with your needs. Also, it’s important to understand precisely what they can do for you. Most property management companies in Memphis handle the following duties for landlords 👇

Screen the Tenants

No landlord will be happy to work with bad tenants who engage in perpetrating evil. Tenants that make too much noise and don’t pay their rent as at when due are time bombs waiting to explode. Property management companies vet these tenants by running background checks, credit and tenancy database checks on prospective tenants for you before accepting their applications.

They equally conduct thorough research on your behalf to ensure you settle for responsible and reliable tenants. Having the prospective tenant fill out comprehensive application forms, providing personal and professional references, shows you’re placing your investment in hands of reliable managers.

Rent Collection

The understanding and assurance that you can receive your rent from your tenants on time mean you can dedicate more free time to take care of other things. You can run your business the way you want it and enjoy more opportunities that you’ve been looking out for. Your Memphis property management company must screen the tenant thoroughly before accepting them.

Proffer Solutions to Tenant Issues

Even with the right screening mechanism in place, there are times people slip through the cracks. With a property management team in Memphis at your service, you don’t need to worry your head over these problems.

Hiring a professional company to oversee your real estate translates to knowing the local tenant laws and best ways to ensure your tenants behave rightly. They can also manage the eviction process if necessary.

Property managers also are responsible for dealing with tenant problems that may arise at any time. You won’t have to get up at an odd time to handle a broken pipe, that’s on the shoulders of your property manager.

Handle Legal Issues

A good property management company is bound to deal with any legal issues you might be battling with. They’re well educated in the current tenancy laws and can take the right steps to prevent and reduce legal hassles.

Fill Vacancies

Many property owners hire a property management company to ensure all their properties are fully rented out, all year-round. This allows them to earn the greatest amount of income possible per month and have peace of mind.

Also, an experienced property management personnel in Memphis knows how to please your tenants so they continue to stay in your property for many years to come. It’s even affordable to retain a tenant than to invest your money in marketing to recruit a new one.

Manage Repairs and Maintenance

The well-informed property management company takes care of all repairs and maintenance. That includes everything such as:

✅ Equipment

✅ Electrical systems

✅ Plumbing

✅ Building repairs

They will arrange for the job and also track the work closely to ensure it is performed is the highest quality and in compliance with all applicable laws.

Access to Trusted Vendors

Real Estate requires a lot of upkeep. Hiring a property manager in Memphis shows they should already have a list of contractors and vendors in Memphis. They know exactly the right person to call to work on all your plumbing and cleaning issues. Most times, these well-established connections property managers have can also assist you to enjoy special premiums. The property manager will also take care of all the vendors to ensure they complete their job professionally.

Handle All Documentation

Property management Memphis does not just deal with the day-to-day operations only, there’re fully involved in a lot of paperwork.

A good property management company performs many functions including performing background checks and running potential tenants’ credit reports. It does not stop there, they draw up the lease agreements and even handle billing as well as notices to the tenants.

Also, they do other common home necessities such as negotiating contracts for services like trash removal, moving, landscape, and others.

Organize Everything

A lot of responsibility rest on your shoulders as the landlord. This makes it complicated to keep everything well-organized. Fortunately, that’s a job your property management company does with ease. They’ll take care of all the details, repair receipts and more so you don’t have to.

Tax Deductions

It may be possible though for you to claim a tax deduction for the excellent services an expert property management company in Memphis provides. That translates to saving some money for yourself while removing a lot of work and challenges for yourself. It’s a win-win situation.

Taking advantage of property management services in Memphis Are you trying to decide whether you should work with a property management company or handle the properties on your own? Many Memphis property owners are unsure which management method would work best for their situation. Whether you have rental properties scattered all over the state of Tennessee, there are many factors property owners need to have at their disposal to know which framework of management would work best for them, including: 👇

✅ How many properties are you currently trying to manage?

✅ How much time do you have to dedicate to those properties?

✅ Do you have efficient and reliable maintenance resources in place when problems arise?

While hiring a professional property management company is an investment, having the right company in place will end up paying for itself by saving you time, money, and stress.
Still, there are many additional benefits, including various long-term advantages, which Memphis landlords should consider when deciding if professional property management is best for their investment properties.

Higher Quality Relationships

If you work with the Memphis property management team as a landlord, it leads to increased and professional tenant relationships. Rent collection doesn’t have to difficult or cumbersome.

With a property management company alive to its responsibility, they will ensure that rent is collected at the right time. They’ll also prevail on the tenants not to negotiate a reduced rate or get involved in delayed payment.

Tenants and landlords will feel secure because their consistent service is being offered across to every renter.

This advantage also manifests in the following ways:

The Benefit for Property Owners

The disadvantages associated with property management will not happen often when working with professional property management.
These businesses have access to a large pool of clients, contractors, and legal consultants than most individuals can have. Indirectly, these resources are also available to the landlord.
Working with tenants and attending to their needs becomes easier than ever before.

The Benefit for Tenants

When an entire team of real estate experts is standing by your side, this will remove the stress of renting from you.
From all the counties in Memphis, our steady Emergency Service ensures the problem will be attended to and fixed promptly.

Improved Business

Better relationships mean better business.

With landlords having less to worry about, they can pursue other businesses and sleep with ease knowing their investments are protected by a quality management service.

In the same vein, tenants can also have fewer worries because any issues bordering on their well-being will be handled immediately.

With excellent relationships and improved business, tenants and owners also enjoy the followings:

The Benefit for Owners

Subscribing to the professional services of a property management company in Memphis translates to excellent tenant relationships and improved business. These companies have big networks and advertising resources. As such, they can assist property owners to attract and identify good tenants. Immediately these tenants have registered with them, property management experts work to keep them happy thereby increasing their chances of becoming long-term tenants.

The Benefit for Tenants

One of the greatest benefits of engaging in property management is that you won’t have to shoulder costly repairs on your own. These expenses can affect your budget. You will also miss potential earnings owing to the lost business time you spend connecting with reliable contractors.

With a reliable property management team, they can depend on, tenants can have fewer concerns and the assurance that their matters will be addressed immediately.

Bridging the Legal Gap

Legal issues are one of the biggest pitfalls for many Memphis landlords, but a quality property management company will handle all legal matters.

This is one of the greatest advantages of partnering with the Meridian property management Memphis team.

The Benefit for Owners

Many property owners take a huge risk when managing their properties by themselves. Great care must be taken to pen down a right lease, taking everything into account.

Again, throughout the vetting process, a landlord that manages their property by themselves could face discrimination charges. Again, they may face a claim or charges related to leasing disclosure laws. Overlooking what may seem like little information can create major issues and have far-reaching effects.

This is the reason why property management services are created, to address these challenges.

Inspections, licenses, permits, rent collections, charging and reconciling fees, among other things, are taken off a homeowner’s shoulder when working with a team of property management experts.

These services are designed to solve any problems that may arise and take preventive steps to ensure all the paperwork is filed properly. The process of evicting a troublesome tenant and settling attorney’s fees can increase quickly.
This is often a difficult terrain to navigate, especially if you’re inexperienced in these issues.

The Benefit for Tenants

Whether your properties are in Shelby, Southaven, or even Tipton County, property management companies give tenants the assurance that their concerns are a priority and they have a reliable resource available always to address any problems which may arise.

So, if a tenant ever wishes to make changes to a lease, such as extending it, signing it over to a new party, or reassessing pet agreements, the process is streamlined thanks to an experienced management team.

Lower Your Stress Level

A stress-free experience is the most important benefit of depending on a Memphis property management company. By vetting occupants, making timely repairs, and resolving any legal issues, a good property management firm will ensure complete satisfaction for both property owners and occupants.

Meridian Property Management is one of the top property management companies in Memphis, Tennessee. We provide benefits and accessibility options that property owners need and a lot of local competitors find it difficult to match our standard. These include 24/7 responsiveness and one of the lowest management fees in the state.

From our round-the-clock responsiveness for tenant or owner concerns to some legal services, Meridian Property Management has the resources you need to attract and retain quality tenants, all with minimal involvement required from property owners.

Many property owners do not have the time to take care of their properties. To those who own more than one property, it is another mountain to climb. Fortunately, this is where a property management company can be of help to you. A company not only handles the management of properties for landlords and owners but also offers tenant placement services.

When a landlord or owner hires a property management company, they’re passing on the stress of the daily responsibilities of the property, as well as the hassle of locating, qualifying, and screening tenants to the property manager.

For all parties involved (landlord, property management company, and tenant), there are many benefits to the direct relationship between property management and tenants. Some of these benefits are:

✅ Property management companies in Memphis can help tenants find a good place and make the process go as smoothly as possible.
✅ Property management companies can be easier for a tenant to get in touch with than a landlord.
✅ Property managers are knowledgeable about the property and the area.
✅ The company is made up of trained individuals who give helpful, informative answers to tenants’ concerns and needs.
✅ Most property management companies are available 24/7 if an emergency occurs.
✅ Paying rent to a property management company is easier.
✅ Property managers know and understand all the state’s tenant laws.
✅ Property managers ensure lease terms are legally sound.
✅ They are in tune with tenants’ needs.
✅ Property management companies are the middle man. They discuss with the property owners what is favorable for the tenants. These include fair rental rates, timely maintenance issues, and more.
✅ Property managers work to find resolutions between the landlord and tenant – the company acts as a mediator and will help solve the issues if needed.
✅ Property managers build a rapport with tenants, which benefits the landlord.
✅ Property managers believe in open communication and encourage tenants to contact them with any questions and concerns.

In all, properties that are managed by property management Memphis companies, attract better tenants, and tenants prefer to interact with a property management company over a landlord.
A property management company in Memphis will help a landlord attract good tenants for their property. Tenants prefer renting from a property management company as a professional company manages everything, so they won’t get poor services.

In the same vein, tenants know with a property management company maintenance issues will be fixed quickly and efficiently, and any concerns or complaints will be handled promptly.

It is a fact that a good property manager can positively influence the success of your real estate investment. That being said, it’s not always necessary. To know whether you should hire a property manager or not, there are many important factors to consider:

Budget

You built or purchased the property to make a profit from it. So, you have to determine whether your current budget can support the services of a property manager. Usually, the charge of most property management companies is a percentage of the total collected rent. This will be the main payment you make. Other fees you might face include start-up fees which borders on when you first registered with a property management company. The second fee is the leasing fees which are concerned with when the property manager has to get new tenants for the vacant position.

Time

Property management is not like a daily salaried-job you engage in. It entails that you have to respond to tenant requests at any time of the day which is outside the regular work hours and on weekends.

Location

If you live near your investment property or don’t have many jobs at hand, it becomes a lot easier to manage the property by yourself. If something goes wrong or a tenant has an urgent need, you can give it swift attention. However, if you’re based somewhere far away, it can be difficult to keep watch on your tenants and their needs.

The Ball is in Your Cut!

Now, the choice of a property management firm in Memphis is completely your choice. It is ultimately up to you to weigh the perks and drawbacks involved as well as what’s most important to you as a property owner and tenant, then make the decision that fits your lifestyle and needs. However, if you choose to work with a property management company in Memphis, you now know the positive impact it can have on your investment.

Meridian property management company in Memphis can make the whole process of managing rental properties a lot easier for both landlords and tenants. As a landlord, if you want the best tenants who you don’t have to oversee, it’s time you hire a property management company for your properties.

Meridian property management will work with tenants from their first day to their last – we develop a close relationship with them and with our landlords. We have been helping landlords and owners as a property management company for many years now.

When looking for exceptional occupants, the Meridian property management Memphis team is the right choice. We offer aggressive advertising, good marketing, and displaying of the property. As a property management company, we are here to do your bidding. Just connect with us and you’ll be glad about the results.