A rental property is a property occupied by tenants who pay the owner in return for using the living space and any permanent or temporary attached structures. According to the Inland Revenue Service (IRS), a permanent rental property is a house or an apartment that is occupied by tenants and it is not serving as living quarters for the landlord or any dependents they add to their federal tax return forms. To know more about a rental company in Memphis TN, click here.

From the rich musical history and the best barbecue joints on earth to beautiful historic homes and tree-lined streets, Memphis is a city unlike any other. It’s also a great city to call home. Memphis is one the most affordable cities in the US and is undergoing revitalization across every nooks and cranny of the city in many unique neighborhoods and suburbs. Memphis is a cool and friendly place to live, work and have fun. If you have plans to move to the city of Memphis, or just looking for a rental company in Memphis TN that’ll assist you with your housing needs in the city, this guide will be of immense benefit to you.

If you own an investment property that you’re looking to rent out to tenants, the services of a property rental company in Memphis TN can come in handy. The reason is that managing a rental property is equivalent to working full time or running a business. There are many tasks to be handled and legalities to fulfill. Here are some reasons why most investment properties tend to be professionally managed by property management and a rental company in Memphis TN.

They find out and vet trustworthy tenants

As a property owner, you must ensure that your tenants meet their tenancy responsibilities without challenges. A reliable tenant will take excellent care of your property as well as pay rent on time. Finding a good, trustworthy tenant is an exhaustive job that takes ample time especially if you are going it alone.

An experienced property rental company from the state of Tennessee can take over the job of finding tenants, arranging a public viewing of your property, checking applications, and conducting background checks of prospective tenants.

Dealing with contracts and legal issues

Our rental property managers ensure that the right lease documentation stating all responsibilities of the owner and tenant is in place. They also tell you about your legal duties towards your rental property, such as timely repairs of items that may cause personal injury and prevent unnecessary litigations. When a tenant wants to terminate their contract, our property rental managers ensure that it is done properly so that new tenants can be sought quickly.

Monitoring the rental rates

Oftentimes, first-time investors do overestimate rental rates and this discourages prospective tenants. Our property rental experts conduct a market appraisal and provide an accurate assessment of the rent for your property so it can be marketed effectively.

They handle property viewing and marketing

Prospective tenants will want to visit and check your property before they proceed with the lease. You must make yourself available at all times or whenever they express their interest to see your property. Not having the time for it can mean lost tenants. Meridian Property Management is a rental company in Memphis TN that can take on the job for you to speed up the process of finding good tenants.

They also take care of the marketing aspect of the business, responding to tenant queries online and finding ways to reach out to them.

Passive income is passive only when you don’t have to work for it. If you are getting calls about a damaged roof and broken wall in the middle of the night, that isn’t passive. Hiring a property rental company also lets you invest in far-flung locations.

If you live in Memphis City, you may not be able to afford a local rental property. With a property rental company, you can own in more affordable markets because you don’t even have to visit your property, never mind live near it. Knowing landlord-tenant laws can be a job in itself, especially if you have rentals in more than one location.

A property rental company takes care of that for you. Evicting a tenant is the ugly situation some landlords face. It can become a terrible action, especially if you’re at a crossroad. Your rental company can handle the thorny issue with minimal involvement from you.

If you don’t hire a rental company in Memphis, you may have to become an employer; hiring a resident manager, a maintenance person, landscaper, etc. You will suddenly start dealing with payroll, taxes, and many other issues you never planned for.

At some point, every real estate property owner will ask themselves if they need to work with a property rental company. Many landlords take care of their properties by themselves. But sometimes hiring a property rental company just makes sense.

A good property rental company can become one of your greatest assets. Should you hire a rental company in Memphis TN? It depends, but we’re persuaded to say YES for the following reasons.

Minimal litigations and claims

Landlords face a lot of legal liabilities. Only an issue with a tenant is enough to cause a significant legal problem with you knowing it. Besides, legal problems take enough time to resolve and they’re quite expensive. Any litigations filed against landlords are at an all-time high. Owning and managing real estate especially income property is not as easy and straightforward as it used to be.

In today’s technology-driven world, highly regulated and litigious environment, one mistake can land you in a legal issue, embroiled in a lawsuit you never saw coming.

A professional property rental firm will stay up-to-date with the latest federal, state, and local landlord-tenant laws. They’ll also ensure you’re not opening yourself up to a potential lawsuit. A property rental firm will make sure you’re legally protected as it concerns:

✅ Tenant screening

✅ Safety and conditions of the property

✅ Property inspections

✅ Lease agreements

✅ Terminating leases

✅ Evictions

✅ Handling security deposits

✅Rent collection

Fair housing laws are particularly problematic. These laws are highly difficult and simple to violate if you’re not meticulous enough. For your information, it is considered discrimination if you deny a prospective tenant housing because of a criminal record.

The Housing and Urban Development (HUD) agency has issued new guidelines concerning quitting individuals with criminal records. The summary s that landlords could be breaking the law if they refuse to rent to such individuals.

Interpretation and application of Fair Housing laws continue to evolve as does the definition of discrimination. Trying to understand and comply with all the nuances of the Fair Housing Act can be very tasking.

An expert property manager will know all new Fair Housing policies. Hiring a registered property management firm offers a level of legal protection that protects you from exposure to risk and legal liability.

Higher quality tenants

Good tenants pay on time, rent longer, put less wear and tear on the house, and generally cause fewer problems. Good tenants are also much easier to work with when it comes time to fill the unit with new tenants leading to lower vacancy rates and higher profit.

An experienced property rental company knows how to screen housing applicants and eliminate those that are likely going to create problems. It’s always possible to get a non-performing tenant out of your property, but it takes time and money. Evictions can take up to 2 months to be affected, leading to a loss in rental income. Often, tenants who are evicted don’t leave the premises in the best living condition.

Allowing a licensed property rental company in Memphis TN to handle the applicant screen process will also protect you from rental scams and shield you from discrimination lawsuits resulting from an inconsistent screening process.

Shorter vacancy cycles and fewer vacancies

One of the biggest obstacles to making a profit in rentals is having your units go vacant. Only one vacancy can make you lose a lot in profits. A good property rental company will perform four critical tasks to help reduce vacancy rates:

Advertise your property – An experienced property rental company in Memphis knows how and where to advertise your units to get to a larger pool of candidates in a shorter period.

Establish the appropriate rental rates – If your rental rates are too high, you’ll wait for long before you can find a tenant willing to pay that much. On the other hand, if it’s very low, you’ll lose money every month the tenant is occupying your property. So, finding the maximum rental rate for your property requires that you know the local rental market very well. This is something most property management companies will have at their fingertips if they manage a large portfolio.

Prepare the property for rent – A rental company will keep a watch on the appearance and state of your rental unit and let you know when improvements or repairs require an increase in both rent and occupancy rates.

Recycle tenants quickly – A good property rental firm will maintain good relationships with current tenants so that when it is time to fill the unit with new tenants, the rental company Memphis TN can start to show the unit before the current occupants move out.

Better tenant retention

In addition to higher vacancy rates, high turnover generates other expenses the chip away at profitability. Every time a tenant moves out a unit has to be thoroughly cleaned, locks have to be re-keyed or replaced, repairs must be made, and walls have to be touched up. Then, you have to pass through all the difficulties of finding, vetting, and settling in a new occupant. The longer a good tenant stays in your apartment, the more profits you make.

Happy tenants stay longer than unhappy tenants who are not cared for. A good rental company in Memphis will have tenant retention policies and practices in place that ensure happy tenants who will stick around for a while. Effective retention programs require a consistent, systematic approach, which is where a good property company comes into play.

Effective rent collection

Having a streamlined process for collecting rents and processing late payments is essential to maintaining consistent cash-flow and long-term profitability as an income property owner. Having tenants pay rent on time every month has to be a non-negotiable policy.

Hiring a rental company to chase down rents, issue late fee notices, send delinquent tenants to collections, and process evictions when necessary create a buffer between yourself and the tenant. The property rental company Memphis gets to be the bad guy–not you.

If tenants are not properly educated to abide by every part of the lease agreement, they’ll walk all over you. Tenants sometimes like to take advantage of a property rental company than they are with a property owner because they know the rental company is simply doing their job and is legally bound to enforce the terms of the lease to the latter.

Evictions are one of the difficult areas of property management. There is strict law regulating the eviction process. Evicting a tenant the wrong way can create a major legal issue. An experienced rental company will know the laws concerning tenant eviction and have a streamlined system for processing evictions most efficiently and cost-effectively. Not having to deal with evictions is a powerful reason to hire a property rental company in Memphis TN.

Book-keeping and taxes

Renting a property involves much more than just managing the daily affairs of the property itself. It’s like running a small business. You have to keep track of expenses, itemize deductions, pay bills, keep track of subcontractors, pay subcontractors, send out tax documents, process payroll, generate statements, and prepare tax forms at the end of the year.

In addition to the physical maintenance and management of your property, a good property rental company Memphis TN will also take care of all bookkeeping responsibilities associated with your property.

Lower maintenance and repair costs

Most medium-sized to large property companies will have an experienced in-house maintenance staff, as well as a network of licensed and bonded contractors who can perform any major repairs or renovations on your rental property.

By hiring a property rental company, you gain access to these resources. Having a rental company take care of maintenance and repair for your property can mean big savings in cost and time.

In the same vein, property management companies often have volume discounts worked out with their contractors that they’re able to pass on to you.

Preventative repairs and maintenance

The best way to avoid expensive repairs is to catch them before they happen. A good property management company will have mechanisms in place to find and solve any maintenance and repair issues long before they turn into major problems. They have a written maintenance check program and provide regular maintenance visits.

An experienced rental company in Memphis will also offer you maintenance suggestions and recommendations, including upgrades and modifications that will enable you to charge higher rents and minimize turnover.

Personal and financial liberty

So your aim of becoming a real estate investor is not to become a slave to your real estate investments, right? Or did you make up your mind to invest in real estate to gain financial freedom? With typical management fees ranging between 8-10 percent of monthly rents, it’s easy to understand why a landlord might quickly decide to take on property rental and management tasks.

But are you saving that much money by self-managing? In most cases, you’re not. A good property rental and management company will save you more in time, expenses, and headaches than it will cost you to manage your properties yourself.

Some of the other personal benefits of hiring a property rental company in Memphis include:

✅ You’ll have less stress

✅ You can travel to anywhere of your choice without being tied to your rental property

✅ Ability live anywhere you want

✅ More time to spend on other money-making projects

✅ Ability to work on your other businesses

✅ More time to spend with family and friends

So is it always wise to hire a property rental company? Not always. A poor choice of a rental and management company can produce as many problems as it solves. You can conduct your research and find a property rental company in Memphis with a proven track record and they’ll be worth every penny you’ll pay them.

If you haven’t worked with a property rental and management company before it’s worth looking into. If you’re with a property management company that’s doing a lousy job, switch over to a rental company in Memphis. There are plenty of seasoned property rental companies scattered all over Memphis. They have the experience and expertise to turn your real estate investment into a real estate asset.

A full-service rental company in Memphis TN does pretty much everything. They handle the up-front work of making a home tenant ready and market the property. Also, they prepare the details of the lease between the owner and the renter.

Still, the rental companies are on call for emergencies, handle repairs, collect rent, and if the owner decides to sell, the company can handle that too. Rental Company Memphis has a very thorough vetting process their local managers must pass. The most important qualifications are responsiveness and transparency.

Their referrals come from people in the Memphis local real estate community. They schedule phone interviews where they are asked many questions about their background and experience. Apart from that, their relevant documents are reviewed, a market visit is arranged, and the local manager endorses an agreement.

The local managers whom Rental Company Memphis works with are certified, licensed, and bonded in their local area. If your manager is not living up to their duties, the rental company can step in to mediate and even fire and replace that manager for you if it’s required. What should you ask when you’re interviewing rental and management companies? Know exactly what services are offered.

What are the fees?

On average, you can expect to pay between 8-12 percent of the monthly rent. What is included in that percentage? How is the property marketed to tenants? How long are their average vacancies? What is the screening process for tenants? How is rent collected? Providing answers to these questions will determine how quickly you will be paid.

What is Your Level of Involvement?

Your level of involvement in the management of your property is at your discretion to decide. Some people want to know every time a light bulb is changed; some only ask to be notified if a repair costs more than a certain amount. Still, others are okay just to receive their tax statement at the end of the year.

You mustn’t know about owning property or the area where your property is located. If you’ve lived in Memphis your whole life, you don’t know what kind of winter preparation and maintenance of a house in Louisiana will require. The local manager is well versed in such an area and handles that for you.

Hiring a rental company in Memphis TN separates investing from operations.

How to Know if You’re Getting Screwed

Supposing your property manager tells you that a water pipe on the property is broken and they need to hire someone to fix it, how do you know if it happened? What if the manager tells you it will cost $300 to fix, how do you know the real cost isn’t $150, and they are keeping that extra money, your money, for themselves?

This is why rental company Memphis’s vetting process is so important. Remember, the two most important characteristics of a good rental manager are sincerity and responsiveness. They should furnish you with photos of any damaged pipe, written estimates for the repairs, and an itemized statement immediately after the repairs are completed.

If you think your manager is inflating costs, you can contact a rental company in Memphis. They know what it’ll cost on average for typical repairs you might incur as a rental property owner. You can compare them against what your manager tells you. If there is a misunderstanding between both parties, the company can come in and mediate. They can even fire and replace a manager if necessary.

A rental company in Memphis TN can be a big help to a landlord. Enumerated here are the most common reasons you should trust a property manager to look after your property.

✅ You live far away

If you have properties in Alabama but live in Detroit, you probably need some help to manage your properties. This way, when a tenant needs a light bulb changed at two a.m., someone nearby can handle it.

✅ You’re not handy

For some, this may take some humility. But if you don’t have the expertise to repair and maintain your properties, you may need to hire a property manager to handle it for you. They typically have preexisting relationships with handy people all over the area, meaning you don’t have to worry about learning to tile a floor or patch a roof on your weekends.

✅ You don’t have the time

The roles landlords play come with a lot of responsibilities, and it can be a time-consuming job. If you don’t want to put the hours into dealing with houses and tenants, you may need to hire a rental and management company.

✅ You’re bad with people

If you’re more of a numbers-driven investor than a skilled communicator, you may want to hire a rental company. A good landlord should always be in continuous contact with their tenants, and that means good and effective communication is mandatory. If the idea of a phone call about late rent frightens you, start looking for a property rental company today.

✅ You don’t want the stress

Beyond maintenance and rent collection, there are a few perks that landlords can expect. Unfortunately, at some point, you need to get in touch with a lawyer about an eviction. Apart from that, you’ll need to keep a close eye on income and expenses, specifically around tax season. If you have too many jobs around you, it may make sense to hire a Memphis property rental and management company.

As your real estate investment business grows, you’ll need to evaluate how much of the hands-on property rental tasks you can handle on your own or if you need help. Property rental companies can take on most of the daily tasks of being a landlord. This includes advertising the property, looking for tenants, collecting rent payments on behalf of the landlord, and hiring contractors to make necessary repairs.

Several factors come into play in deciding whether to hire a property rental company. Maybe you own a few properties in the greater Knoxville area and need a Memphis property rental company, or perhaps you own several properties scattered across the country. When your responsibilities overwhelm you as a landlord, it’s time to take stock of your commitments and reorder your priorities. You can equally evaluate why you’re in the real estate business and put your goals right.

✅ Landlord or Investor

Why did you get into owning properties? Do you like the idea of rehabbing houses and turning underperforming properties around? Maybe your goal is to understand your tenants’ challenges and solve their problems and concerns. Perhaps you channel your resources primarily to your properties as investments. Being honest with yourself about why you got into the business is a good starting point for deciding when it might be time to hire a Memphis property rental company.

✅ Multiple Properties

Maybe you’ve been dealing with acquiring properties that bring in more profit. But with every acquisition comes additional responsibility and compounding issues, from maintenance to vacancies to tenant concerns. If you like to see the income rolling in but aren’t crazy about dealing with a growing to-do list, it might be time to hire a Memphis rental company to handle that list for you. This is especially true if you don’t live close to your properties. Can you deal quickly with emergencies, tenant challenges, or unexpected maintenance problems?

✅ Time

If you own properties in addition to having another full-time job, you’ve got a lot on your hands. Looking for and evaluating properties to purchase as investments can be a difficult job. Ensure you can be able to devote enough time to managing the property after buying it.

✅ Marketing

You need market knowledge to find tenants and the ability to set the right rental rates. Also, you need the willingness to show your properties, market, and even manage a social media presence for each property. The appropriate evaluation of prospective occupants while abiding by all applicable laws and regulations requires experience and a commitment to staying up to date. If that’s too much for you, it’s time to call in an expert property rental company Memphis Tn.

✅ Tenants

The time will surely come that you’ll have to perform the difficult task of evicting a tenant. Ensure you can handle it effectively as that is part of the business. Besides, you’ll be the person receiving all the complaints about noise, cleanliness, or other tenant concerns. A good property rental company will act as an intermediary in these situations, solving them before they turn into full-blown problems.

✅ Maintenance

Supposing your property needs maintenance work or there’s a sudden and major maintenance issue? Do you have a list of licensed, bonded plumbers, electricians, and carpenters that can come out on short notice to fix them? If developing that kind of network is not your strong suit, a reputable, experienced property rental company Memphis will have those lists at the ready. That means they can command a quick response when repairs are needed.

✅ Finances

Good property rental and management firms typically charge a percentage of the monthly gross income of your property. If you’re working with a limited budget, you might not be able to shoulder the cost. Do the calculation and decide if saving yourself time and headaches are worth the cost of a property rental company.

✅ Control

If you decide to sign a contract with a Memphis property rental company, you’ll be entrusting that company with setting and collecting rents and fees, paying that money to your right accounts, and even filing property taxes. You’ll also place your reputation on the company as a landlord. Hiring the rental company to take care of the daily management doesn’t free you from your responsibilities as a landlord.

If the company goes against housing laws when screening tenants, or fails to maintain the property according to local codes and regulations, you’ll still be on the hook. If you’re a hands-on type and relinquishing control makes you nervous, you might not be ready to hire a property rental and management firm.

✅ Compliance

Renovating your properties might have been possible when you were first starting as a real estate investor, but keeping yourself updated with recent housing laws and zoning regulations requires continuing education. Property rental companies are professionals, and they stake their reputations on expertise in these areas.

Make sure any rental company you are planning to hire is a member of the National Association of Residential Property Managers and that the company has put in the work to achieve Certified Residential Management Company status.

Certification shows the company has someone who has individually earned the Master Property Manager designation. It also signifies that the company possesses the substantial experience and they follow industry best practices.

If you started small as a real estate investor and are happy to stay that way, you may not need a property rental or management company.

On the other hand, if day-to-day contact with tenants doesn’t excite you and you’d rather keep your eyes on income and wealth-building, a property rental company may be just what you need. Perform relevant research; figure out what rental companies charge for their services, and do the calculation to decide if you can afford them.

Make the necessary inquiry as to what other property owners in your area have to say about hiring a property rental company, and how to go about it? For your property rental needs, look no further than Meridian Property Management; we’re here to make the process simple, streamlined, and professional.

If you are renting a property, hiring a rental management company can help ensure your home is being well cared for, looking at its best, and most of all, bringing in more revenue!

We are going to show you the 5 top benefits of hiring a property rental company in Memphis today.

✅ Maximize Your Profits

A real estate investor won’t make money their property is not renting. A property rental company in Memphis TN knows how to minimize the downtime of your property being rented. They ensure your property is constantly rented and brings in enough profit.

Knowing precisely how to bring in quality renters is one of the reasons you need a rental management company in Memphis.

Your property manager will consider the process of dealing with new vacation renters and credit vetting. This will allow you to consistently earn or collect enough revenue from your property.

✅ Contact with Vacationers

Maintaining quality communication with vacationers can be challenging, especially if you have many properties. Property rental companies are there to keep communication open with them and ensure that they are having the experience they need.

If there are any problems, the property rental company can mediate the situation. Having them as the main point of contact permits you to concentrate on collecting your rent hassle-free!

✅ Marketing

The most appealing rental properties can stay unrented for many years without the proper marketing strategy. Your property will gain traction on rental sites if you hire a rental company to handle that for you.

The rental team should have hands-on experience in taking good-looking photos of the property. They should also be able to show a perfect open house.

A property rental manager with this expertise will help to ensure your property is not sitting vacant for long periods.

✅ On-time Payments

Your property manager encourages the tenants in one way or the other for paying rent on-time. In most cases, the property rental manager will receive their remunerations directly from the tenant’s monthly rent payment.

If issues ever arise with a tenant for not paying, your property rental team will know exactly how to move forward to resolve the issue. The property rental manager will have clear information spelled out in the lease to avoid any misunderstandings with late payments.

✅No Stress Renting

Daily management is not for everyone. Hiring an expert rental manager will ensure that your property is being taken care of so you can sit back and collect your income. They will also handle most of the things you never knew or ever thought you would need to worry about.

If you are considering renting your property, don’t delay hiring a rental company in Memphis TN. Save yourself the hassles of maintaining and managing your rental property daily, as well as looking for consistent vacation renters by getting yourself a team of professionals that is good for you!

Whether you are renting a home for the first time, moving into a new rental property, or relocating to a new city outside Memphis, renting a property may seem like an easy task at first.

Only once you start do you realize the potential difficulty. It will amount to a waste of time and money if you engage in an endless search of prospective tenants and submitting applications after application.

That is why we offer comprehensive and expert property rental services that have helped many residential and commercial tenants find the right property.

For many years now, Rental Company Memphis TN has established one of the most connected and collaborative real estate groups in the country. They can assist tenants with property rental issues, being backed by an international network.

We provide deep knowledge of the local real estate market, and being locals ourselves, are fully committed to the city of Memphis.

We can help you to get the right property from our large and rich database, perform a thorough inspection of the property for you if you want, organize viewings, direct you on how to fill out the application process, and negotiate with the landlord and the signing of the tenancy agreement.

Our Property Managers are fully trained in all areas of real estate property management and rental. They also understand the obligation of Owners and Tenants contained in the relevant legislation.

We would be glad to earn the go-to rental professional when it comes to property, now and in the future. Every single tenant is important to us.

Our esteemed professionals will deliver remarkable service, and make the whole process as stress-free as possible from the day you enlist with the company to the time your dream comes true.

For anything you need during your rental journey in the city of Memphis, our experts are waiting to hear from you. Get in touch today.