6 Reasons Your Tenant Moved...And How YOU Can Keep Turnover Down!

Posted by Chris Clothier on Mon, Jun 27, 2016

Tenant turnover. For the real estate investor, that phrase alone can strike fear into your heart. Maybe not a lot, but at least some! No one enjoys going through the turnover phase. Unless the tenant was a real headache, having a vacancy isn’t ideal!

Before geting to the obvious points of the article about vacancies being bad and how to avoid them, I want to give a tremendous shout-out to our incredible property management teams in all three cities.

We learned in our leadership meetings this week that we are managing north of 3,500 properties and that we have fewer than 100 vacancies combined in all three cities!

That alone is an astounding statistic, but even more incredible is that there are only five properties...5 properties...that have been vacant for longer than 30 days.  Each was a move-out and all five have applications working on them.

Premier property management in Memphis and PPMG of Texas have incredible team members and fantastic leadership and they are absolutley destroying the myth that there is "good time" to rent houses.  If you pay attention to details during renovatoins and train your team to treat tenants firmly, yet with respect, then renting properties at the top of the rent range and for 2-year terms or longer, is not difficult!  

Here are some lessons we have learned!

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Topics: tenant turnover

6 Great Productivity Apps to Increase Your Efficiency

Posted by Chris Clothier on Sat, Jun 25, 2016

We could all stand to be more efficient. Our day-to-day lives are hectic, full of things to get done and a million and one things to keep track of. It can get pretty overwhelming at times!

Organizing all the information, prioritizing what we need to do—especially as real estate investors—it’s a skill that takes time to develop, and something that not everyone gets good at.

That’s why we can be grateful for modern technology. With smartphones and computers, now more than ever we have access to tools that can help us be more efficient and connected! We can really dive in and get stuff done.

Instead of being overwhelmed by all the stuff in our heads that we need to do, we can turn to the helpful productivity apps that will do the job for us—or, at least, remind us of when we need to do it.

Check out these innovative apps the next time you feel like you have too much to do and not enough time to do it.

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Topics: productivity

4 Ways Memphis Real Estate is Heating Up Summer 2016

Posted by Chris Clothier on Fri, Jun 24, 2016

It might not get as hot in Memphis as it does in the Lone Star state, but make no mistake—it gets hot! We’ve always believed in Memphis, and it seems like real estate professionals nationwide are paying attention to our hometown, too.

This year, Memphis has been lauded as a market to watch, cited for it’s affordability and growing local economy. While more modest than more out-of-control markets, it’s always had something special that some other on fire markets just don’t have, and something investors really want: stability!

But we’re getting ahead of ourselves. As we approach the halfway point of 2016 and get into the heat of the summer, it’s time for an update on what’s been going on with Memphis real estate:

4 Things to Know about Memphis Real Estate So Far in 2016

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Topics: Memphis real estate, Memphis economy

How Well Do You Know These 4 Core Tenant Maintenance Responsibilities?

Posted by Chris Clothier on Wed, Jun 22, 2016

All of us are well-versed in what property management is designed to do for our tenants and our investment properties. When we consider property maintenance, we usually think of those responsibilities: fixing or replacing broken appliances, changing locks and performing major repairs.

At the most basic, core level, owners and managers are required to provide a habitable space for tenants. What this means can vary based on local law, but these standards always involve things like safety, health, and cleanliness. Some tasks, however, don’t necessarily always fall to property management. Your tenants have responsibilities, too.

While they may not be vital to the habitability of the property, there are things tenants have to do. Sometimes those lines can get blurry and cause contention: so let us clarify.

Remember that these guidelines are typical and may vary under different legal regulations.

4 Core Tenant Maintenance Responsibilities...

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Topics: property maintenance, tenant maintenance responsibilities

What Properties Make the Best Rentals? A Checklist for Real Estate Investors

Posted by Chris Clothier on Mon, Jun 20, 2016

What makes an investment property ideal? What makes it a dud? There’s certainly a science to it, no doubt — there are factors that will set your property up to be a passive income powerhouse, while other things may turn it into a money sink.

Seasoned investors no doubt know these factors like the back of their hands, but new investors may struggle to properly evaluate a property. Even those with experience may make the wrong call once in a blue moon, because you can’t always predict people.  The factors that make a particular property good can vary as well and they can change.

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Topics: rental properties

Networking for Real Estate Investors: 10 Do's and Don'ts

Posted by Chris Clothier on Thu, Jun 16, 2016

Networking for real estate investors can be a tough deal. While most of us enjoy new friendships and the excitement that comes from successful partnerships, the act of actually making connections and forming new professional relationships can be tricky and awkward.

Where to start? How do we make those relationships genuine?

It’s all nerve-wracking! But never fear: if you’ve ever been intimidated by networking as a real estate investor, we’ve got a handy list of dos and don’ts that will help you make the right connections you need to succeed.

10 Essential DOs and DON’Ts of Real Estate...

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Topics: networking resources

5 Key Summer Updates on Dallas Real Estate

Posted by Chris Clothier on Sat, Jun 11, 2016

Things are cooking in Dallas-Ft. Worth! For all of the fears surrounding the Texas real estate market in 2016 due to the flagging energy sector, real estate has refused to flinch. Overall, the success seen in Dallas real estate has been nothing short of astounding—but not without its lingering questions, concerns, and pain points.

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Topics: Dallas real estate

The Real Estate Investor's Guide to Reading Real Estate Data

Posted by Chris Clothier on Thu, Jun 9, 2016

Real estate investors deal with a lot of numbers and data. They just do! There are a million considerations when looking to purchase a new investment property, or even when assessing the financial condition of a current property. In our information age, where we have so much data at our fingertips, it’s a little too tempting to take data at face value.

5 Tips on Reading Real Estate Data the Right Way

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Topics: real estate data

3 Ways to Embrace Real Estate Tech Trends Without Sacrificing Strategy

Posted by Chris Clothier on Wed, Jun 8, 2016

Some people are slower to embrace change than others—And that’s not necessarily a bad thing! In real estate, change tends to come slow. For the most part, the same rules have governed how we’ve done things for decades, with a few adjustments here and there.

But as technology changes, real estate does, too.

Now more than ever, we have data at our fingertips and ways to manage our finances, properties, and day-to-day businesses through technology. It’s not so much about the newest app or the newest model of smartphone, though those do offer brand new resources for real estate investors to increase their efficiency. It’s about how technology creates opportunities to innovate—ways that weren’t there before.

The changing landscape of real estate technology is something investors should think about on a bigger, broader scale: how are new innovations, new startups, and new technologies changing how we do real estate on a grand scale?

New Technology, Methods, and Why They Matter

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Topics: technology in real estate

5 Reasons to Focus on Satisfaction Over Profit

Posted by Chris Clothier on Mon, Jun 6, 2016

Many of us are guilty of focusing a little too much on income. Granted, income is important. We have to have money to cover bills, needs and desires and offer life security for ourselves and families. No one is denying that security is very important to our overall wellbeing.

Still, though, there’s a point where the trade-off between money and happiness tips in a clear direction. Whether you’re an owner are an employee, it’s very possible that you or someone you work with hates their job. They do it and they may do it well, but the daily grind of work is the most dreaded, hated thing in their lives.

We spend a lot of our waking hours and lives as a whole working. So shouldn’t job satisfaction be a priority?

5 Reasons to Put Job Satisfaction Before Wealth

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Topics: real estate investing, financial decisions

8 Fundamental Pieces of Knowledge No Real Estate Investor Should Start Without

Posted by Chris Clothier on Sat, Jun 4, 2016

New investors, no matter where they’re starting out, have a massive learning curve if they want to be successful. It’s true—there’s a ton to know before you can really dive in. If you want to find success in real estate investment from the get-go without making a lot of costly mistakes, there’s a foundation that must be laid from the very beginning.

8 Fundamental Concepts for New Investors to Master in the Beginning

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Topics: investing in real estate

When to Pay for a Real Estate Coaching Program, a Guru or DIY System

Posted by Chris Clothier on Fri, Jun 3, 2016

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Topics: real estate advice, REIA, real estate investing association