Property management By The Numbers
I have been making a concerted effort to keep the numbers up to date each month on here for all our readers and clients. But, I also want to make these posts as a way to give a lot of credit and praise to Premier Property Management. By far, that is the most thankless part of our entire business from staff to clients and we all owe them a big thanks for the effort and attention they give to our portfolios...including mine! There is a reason Premier Property Management is quickly growing into the largest Single Family resident management company in Memphis.
Memphis Property Management - October 2011
40 Rental contracts closed
38 Contracts closed with 2-Year Leases
$856 Average rental amount (October)
$832 Average deposit held in escrow (October)
980 Investor properties under management
343 Investor portfolios
98.3% of billed rent collected in October
Of the 40 properties rented in October, we track which ones were under management before and which ones were rented for the first time. This also helps us report real time information about rental rates in the areas of Memphis that we manage.
30 Properties rented were renting for a 2nd time or more
10 Properties rented were renting for the 1st time
18 Properties rented above zip code average for PPM
22 Properties rented at or below zip code average for PPM
5 top zip codes for rentals in the month of October
38115 - Fox Meadows
38118 - Parkway Village/Whitehaven
38111 - Colonial Acres
38141 - Southeast Memphis
38134 - Bartlett
While Premier continues to strive to reach a level of occupancy where all properties are occupied in less than 30 days, we recognize that some investors have properties which have been vacant longer. Here are the numbers (As of 11/3/11):
56 Properties vacant less than 30 days (includes new properties)
10 Properties vacant more than 30 days
4 Properties vacant more than 60 days
2 Properties vacant more than 90 days
72 total vacancies or 7.3% vacancy rate
These numbers and blog posts like this are very important to us. Not only because they represent the hard work of Premier Property management, but also because they represent our commitment to being open, honest and transparent.
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