I was doing some research this week on improving tenant relationships with their property management companies and I came across this info-graphic. Part of the research was on how to respond quicker and provide better service to tenants who have issues with their rental properties. For a company like Premier Property Management where 100% of the properties we manage are owned for real estate investing purposes, quick reaction and tenant satisfaction will go a long way in helping an owner have a consistent and reliable income stream.
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With the first half of 2013 completed, Premier Property Management has grown into one of the largest rental property management companies in Memphis. With more and more property management franchise companies popping up across the country, we thought it would be a good idea to begin documenting certain performance numbers. We did this in hopes of setting a trend that other companies would follow. It would make it much easier for investors to make management company decisions. We'll see if that ever takes place!
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When you're ready to start purchasing rental properties, you have a big decision to make: Do you hire a professional property management company or take care of it yourself? Each option has its pros and cons, and there is no clear universal answer. Which direction you should go is dependent on your financial situation, your experience, and to what extent you're wanting to be involved with your investments. It is also dependent in large part if you decide to be an Out-of-Area Investor. Many real estate investors choose to buy properties in other parts of the country because of better returns, less expensive pricing and more stable rental environments.
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A new, National Survey sponsored by Premier Property Management Group was released this week discussing the long-term impact of renters in single-family homes. Real estate investing has been a hot topic for the last few years and the media has really picked up the pace of reporting on large hedge funds buying property around the country. As investors take a bigger role in purchasing distressed properties, no one has studied what the intentions were or the future plans of the renters who are occupying these properties. There have been a lot of questions, but not a lot answers when it comes to what are the "new" renters going to do when they have the opportunity to purchase property again?
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Why Due Diligence Matters
I wrote an article that was published this afternoon at BiggerPockets.com, which meant it was time to send out this email. Many who are reading this email have come to know our company very well and many have come to know our family too. We receive thank you cards and letters nearly every week commenting on the impressive company we have built and how impressed they are with the hard charging leadership that comes from Kent Clothier, Sr. We affectionately just call him Senior!
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Premier Property Management of Memphis Shares Numbers
Nearly every week we have investors in our offices to "watch" what we do. Let's get one thing straight right now...we are not exciting! But they don't come for excitement. Most come with questions of how we operate our business. They want to see the day to day operation of our businesses and get up close answers for themselves. Sometimes investors are able to come to town on a Tuesday and experience our weekly staff meetings.
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Property Management Is The Key To A Great Rental Property Portfolio
We get asked many questions about rental property management ranging from how we set up our business to how we conduct the business. Most are simply stunned by the numbers. Some even specifically ask if we can work with property managers in other cities where they own properties. Nothing would make us happier than to help with your portfolio in other cities, but the fact is, we run our Memphis property management company differently than traditional property management companies. Our plan is to set-up and operate a management company in Dallas using the same successful techniques developed here in Memphis.
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There is an interesting shift occurring in the real estate market. Regardless of low mortgage interest rates, low housing costs, and strengthening housing market, there are some current or former homeowners who have been changed by the housing crisis. According to a recent AOL real estate article, this group of home renters with "vehement opposition to homeownership could continue to color the discourse about housing for years to come." Here in Memphis, this new segment of the population contributes to the continued high demand for quality Memphis real estate as well as quality single-family home rentals nationwide.
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You know what they say. The name of the game in real estate is location, location, location. There is certainly some truth to the importance of location. But even more important in today's buyers market is curb appeal. Whatever type of real estate investment you are interested in - flipping houses, renting out homes, or even investing in certain kinds of real estate funds - you will want to have a few things such as curb appeal in mind to improve the desirability, and the value, of your property for potential renters or buyers. If you have come to a Memphis Invest buying weekend and bus tour, you have seen that we take a radically different approach to the curb appeal and over-all presentation of our rental properties at Premier Property Management. It is a key reason for shorter vacancy periods and longer occupancy per renter at our company. Simply saying you believe in better properties, better renovations and better management, which is what every rental property investor wants, is very different from actually practicing it. But, regardless of location or city or even proximity to services, the condition of an investment property when shown to a prospective renter is one of the top considerations when paying a premium rental rate. Renters imply realize they can expect better service when the product they are looking at is in superior condition to other properties at lower rental rates. that higher rental rate, in turn, leads to a more valuable asset!
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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.