Property management is one of the toughest jobs in the world of real estate investment. Pleasing and retaining residents, ensuring properties are well-taken care of, and protecting your investments on the day-to-day is an often under-appreciated but critical part of your success.
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After 15 years, this week, Memphis Invest celebrated closing on our 5,000th property!
This is a HUGE milestone for us, and also for the people that helped get us to where we are. From our clients, to our staff, vendors, and residents, we are extremely grateful for everyone that has been a part of growing our company and our vision.
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As real estate investors, we all want our properties to stay in tip-top condition. After all, a rental property in good condition means it shows better, retains and accumulates better value, and better satisfies our residents. When we’re not actively working to improve the condition of our investment properties, we certainly don’t want them to be damaged.
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Property owners who started off landlording know just how tough the job can be. You know that property management is a whole different game, and you understand that having a good team supporting and maintaining your properties is just about the best asset you can have in this business.
But just having a property management team isn’t really good enough. Some real estate investors might be content to hire the first property management company that comes along, but you might want to dig a little deeper than that!
Investors who are lucky enough to work with Memphis Invest have heard us say over and over again that being passive about your passive investments is a sure-fire way to fall to frustration. YOU must be an engaged investor! There are a few minimal actions you can follow that will greatly improve your experience and reduce your levels of frustration as an out of state investor.
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When you think about your real estate investment career, what’s the one thing you think you couldn’t live without? Think hard.Is it your capital? Your connections? Your credit score? Real estate investment comes in so many different flavors that’s it’s hard to say what the number one most important part of it is. What someone could manage without you might not be able to. But for turnkey real estate investors who rely on a more hands-off real estate investment model, what you couldn’t survive without is pretty clear cut.
It’s a reliable property management team, plain as day.
Even real estate investors who aren’t turnkey...they just aren’t landlords...would probably contest that they couldn’t do it without the help of their property managers. After all, someone has to be there, hands-on, taking care of all of the day-to-day, nitty-gritty details.
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Residents are the bread and butter of real estate investment. Because they are the source of our cash flow, it’s critical that we place value in tenant retention. In a market where tenants are abundant, it may be tempting to think that your tenants are dispensable and replaceable: but don’t be fooled.
Memphis Invest has built its' reputation among real estate investors with incredible customer service. But that customer service reaches far beyond just the investor. Over the years, we have learned and developed our own way of treating tenants and built an equally good reputation within the rental and property management communities.
Premier Property Management of Memphis and PPMG of Texas are each routinely out-performing local data with shorter vacancy periods, longer occupancy periods, higher rental rates and fewer delinquencies and eventual evictions. Our tenants have become a cornerstone of our companies' success. Treating them firmly yet fairly has become the mantra of our team.Yes, you can get another tenant. You can probably fill a vacancy pretty quickly.
But a good tenant is worth keeping, and turnover of any kind is costly!
4 min read
New investors are usually concerned with keeping costs down. They want to see their profit margins go up and really...who can blame them? They got into real estate investment with hopes of making some money on the side, and the best strategy seems like it’s to spring for cheaper properties and keep costs low. Maybe they even decide they can landlord it themselves.
After all, do they even really need a property manager? What’s so hard about it?
And then, a few months in, they realize they’re losing their mind trying to do it all, nothing’s going like they wanted it to, and they aren’t even seeing the profits they want (or need), and it sure as heck isn’t passive income. What happened?
For starters, there’s an old adage that seems to always hold true for real estate, even if investors don’t always see it at first.
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Let's talk about a topic that most real estate investors really hate to talk about, think about and sure don't want spend too much time reading about. Rental property management!
This topic is about as polarizing as politics for real estate investors because so many have specific thoughts and beliefs. And to be sure, property management is a tough business. Unfortunately, there is a ton of mis-information, innuendo and just plain false stories about the property management business.
For investors who have taken on landlord responsibilities, you know just how demanding it can be. But most real estate investors never deal with the nitty gritty details of property management, even if they understand what goes into it.
Unfortunately, that theoretical understanding of the gargantuan task of property management means that too many investors are willing to overlook quality to save on costs.
We understand—really. After all, you’re in this business to make money, and if you’re spending a ton on property management, it means fewer dollars in your retirement accounts when rent is due. Right?
Not so fast.
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While no season is guaranteed to be free of pests, we sure seem to notice them more in warmer months. All manners of creepy-crawlies show up to the horror of many. When they show up at rental properties...they can cause financial horrors too.
Between bugs and warm-blooded pests (namely mice), unwanted intruders in a home can not only cause damage to your investment properties, but cause great discontent in the hearts and minds and their residents.
Handling pest control on your investment properties is important. Neglecting to do so is bad for your reputation and your properties — after all, no one wants to share their space with unwanted vermin.
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Real estate investors and property managers are all familiar with the frustration of tenants who never seem to pay their rent on time, which can throw your positive cash flow out-of-whack. Even when tenants pay the rent in full over the course of a month (making payments each week), the use of technology like mobile and online payments can add a sense of security for an owner. Knowing that it is easy for your tenants to pay can reduce the stress of having to stay on top of those payments through the month.
With modern technology, it just doesn’t make sense for owners not to take advantage of the growing online and mobile payment avenue.