Managing rental properties is a great way to invest your money. You get a stream of income to rely on, and with vacancy rates having decreased by 85% over the past decade, plenty of renters are available.
But you may not want to manage everything on your own. That’s where hiring a property management company helps.
So, what should you look for when hiring rental property companies in Memphis, TN? Read the five tips below to vet your choices for rental property companies and pick the right one.
1. Check the Range of Services
You can outsource as little or as much property management as you want. If you still want to handle the heavy lifting, you can hire a property management company to handle issues like maintenance and continue working on other tasks.
But there are also full-service companies that provide complete coverage of properties and send you the rent checks each month. Look at the services a rental property company offers and compare them to your needs.
2. Look for Current Properties
It’s important to see what rental properties a company manages before hiring them. You can use their current inventory to see how they manage rentals and what tenants think of the service.
Look for examples of a company’s current management portfolio on its website. If you don’t find anything there, ask a company representative for an example of their properties.
3. Consider Management Experience
There are several ways to manage properties, depending on the type of property you own. An apartment complex, for instance, requires a different management system than single-family homes.
Check the experience a management company has before hiring them. Look here for more information that details a management provider’s experience.
4. Verify Licensing
A big concern when looking for a property management company is its license. Most locations require providers to have the proper license. These licenses can be for real estate or property management.
Also, check into what professional organizations a company is part of. Some popular choices for property management companies are The Institute of Real Estate Management and The National Apartment Association.
5. Read Reviews
It isn’t just enough to learn how well a management company handles property management. You also need to have pleasant interactions with your manager, which makes excellent customer service a must.
Read reviews from other property owners to see if they had a good experience with the companies you’re considering. Ensure there are plenty of great reviews and no red flags.
Pick the Best Rental Property Companies in Memphis, TN
Having the right rental company partner is vital for rental property owners. As you grow your Memphis real estate business, you’ll find that you struggle to find the time to handle everything. Working with rental property companies in Memphis, TN can free up your time and allow you to focus on other tasks.
But you’ll need to do your research if you want to find the best rental property companies available. Remember the five tips above to find the best property managers for the job.
Are you interested in more advice that can help you grow your real estate investments? Read more about buying property on the blog.