One of the biggest topics in real estate investing today revolves around property management and the struggles landlords have with either managing their properties themselves or hiring quality property management. It stands as one of the biggest and sometimes most confusing and hard decisions for a real estate investor to make.
That was a big part of the reasoning behind us opening and operating Premier Property Management of Memphis. We had used 3rd part property management companies here in Memphis for our own portfolios. We had been through all of the horror stories ourselves from stolen rents, lost deposits, vacant properties and exorbitant fees. Not to say that all property management companies are bad...but, on their best day, they had no shot at delivering the level of service we really wanted.
When we started Premier Property Management, we wanted to build a company that not only valued the client, but also put a premium on the type of relationship we had with the client. That meant holding the management company accountable for every piece of the transaction and the transparency that information is delivered to the client. From maintenance costs to vacancies and even the process of renting the properties, we were very deliberate in the thought process.
Hopefully, you notice some of these differences when we manage your properties. We strive to always be getting better and coming up with new programs to better serve not only our clients but also the tenants that occupy our properties. Be on the lookout - we have another posting coming out later this week on a great new program we started this past week including an article from the Memphis Business Journal.
In the meantime, here are the stats from September for Premier Property Management. I think you will notice that the programs and focus is working:
Total Properties managed by the end of September ~ 945. Total number of investors with their portfolios at Premier Property Management - 323.
Closed Rental Contracts: 55
2-Year Leases: 54
Increased Rental Rates: 7 (over previous rental $ amount)
No Change Rental Rates: 17
Lower Rental Rates: 4 (under previous rental $ amount)
27 Properties were rented for the first time and added to our property portfolio.
Average Rent: $899
Average Deposit: $811
Have a great week and be on the lookout for my posting on the Memphis Business Journal article on Memphis Invest!