Premier Property Management Memphis
So far we are about 65 days into the new year and already business in Memphis is at a record pace! Both Memphis Invest, GP and Premier Property Management are experiencing tremendous up ticks in business. Much of that is attributed to existing clients continuing to build their portfolios, but this blog is not about Memphis Invest. Today, I am writing to absolutely brag on the outstanding team over at Premier Property Management of Memphis. They are doing a phenomenal job and February was the SINGLE BEST month in the history of the management company! Not only did the management company close more than 100 rental contracts, but they also reduced outstanding vacancies below 5%.
As of today, there are only 68 vacant properties in the entire portfolio...
That includes Memphis and Dallas!
All 68 vacant properties are located in Memphis where the number of properties under management is over 1,600. If you do not realize how amazing and incredibly difficult that is, just ask any management company in the country and they will tell you. To have your vacancy rate below 5% when you are managing over 500 properties is hard enough. To accomplish that with over !,600 properties is incredible and all of the credit must go to the team that works in Property Management every day.
As hard as some find it to believe, the operation is actually very smooth due to the systems and technology that we use. There is a pattern to all of the steps that we take and this allows us to operate such a company with a very skilled and efficient staff. Today, there are 9 full time employees who work for Premier Property management and close to half a dozen contract employees. That group does an incredible job of maintaining a portfolio that continues to grow at over 40 properties each month. The below graph includes ALL properties under management including Memphis and Dallas and there is one clarification. Beginning with the month of January 2012, we began to calculate not only Memphis properties and investors, but we combined Dallas as well. We may break this into two graphs in the future, but not before Dallas is managing 250 properties. So both the number of properties and investors took big jumps the last two months as we added in the investors and properties from Dallas to make the over-all reporting easier.
Biggest Rental Month Ever!
So, the rest of the numbers I am going to give out in this blog only include what we are doing here in Memphis. The team rented over 100(!) houses in the month of February and true to form, more than half of the closed rental contracts were for higher than the average rent in that zip code and nearly every one was for a 2-year lease. If you have followed our updates on property management, you know that this is a big deal to us. We make a push every month to ensure that our clients are getting the longest contract possible and we are tracking the rental rates. It really helps us to monitor if rates are rising or falling in our market.
Vacancy Rate Charts
This last chart shows our vacancy rate as measured on the first Tuesday of each month. On the first Tuesday in March, our vacancy rate measured 4.26% which is reflected in the report. At the end of last year, I wrote that the vacancy rate was moving down and I expected it to drop even further. We ended the year lower than we started and I fully expected we would be in the 5% range by the end of February. You can see I was wrong. We got into the 4% range! The two graphs show all of last year on top (2012) and the first two months of 2013 on the bottom graph.
Simply being aware of these numbers and constantly working to improve and measure improvement, are essential actions that have to take place at a quality company. Here at Memphis Invest, we consider ourselves much more than just a property management company or a neighborhood redevelopment company. We have a really, really good staff that works hard to be whatever our clients need us to be. I'll leave it at that for now and simply say a huge congratulations to the whole staff at Premier Property Management Group.
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