Premier Property Management Group Continues To Impress

Premier Property Management of Memphis and PPMG of Texas have both been seeing this same trend their management portfolios since the4th quarter.  A rise in rental rates over-all, a rise in demand for our services and a decline in vacancies.  Each city have seen increases in lease extensions coupled with fewer monthly move-outs.  We cannot say for sure that these trends are company specific or if they are related to the cities themselves as there is very little published data. 

What we can say is that an increased focus on staff, training and service to tenants has absolutely paid off.  We continue to have the outlier properties that take  a little longer to rent for no rhyme nor reason and we continue to turn down un-qualified applicants only to have them complain.  However, both scenarios continue to occur on a decreasing scale and happy, satisfied tenants continue to extend leases at an increasing rate.

Over-all, we are thrilled with the job our teams in Memphis and Dallas are doing!  Here is a quick breakdown of some key numbers:

Not everyone is cut out to be a property manager. If you’re a real estate investor who has decided not to take on the responsibilities of property management yourself, it’s vital to make sure your properties’ day-to-day duties are in good hands. On the flip side, maybe you’re an investor wondering what it takes to be an effective property manager. Do you have the right qualities for the job? Or how to you make sure you know you’re putting your investments in the right hands?

There are plenty of rewarding things about managing your own rental properties. Some landlords are thrilled by the prospect of finding the perfect tenants for their properties and building lasting relationships with them. They find the experience of managing and maintaining a property to be very rewarding — and it certainly can be!

The numbers in the graphs below represent Premier Property Management Group as it stood on the last day of October and how we have performed year-to-date 2013.  An important part of each of these updates is an awareness by Memphis Invest, GP to monitor our growth and performance and to remind all of our readers that there is nothing typical about real estate investment.  The number we report are not to show how an investment will perform or what rate of return an investor will achieve if they purchase property from us.  

If you talk to enough real estate investors, then you are bound to hear the following phrase:  

Great property management CANNOT make a losing property investment into a winner. But, bad property management CAN make a winning property investment into a loser!

What does Quality mean?  I am not talking about the qualities of a company - the description that people use to describe the company.  I am talking about Quality as THE description of a companies work.  The way clients and competitors alike describe their work, their craftsmanship and their processes.  All real estate investment companies have qualities, but not all real estate investment companies have Quality.

When my fourth child was born I picked up a comment card at the hospital on our way out.  It had a picture of 4 circles on it and the words "Service ~ Teamwork ~ Quality ~ Integrity" printed around the circles.  The card opened up and there was their Mission Statement and a few questions and lines for comments.  I grabbed two cards.  One so I could respond with how impressed I was with the level of care they showed and the other I kept as a reminder that these were absolutely four characteristics of our company.  These were four areas that not just the owners, but every single person at Memphis Invest had committed to work to improve on every day.  I saved it for a day just like today.

I was lucky enough to be featured this week on a fantastic Podcast that debuted earlier this year from the founder of BiggerPockets.com, Josh Dorkin.  The show is co-hosted by Brandon Turner and they have done a phenomenal job of creating a fun and informative podcast that has rocketed to the #1 spot on iTunes for real estate podcasts.  Before this becomes one huge infomercial for their podcast and website, I wanted to share with you the podcast and let you listen for yourself.  I had a great time joining them and the interview gets into a lot of topics covering our business.