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%.  

A new, National Survey sponsored by Premier Property Management Group was released this week discussing the long-term impact of renters in single-family homes.  Real estate investing has been a hot topic for the last few years and the media has really picked up the pace of reporting on large hedge funds buying property around the country.  As investors take a bigger role in purchasing distressed properties, no one has studied what the intentions were or the future plans of the renters who are occupying these properties.  There have been a lot of questions, but not a lot answers when it comes to what are the "new" renters going to do when they have the opportunity to purchase property again?

Every so often, I like to circle back around to topics and re-illustrate a point for our readers, staff and even our clients.  I happened to be talking to another passive real estate investment company last week and they were asking me about weeding through all the calls and requests they get from potential investors.  They relayed that they were getting a hundred or more calls and emails a week from interested investors and often they were spending a lot of time on the phone with no real chance of helping the investor get started.  For a myriad of reasons, the investor was not a good fit for their company.  I pulled a line from an article I had written almost a year ago to try and help them get over their hurdle:

86% of Customers Will Pay More For Better Customer Experience

So today I was researching different Memphis real estate terms and I just wasn't finding anything that excited me for the blog.  I will definitely have something out tomorrow highlighting some local real estate news with a wrap up of 2012 tomorrow.  However, while I was researching, I came across an excellent article in The Daily News from Lori Turner-Wilson, Customer Pay More For Better Experience, and seeing as how we are customer experience fanatics, it grabbed my attention.

Fortunately for real estate investors everywhere, there are a lot of real estate titles that have some great information on real estate investing.  Unfortunately, there are also a lot of books on real estate out there by get-rich-quick schemers and authors who may have completed a small handful of transactions and now want to tell everyone else how it is done. Many of these books are little more than promotional fluff to get you to buy whatever "can't lose" investment system these fast-talkers and new-comers to the real estate world are shilling. It can be difficult to wade through all the snake oil and "too-dumb to know I was lucky" books to find quality information. Here at Memphis Invest we have done some of the work for you by selecting a few good books. Here are three real estate book recommendations, in no particular order, that can actually leave you smarter than they found you. 

Preachers encouraging squatters? A recent NBC news report revealed an unusual development in the housing market. In one Atlanta neighborhood, residents and church members have seen a rise in distressed property that is foreclosed and then abandoned, growing dilapidated and becoming what neighbors call "crime magnets." In order to preserve their neighborhood, residents have encouraged families to move into distressed property, fix it up, and keep the neighborhood clean and safe.  This approach is being encouraged to prevent neighborhoods from sliding further into disrepair and decline while also trying to bring in families from shelters and off the streets, especially during the winter months.  I can't say that I agree with this approach, but I understand where they are coming from.  I also think there may be another option.

Real Estate Investing

NBC News reports that the housing market recovery is well on its way. Indeed, more people are buying houses, inventories of distressed properties are down, and prices are moving slowly upwards.

Interestingly, according to NBC, "Current homeowners accounted for 54 percent of October’s non-distressed market, up from 50 percent in June," while first-time home sales are actually declining. "Unfortunately, first-time home buyers are seeing just the opposite, largely left out of this surge in sales and prices. Their share of the market, usually up in the 40 percent range historically, fell to 34.7 percent in October."

For any investor wanting to get started in real estate investing, it is a dilemma. For others, it is a clear-cut issue. If you own investment property, you may feel hesitant to allow renters to have pets inside, especially if you have dreams of keeping that property pristine over time. You may also want to direct your property management company to no allow pets in your properties if you have a management company in place.  However, you may be surprised to find that there are many benefits to allowing animals, and it can even boost your real estate cash flow.  A great article from Karen Aho on MSN Real Estate points out the benefits of renting to tenants with pets while also pointing out that some of the 'best" horror stories are often far from reality.  The story also highlights one of the few if only studies conducted on rental properties and pets and it found that units allowing pets experienced a longer occupancy term, 46 months, compared to those that openly prohibited pets, 18 months.