Property Management Memphis

General Landlording & Rental Properties
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Property Management Memphis

Mark D.
Lender · Pasadena, CA · Member since 2008 · 50 posts · 11 votes

Any recommendations for a solid property management company in the Memphis area for SFR's? We have used a couple of companies so far and still don't feel completely satisfied. The communication is sub-par and the monthly repairs seem to be too frequent lately. Any advice would be appreciated.

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Curt DavisBusiness Member
Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
9y

read the comments previously in this post. No need to repeat ourselves. Good luck 

Curt Davis - KAIZEN Realty538 Reviews
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  • Brian LevredgePro Member
    Investor · Chattanooga, TN · Member since 2009 · 1k+ posts · 903 votes
    15y

    I've been using Reedy & Co for the last two years and they've been great. I think they manage somewhere in the neighborhood of 800-900 homes, including their own portfolio. They've done a good job screening tenants, and are pro active in maintenance. I even saved money buying my insurance policies through them and they are better policies than what I had before.

    2Reply
  • Shawn Dandridge
    Investor · Houston, TX · Member since 2011 · 209 posts · 56 votes
    15y

    Brian,

    How many properties do you own in Memphis?

    0Reply
  • Brian LevredgePro Member
    Investor · Chattanooga, TN · Member since 2009 · 1k+ posts · 903 votes
    15y
    Originally posted by Shawn Dandridge:
    Brian,

    How many properties do you own in Memphis?

    Two

    0Reply
  • Phillip Gainey
    MI · Member since 2011 · 228 posts · 75 votes
    15y

    I'm on my third Memphis pm. Tenants in Memphis are really bad! And that's saying a lot as tenants tend to suck in anyway.

    I bought a couple from one of those "turnkey" companies. They go on and on about what a great rental market memphis is. What a large rental pool there is there... etc. You find out later why. Because the people there are financial basket cases. Here are some are some of the comments I've gotten from Memphis pms. Unfortunately, AFTER buy the marketing hype"

    "We try to screen tenants best we can, but in Memphis that is a challenge. You'd be hard pressed to find a renter here without at least a few judgments against them!"

    "Well, that's Memphis tenants for you!"

    "We try not to rent to applicants with an eviction judgment against them in the last three years. That has proven to be challenging!"

    I just fired my current PM, because he let the wife slip through on radar. She had 6 eviction judgments between 11/2007 and 12/2008. Would you want somebody like that in your rental? However, the pm only put the husband on lease (he had no judgments against him). Sure enough, we've made two trips in the last five months to eviction court! And, can you believe this, this pm tried to talk me into letting them stay! "Hey, so long as they end up paying up the back rent, late charges, and court costs, who cares if they stay?" I do.

    Mind you, my properties are NOT in a war zone. The one above rents for $1200 a month. Its just a bad culture in Memphis, at least when it comes to financial responsibility!
    Something the wholesalers and turnkey outfits don't tell you.

    PG

    1Reply
  • Mark Anderson
    Real Estate Investor · Memphis, TN · Member since 2011 · 63 posts · 31 votes
    15y

    Wow Phillip. I live in Memphis and have six rentals here and definitely haven't had the problems you've had.

    Two of my rentals are managed by Norman Realty and four are managed by Premier Property Management. I've had good experience with both.

    1Reply
  • Phillip Gainey
    MI · Member since 2011 · 228 posts · 75 votes
    15y

    Mark,

    No offense, and i hope you have continued good fortune with your rental properties, but I see you sell memphis properties and work for one of the larger "turnkey" outfits.

    If I could do it over again I would have talked to property managers in Memphis, or fellow long term hold investors who do NOT have anything to do with the sales side, I would have been better prepared. As stands now, there is a huge market in Memphis to sell rentals to out of state, and foreign investors. They are not being leveled with in regards to the overall quality of tenants, IMHO. Note the statements from pms in my previous post.

    And I am sure it can be profitable renting to financially challenged renters in memphis if you have the stomach for it, or as one wholesaler told me, buy enough of them as to diversify the risk. Fine, but what if you can only buy a couple properties.

    Continued good luck.

    PG

    1Reply
  • Jake Kucheck
    Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
    15y

    You may want to talk to Matt Owens of OCG Properties. If I understand correctly, he owns in Memphis and has created his own PM company as he was not thrilled with available PM companies (much like you).

    Full Disclosure: I haven't used his services nor do I really know anything about Memphis since I don't own there and have never been there.

    Even Fuller Disclosure: I believe Matt's company is similar to the "turnkey" companies that are being discussed negatively here. From what I can tell, he is an honest enough guy and should give you a reasonable idea of what to expect, at the very least.

    0Reply
  • Brandon Kamm
    Commercial Real Estate Broker · Memphis, TN · Member since 2010 · 151 posts · 82 votes
    15y

    "If I could do it over again I would have talked to property managers in Memphis, or fellow long term hold investors who do NOT have anything to do with the sales side"

    Full disclosure - I am part owner of Revid Property Management in Memphis, we manage about 1,000 units. I work mostly on the investment sales side now, but ran the PM company for 7 years.

    The statement a poster made above is the one statement you need to have burned into your brain.

    There are many good investment deals in Memphis, there are also many deals I see where i look at location and "expected returns" and just laugh. They are nearly impossible to obtain. I have lived here 33 years and have been in investment real estate for 10. i cant tell you how many stories i have heard of owners coming to us after they have already purchased something and its gone downhill.

    I say this as a broker and owner of the mgmt company, DONT just take their word for it. Come to the city, drive the area day and night. Interview several PM companies, ASK FOR REFERRALS.

    Memphis is a tough market when it comes to managing tenants, there are many good ones, but there are more than enough problems with collections, evictions, theft, vandalism, to go around.

    If you do choose to buy I would recommend using a brokerage with a PM company, with this they should be accountable for the tenants that they put in place. I cant sell you a "house with 20% return" and then a three months later talk about bad hot water tank, late rent, eviction, etc. WHile these things happen IMO a management company can be accountable for some problems that arise and at a minimum can waive mgt fees, leasing commission, etc when things go wrong to help offset the cost.

    Would love to hear other thoughts on this topic from everyone.

    1Reply
  • Phillip Gainey
    MI · Member since 2011 · 228 posts · 75 votes
    15y

    Brandon,

    Unfortunately, there is a lot of "incest" in Memphis between turnkey vendors and pm's. You can't trust any of them. It's a big "duck" club. And if you are out of state or country, guess what? You ain't a duck. Everyone in RE here knows each other!

    For example. I let the pm I fired know (before I fired him) I was getting tired of Memphis and the deadbeats, and might want to sell. Well what do you know, a couple days later I get an email from the "turnkey" guy who sold me the property wanting to know if he can help me sell? Like some vulture looking to profit on the "back end" tipped off by his "cousin" the pm who let the ghetto queen rent my place in the first place. Pretty good set up, aye?

    Hey, free country. People just need to know the story. Invest in your own neigbhorhood if you can. Or where there are fellow ducks you can flock with.

    Hey, wanna buy a couple memphis rentals? I wann

    1Reply
  • Mark Anderson
    Real Estate Investor · Memphis, TN · Member since 2011 · 63 posts · 31 votes
    15y

    If someone has had a bad experience in a particular market, nothing I say is going to change that person's opinion, especially since I work with a turnkey company as Phillip pointed out.

    What I will say is Brandon makes a lot of good points in his posts with the main one being about conducting proper due diligence. Learn the market and know who you are working with. Know what gets done during the rehab and how the PM handles maintenance, screens tenants, etc.

    Personally, I have six rentals, four of which I acquired from a turnkey company while I was still working as a Certified Financial Planner. Several years later, I now work with that same turnkey company.

    As with any other industry, of course we know our local competitors. I can't speak for any of the others but we don't like our competitors and I don't think they like us very much. Now how they treat each other, I don't know.

    There are good deals here and bad deals. There are good companies here and bad ones as well. I don't think that is unique to Memphis though I've only invested in Memphis. There are markets that get talked about all the time on BP, such as Atlanta, Dallas, Austin, Houston, Cleveland, Detroit, Charlotte, Cincinnati, Birmingham, etc. My guess is that someone could buy in any of those other markets and have an equally poor experience if proper due dilegence is not done prior to investing.

    0Reply
  • Mark D.
    OP
    Lender · Pasadena, CA · Member since 2008 · 50 posts · 11 votes
    15y

    Thanks for all the input and suggestions.

    0Reply
  • Phillip Gainey
    MI · Member since 2011 · 228 posts · 75 votes
    15y

    Case in point. There is a "turnkey" guy listing Memphis properties for sale on the "properties" section of BP for for what anyone with any "market value" of memphis at all would know is over inflated.

    Put on your shark repellant kids!

    PG

    1Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    15y

    Asset Guru -

    First I want to commend you for taking a little time and effort to gather some information and to be seeking advice. I think you've heard from some pretty good sources already on here and it makes a lot of sense to interview other companies and ask questions on your specific concerns before you make another move.

    I am familiar with both Reedy and Revid as well as a company named Marathon Management a company named Leco Management and my family owns a property management company named Premier Property Management. I do not know if you are familiar with any of those 4, but three of them mainly offer the service to their own clients including ours, but will branch out and each of the 4 may specialize in different price points and areas of town.

    I know from experience when I invested out of state that nothing causes more anxiety than frequent problems and lack of communication. Make sure you express what your frustrations are and be very direct about what you expect. Make sure you ask the areas of town that the company specializes in before telling where your properties are located. Good luck and please don't hesitate to ask for any advice before you make changes.

    Chris Clothier

    Podcast Guest on Show #224
    REI Nation4.576 Reviews
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    3Reply
  • Account Closed
    Real Estate Investor · Auckland, Auckland · Member since 2011 · 1 post · 0 votes
    15y

    I use Jim Reedy and have over a hundred clients overseas using them. They are the best company I have found in Memphis, 93% occupancy and 100% collection rate.
    Contact Jim

    0Reply
  • Account Closed
    Mililani, HI · Member since 2012 · 26 posts · 3 votes
    14y

    Be very careful who you use to manage your property in Memphis.

    For example, Reedy and Company has been mentioned. This is the company we just fired. The owner has a criminal record. We may end up having to go to court against him.

    Check out this link and see if this is the kind of company you'd like to manage your properties.

    http://www.tnwb.uscourts.gov/opinions/ghb/pdf/ghb19980206nn1.pdf

    I'm not trying to be "mean spirited" but people need to be warned!

    3Reply
  • Ron Kwiatkowski
    Real Estate Investor · Omaha, NE · Member since 2016 · 6 posts · 3 votes
    9y

    Anyone have any other Property Management Companies in Memphis that may be good? We do not like not nor want to continue to use Premier Property. We have not found them to be good at all. If you look at their reviews they are really bad. 

    1Reply
  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    9y

    try reaching out to Alex Craig on BP who owns CB Property Management.  They manage all of my personal properties and focus on 18 month tenant leases. I have been very happy with communication.

    Good luck 

    Curt Davis - KAIZEN Realty538 Reviews
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    3Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    Hi, @Ron Kwiatkowski.

    Premier has a really good reputation among the professional managers in town.  They are first class people.  As friendly competitors, we admire them.  Your best bet is to work it out with them since changing managers always presents challenges.

    That said, if you can't resolve your situation there are a few local property management companies active on BP (full disclosure, we are one of them) that you could talk with including @James Martin, @James Wachob, and @Tina Sandoval.

    Best of luck to you on your journey to real estate investing success!

    Investor's Guide to Memphis Real Estate
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    3Reply
  • James WachobBusiness Member
    Real Estate Broker · Memphis, TN · Member since 2015 · 1k+ posts · 890 votes
    9y

    @Douglas Skipworth thanks for the shout out! @Ron Kwiatkowski my team is here to serve!

    Thanks,

    James

    2Reply
  • Alex CraigBusiness Member
    Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
    9y

    Thanks Curt!

    901-848-9028
    1Reply
  • Jamie Cohen
    New York City, NY · Member since 2016 · 4 posts · 5 votes
    9y

    Hello everyone! I just purchased a SFR in midtown memphis and am in the process of evaluating property managers. I would appreciate recommendations from those who have had positive experiences working with a memphis property manager. Please direct message me or respond.

    Thanks!

    Jamie 

    3Reply
  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    9y

    read the comments previously in this post. No need to repeat ourselves. Good luck 

    Curt Davis - KAIZEN Realty538 Reviews
    WebsiteView Page
    5Reply
  • Alex CraigBusiness Member
    Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
    9y

    Some of these older comments are funny.

    901-848-9028
    3Reply
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