Multi-Family and Apartment Investing

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Kim Meredith Hampton
  • Real Estate Broker
  • St Petersburg & Orlando
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Kim Meredith Hampton
  • Real Estate Broker
  • St Petersburg & Orlando
Replied Jun 26 2022, 04:15

check out CrestCore Realty in Memphis

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Drew Sygit#3 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
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Drew Sygit#3 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
Replied Jun 27 2022, 05:12

@Miles Tiglao

In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

It's often a case of not doing enough research, as they don't know what they don't know!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊

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Replied Jun 27 2022, 09:22

Memphis is a very investor centric city, it has been for years and years and years. Consequently there are a number of property managers all over the city, usually offering similar but different terms. You'll really want to call 3 good ones and interview them and review their terms closely. For instance some offer lower over head on repairs but higher management fees or vice versa. So you'll want to find the one that fits the property itself well (for instance if it's completely turnkey, go with the lower management fees but higher repair over head). You'll also want to check out their digital side, their owner portals and see which system seems the most intuitive to you. Some night you're going to be on the owner portal at 3am trying to figure something out after a long day and.... you need it to not be a huge pain. Happy to make recommendations. Personally I really like Renshaw, Advantage and a few others. 

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Aj Parikh
  • Rental Property Investor
  • Centreville, VA
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Aj Parikh
  • Rental Property Investor
  • Centreville, VA
Replied Jun 28 2022, 16:25

I have worked with Renshaw Property Management and they have been wonderful at managing my property. Please reach out to @Caleb Parr and he can guide you with this managing this complex. 

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Replied Jun 28 2022, 18:18

Thanks everyone for the great advice and recommendations!

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Terez Jones
  • Memphis, TN
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Terez Jones
  • Memphis, TN
Replied Jun 30 2022, 21:40

Hi Miles...Finding a great PM company that has not just the processes in place but the manpower as well is very important.  I work at Evernest Property Management Services here in Memphis and I would be more that happy to assist.  

At Evernest, we have four guarantees that don't just promise great service but guarantee you get it. If not, you get your money back. Seriously. Let me show you right now: 

1. 100% Happiness Guarantee - If you’re not satisfied with our service, you can cancel the management agreement at any time without penalty.

2. 21 Day Lease Guarantee - We will rent your home in no longer than 21 days to a well-qualified tenant OR you get your first two months of management for free. (See the attached 21 Day Lease Guarantee addendum for more information and to see if you qualify.)

3. Maintenance Guarantee - If there is a vendor or installation-related problem from our work within the first 12 months of a repair, we will make it right at no cost to you.

4. Tenant Performance Guarantee - If a tenant does not fulfill at least six months of their lease, we will find you a new tenant without charging a leasing fee.

Rest assured, we’re willing to ‘put our money where our mouth is'.

I look forward to speaking with you soon.