Your Property Management suggestion for Memphis, TN Please.

Downey, CA · Member since 2022 · 81 posts · 48 votes

Hi! Can you please refer a capable Property Management suggestion for Memphis, TN Please. We had Crestcore Management and they neglected the tenant so the tenant moved out because they weren't able to fix the heating concern in a timely manner.

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Mike MoseePro Member

Investor · Eagle Point, OR · Member since 2011 · 181 posts · 118 votes

I guess I don't know how lucky we are to have found our property management after hearing all the comments. We've successfully used Mid South Home Rentals (division of Enterprise Realty, Arlington,Tn.) for 11 years now to manage our 24 doors of SFRs, duplexes, & 10 unit apartment.. All these properties were bought sight unseen on their recommendations. I went back to Memphis last year for the first time in six years to find all is as advertised with very minor exceptions.

We have picture inspections done every four months, cost $75, because I'm a trust but verify guy.

Good people, good service. Ask for Chris or Katie. 901-451-5201 Tell them I sent you

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Terez Jones
Memphis, TN · Member since 2022 · 40 posts · 17 votes
3y
Hi Walter...I have heard this story before and it sucks every time I hear investors going through these type of problems! When smaller PM companies don't have the resources, manpower, and processes in place...they tend to let things like this fall through the crack. I would be more that happy to connect with you and talk about taking all the stress out of managing rentals. My information is below. Thanks!
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Walter Pineda
OP
Downey, CA · Member since 2022 · 81 posts · 48 votes
3y
LOL no thanks bro LOL
0 Reply
Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
3y
@Walter Pineda
Even if someone give you a referral, what meets their expectations, may not meet yours.

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 – and they often select the first PMC they call!

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😊

Please send us any feedback via email, as we do not use the DM feature here.
[email protected]248-209-6824
Logical Property Management4.9458 Reviews
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Kevin FengPro Member
NJ · Member since 2019 · 29 posts · 13 votes
3y
I am still searching for a solid and well run property management company in Memphis, TN. The one I am current using is terrible. The PM is slacking and poorly addressing tenant issues. They let one of my property get destroyed to point of unrecoverable. Now I am in the process of selling the property due to high cost of getting it fixed. I am pissed at the company and in search for a decent management company at this point. Anyone know of PM company that is decent and give a crap for the property owner?
3 Reply
Mike MoseePro Member
Investor · Eagle Point, OR · Member since 2011 · 181 posts · 118 votes
3y
I guess I don't know how lucky we are to have found our property management after hearing all the comments. We've successfully used Mid South Home Rentals (division of Enterprise Realty, Arlington,Tn.) for 11 years now to manage our 24 doors of SFRs, duplexes, & 10 unit apartment.. All these properties were bought sight unseen on their recommendations. I went back to Memphis last year for the first time in six years to find all is as advertised with very minor exceptions.
We have picture inspections done every four months, cost $75, because I'm a trust but verify guy.
Good people, good service. Ask for Chris or Katie. 901-451-5201 Tell them I sent you
4 Reply
JJ Harris
Rental Property Investor · Gulfport, MS · Member since 2015 · 34 posts · 17 votes
3y
I can recommend the crew at PMI of Memphis. I've never had property managed by them, but I have a franchise in the PMI system and know their systems and processes. I manage my own portfolio with the same systems and think that most investors would be happy with PMI perfirmance.
1 Reply
Melanie ThomasBusiness Member
Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 489 votes
3y
I would recommend you start your search on the NARPM website. I have a included a link to a PM locator tool ready to go with recommendations in your preferred area. Happy to help navigate if you have any questions. Good luck & happy investing!
https://www.narpm.org/find/pro...
[email protected]
RentWerx Property Management4.73300 Reviews
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Walter Pineda
OP
Downey, CA · Member since 2022 · 81 posts · 48 votes
3y
Quote from @Kevin Feng:

I am still searching for a solid and well run property management company in Memphis, TN. The one I am current using is terrible. The PM is slacking and poorly addressing tenant issues. They let one of my property get destroyed to point of unrecoverable. Now I am in the process of selling the property due to high cost of getting it fixed. I am pissed at the company and in search for a decent management company at this point. Anyone know of PM company that is decent and give a crap for the property owner?
Hey man that's a challenging situation. Please tell the company name of the company in that way we notify other investors. I'm working with Foundation property Management but that's not going well either. Lots of good luck to you man stay in touch!
3 Reply
AJ Singh
Rental Property Investor · Orange County, CA · Member since 2016 · 512 posts · 374 votes
3y
@Walter Pineda
Thanks for your comment on Foundation PM. I recd a bunch of marketing flyers from them last week
1 Reply
Max Gunther
Real Estate Investor · Encinitas, CA · Member since 2015 · 5 posts · 14 votes
1y
Hi, I would also emphasize to stay away from Foundation Property Management. I had 5 houses with them that were terribly managed (placing bad tenants, extremely high rehab costs). I know two other investors with same problems. Beware...
3 Reply
Walter Pineda
OP
Downey, CA · Member since 2022 · 81 posts · 48 votes
1y
Quote from @Max Gunther:

Hi, I would also emphasize to stay away from Foundation Property Management. I had 5 houses with them that were terribly managed (placing bad tenants, extremely high rehab costs). I know two other investors with same problems. Beware...

Hey, Max I agree foundation was one of the last property management we had and your spot about them! cheers
1 Reply
Cory M.
New to Real Estate · Member since 2024 · 30 posts · 30 votes
1y
Quote from @Max Gunther:

Hi, I would also emphasize to stay away from Foundation Property Management. I had 5 houses with them that were terribly managed (placing bad tenants, extremely high rehab costs). I know two other investors with same problems. Beware...

I also have found some of Foundation Property Management's repair costs to be unreasonably high. Part of the issue is that they seem to double charge for their role in overseeing repairs. They charge the sliding supervisory fee (5-20%) which is listed on their website, but they also add a $75 service fee to every repair (not listed on their website).
1 Reply
Meghan Carson
Real Estate Agent · Memphis, TN · Member since 2024 · 250 posts · 71 votes
1y
@Walter Pineda
Hi, Walter!
Where in Memphis are your properties located?

Reach out to Premier Property Management and ask for Blake Clothier. They take pride in ensuring that the investor's assets and residents are taken care of and are very customer service-based.
1 Reply
- Walter Pineda
  OP
  Downey, CA · Member since 2022 · 81 posts · 48 votes
  1y
  Quote from @Meghan Carson:
  
  @Walter Pineda
  Hi, Walter!
  Where in Memphis are your properties located?
  
  Reach out to Premier Property Management and ask for Blake Clothier. They take pride in ensuring that the investor's assets and residents are taken care of and are very customer service-based.
  
  Thank you!
  1 Reply

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