Property Management in Cordova, Memphis

12 Replies

Hi,

i have a property out in Corodva, Memphis.  My current property management company has not been able to find a tenant for it since May.  I checked on their website and they have a good 10 - 15 properties in the cordova area for rent.  I am seriously considering trying out a different company.  any suggestions?

thanks!

howard

Hi, @Howard Chou .

The National Association of Residential Property Managers is the #1 trade organization for rental house managers.

Go to their website (http://www.narpm.org/) and click on Search for a Member and select Search by Location and choose 20 miles around your Cordova zip code (38016 or 38018).

There are 10 results of high quality managers.

I'm sure other BP members will have different suggestions on how to find a good management company for you.

Once you narrow down your possible managers, feel free to ask the BP community for their feedback on the potential candidates.  As you probably know, the BP members are not bashful in giving their honest opinions.  

Hope that helps.

Cordova is very saturated due to large groups and hedge funds buying very large lots of non-foreclosure homes and turning them into rentals.  I thought these groups were done, but a new large buying group just started buying. I would make sure your property is priced right and has equal or better amenities then your competition. Then I would make sure you are marketed effectively.   Are you on Zillow, Trulia, Craigslist (3 times a week) and on your PM's website? What does your online pictures look like? Are they high res and good pics? What about marketing copy? Does the marketing copy call out the features? Does your company have phone systems in place to make sure calls are answered throughout the day? Go to zillow and Craigslist to make sure your priced right. Cordova can be a challenge in today's  cordova over saturated markersmmm

It's seem as if the days of cleaning the carpet and touch up paint are gone when you have so many newly renovated housing on the market. Heck I considered renting out my home and renting a brand new h😀Use! Honestly, since May that way too long. We're seeing around 60 days in that area and most of our showing are after 6:00pm

@Howard Chou  Howard, would you mind sharing the address.  You posted about this house on August 31st too.  I would be happy to give you my thoughts.  When my houses go vacant, I lower the price slowly until it gets rented.  Something is better then nothing.  I am not saying give it away, but if it is not renting at $1,200 for the past few months, try $1,095.

Originally posted by @Howard Chou :

Hi,

i have a property out in Corodva, Memphis.  My current property management company has not been able to find a tenant for it since May.  I checked on their website and they have a good 10 - 15 properties in the cordova area for rent.  I am seriously considering trying out a different company.  any suggestions?

thanks!

howard

 When was the last time you asked for pictures of your property or an inspection of the interior?  

We are having no issues renting properties in the Cordova area, however, there are several properties for rent right in that particular area.  It may be that your property is not showing as well against the others or the price is too high as was already suggested,

FYI, once a property has been shown to 5-7 quality tenants and it does not rent, there is a problem.  Price, smell, layout, size...something.  It should not take more than 2-4 weeks to have enough showings to qualified renters to know what issues you are facing.  I would look for new management as soon as possible and have a third party inspect the property for you and alert you to any issues.

@Howard Chou  I did a quick search for your house online and could not find it being advertised anywhere. 85% of our leads come from Internet marketing.  That is a major problem. Sounds like you either have a lazy property manager or one that knows nothing about marketing. Also, if the house has been sitting vacant, you will want to make sure the yard is well kept, house is clean, smells good, etc. 

I looked at a few othere houses in the area online and I would say the look of your house being a tad dated is consistent with $1,295. Some more update homes are renting $1,395 and up. 

I would be happy to help you get it rented and put together a marketing plan for you. 

Howard

Were you able to rent this or is it still in market. I am just thinking may be the market that can afford 1200 rent is not large enough 

Hi @Alex Craig referring to your comment above. from a year ago.

"Cordova is very saturated due to large groups and hedge funds buying very large lots of non-foreclosure homes and turning them into rentals." 

How is the rental market going there nowadays? do you still recommend only In South Cordova off Trinity or Countrywood? 

It is saturated, but rents are holding. We are about to have one rented that is right in between South an North Cordova for $1,195.  Most know me that I firmly believe in providing a product that is better then your competitors.  Provide a great product, be good at marketing for tenants, have good leasing agents and pay them well and give excellent customer service on the PM side and you will not fail, even if there are to many rentals around you. In other words, be better then your competition. That is good advice all the way around!