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Annual inspections are an outstanding way for an investor to view the condition of their home inside and out to determine how well the property is being maintained and cared for by the tenants. Having this information can help you make informed decisions about whether to renew the tenant, whether to increase your monthly rent based on the condition of the home, and sometimes, whether or not it may be best to ask the tenant to vacate in order to make repairs or prevent any further damage to the home.

What does the inspection include?

The home inspection includes a report and photos of each room of the home, and any other additional concerns that we may come across at the property. We will also take exterior photos to document the level of yard upkeep and the condition of the outside of the home. We will provide the owner with any repair recommendations that we feel are needed currently or that will be needed in the near future. During this time our representative will also remind the tenant to change their air filters regularly and discuss tenant upkeep responsibilities with them in person.

Benefits of Home Inspections

• enables us to discover unreported pets in the home
• enables us to discover damages that can be mitigated before further costly expenses are incurred
• allows us to view the cleanliness of the home
• tenant upkeep responsibilities can be discussed with the tenant
• possible bill back of tenant caused damages
• reduces liabilities before they become a larger issue

To schedule an inspection of your rental property, give us a call and ask to speak with our inspections team. The cost per inspection is $95 and the report with photos will be emailed to you within 30 days of the inspection date.

In this video Terry White takes us through one of her currently ongoing renovations to discuss some of the ways that she has improved the home to increase its profitability for our investors.

One of the most popular ways for Americans to establish passive income and diversify their investment portfolio is with rental properties. While many rental opportunities are intended for major investors, such as large apartment buildings and multi-building complexes, purchasing and renting out a single-family home is a relatively easy and attainable way for the average American to start earning rental income. To do this successfully, investors should understand the ins and outs of property management for single-family homes. 

There are many factors that play into whether an investor prefers to hire a property management company for their single-family home(s) or take on that job themselves. But before a landlord makes that decision, it’s important that they fully understand their role as a whole and consider whether investing in rental properties is the right choice for them.

What qualifies as a single-family home? 

Single-family homes are buildings on a parcel of land that do not share walls with any other structures and are only intended for one family to inhabit them at a time. These homes have a private entrance and often have a yard. Single-family homes bring in one monthly rent, so when they are vacant they do not have any other rents to rely on to offset their costs. 

Multi-family homes and apartment complexes bring in multiple rents each month, so some vacancies can be absorbed by the other income being brought in. They are also more likely to have additional amenities on-site. 

Benefits to single-family homes include lower cost of entry into the market, easier to get a mortgage on, quickly rising home values, and the ease of selling if you need access to your invested funds. 

How should I select a single-family home for investment? 

There are several things to look for when selecting how and where to buy a single-family home for rental purposes in the Memphis area. By analyzing nearby purchase prices and rental rates, you can develop a greater understanding of what a home could potentially rent for once renovated and listed for rent on the market.  

It’s wise to respect the 1% rule in real estate investing, which means the monthly rent is equal to or greater than 1% of the purchase price. This will ensure that you can break even on the property after maintenance and management costs. 

How much does property management cost? 

Property management fees may be less than anticipated. The basic monthly fee is typically 8-10% of the gross rent, but it’s important to differentiate if this fee is due on rents that are collected or rents that are due. Collected rents mean that the property is rented to a tenant; “rent due” must be paid even if the house is vacant. You’ll want to work with a management company that only collects their fee if the house is rented. Some firms also charge a flat monthly fee rather than a percentage. 

Additional fees charged by management companies include one-time setup fees upon contracting with the company; leasing fees used to find a new tenant; lease-renewal fees for completing paperwork on new tenants; and vacancy fees paid when the property is vacant. 

As the owner of the home, you’ll also be expected to cover all maintenance costs associated with the property. Some management firms will ask that you keep 100-150% of monthly rent in an account that they can access for repairs, and it is normal for them to charge a 20% markup on all work that needs to be completed at the house. 

Be clear on all fees, and when you’ll be expected to pay them, before signing up with a property management company in Memphis. 

Why should I work with a property manager? 

There are several good reasons to work with a property management firm rather than manage your single-family home yourself. If you work a full-time job, you may not have time to properly manage your property. If you are looking to invest in multiple properties, you may find that your time is better spent finding new investments and securing financing. If you don’t have any experience in renting a house out or don’t live nearby, using a property management firm may be instrumental to finding renters and getting the rent you need to make a profit.

What to Look for in a Property Manager When You Want to Rent Out Your Condo or Townhome in Memphis

There are several ways that people find themselves to be the landlords of a condo or townhome. Many people have outgrown their first home with shared walls, and have since moved into a single-family home. However, the time may not be right for them to sell their condo or townhome, or they may be reluctant to part with the property for personal reasons. They may also be seeking additional income on a property that they bought years ago for a good price. Renting out your condo or townhome can be a great way to earn extra income if you find yourself in any of the situations mentioned above. Condos and townhomes typically sell for less than single-family homes, so investors looking for their first rental property may find a condo or townhome to be easier to get into.

Once someone has decided to rent out their condo or townhome, they will need to decide if they want to work with a property management company or take on the responsibility themselves. As with any financial decision, there are pros and cons to both, but each investor will have a different schedule, location, and ability level that dictates if they hire a firm to manage their property.

What is the Difference between a Condo and a Townhome?

Condos and townhomes have many similarities, including often having homeowners associations (HOA) that can dictate how a property is used. But while condos are usually found in a large building and may have upstairs and downstairs neighbors as well as on each side, townhomes share only one or two walls. Owners of townhomes own the interior and exterior of the home, as well as the land that the home sits on. Owners of townhomes have more freedom but also more responsibility than a condo and are often responsible for exterior maintenance.

Both condos and townhomes often offer extensive amenities, but at a cost; the HOA fee is usually due each month just like the mortgage is, and this can influence how much rent is required to break even.

Unlike single-family homes, condos and townhomes also share walls with neighbors, so prospective investors must search for responsible tenants who will not disturb their close neighbors. Frequent complaints from other owners can result in the HOA requiring the property owner to evict their tenants, thereby foregoing rent.

How Should You Invest in a Condo or Townhome in Memphis?

All investment properties offer the benefits of additional, passive income; equity growth for future borrowing or a higher sales price; and significant tax deductions. But in order to take advantage of these appealing benefits, it’s important that you find a suitable property that will attract renters willing to pay the rent you’re requesting.

With this in mind, location is critically important to where you choose to invest. High-end neighborhoods, downtown locations close to work and entertainment venues, and luxury buildings with plentiful amenities will all attract better-quality tenants. 

But one major difference between a typical single-family home rental, and a condo or townhome rental, is the HOA governance around rentals. HOAs can prohibit or limit your ability to rent; some HOAs require that you inhabit the property for one year prior to turning it into a rental. Other HOAs have minimum rental terms to keep vacation renters out of a building, and many have a maximum number of units that can be used as rentals at a time. HOAs can also request to screen your tenants independently and determine if they are suitable for the building.

As with any other rental property, be sure to contact your insurance company and increase coverage on the property in case of damage caused by tenants. It is a well-known fact that renters do not care for a property as well as an owner occupying the premises, and your insurance coverage needs to reflect that discrepancy.

As the landlord, you will be responsible for all maintenance on the property, and the HOA may be very particular about upkeep. This fact may influence your decision of whether to invest in a condo or a townhome since you are not responsible for the exterior maintenance of a condo. With a townhome, you will need to take care of any issues with paint or landscaping.

How Much Does Property Management Cost for Condos or Townhomes in Memphis?

A reasonable expectation for property management cost on a condo or townhome would be 8-10% of the monthly rent, plus an additional fee when new tenants move in. This covers listing and marketing your property to prospective renters; collecting and screening rental applications; selecting a suitable tenant and executing a lease agreement; collecting rent on a monthly basis; scheduling repairs and maintenance as needed; and handling all tenant, neighbor, or HOA complaints.

Some property managers charge a flat fee each month and may have several other fee schedules, such as for when the property is vacant. It’s important that you know and understand all of the fees that your property management firm uses and when you’ll be responsible for them.

Who Should Consider Property Management for Condos or Townhomes in Memphis?

If your condo or townhome is your first investment property, and you have little to no experience in renting or being a landlord, you may feel more comfortable working with a property management company. If you work a full-time job and don’t have time to handle the day-to-day calls and problems with your property, you’re also a good candidate for hiring a property management firm. Other reasons to hire someone for the job, rather than take it on yourself, include if your unit is in an old building with a lot of maintenance issues, or if you don’t live nearby, or if you aren’t handy and can’t personally resolve any maintenance issues.

There are plenty of people who choose to manage their own properties, especially if your margins are very tight and the 10% fee would cause you to not turn a profit on the property. If you live close by, are an experienced landlord, and feel comfortable with handling any tenant concerns, chances are that you will manage your condo or townhome yourself.

If you are constantly looking for your next investment property, you may find that your time is better spent researching sites and securing financing. In this case, contracting with a property management group will free up your time for more profitable undertakings.

What Should An Investor Look For in Property Management For Condos or Townhomes In Memphis?

Property management companies come in all sizes and have varied reputations. As an investor in a condo or townhome, keep in mind that you’ll have to work with this company frequently, as will your tenants and possibly your HOA. In addition to being available and proactive about issues, you’ll want everyone at the company to be pleasant and easy to work with.

It’s a good idea to get references from your property management company, both from current clients and from tenants. This way you can ensure that everyone working with the company is satisfied with the experience.

Memphis and Cordova, TN are wonderful areas to be renting out a condo or townhome right now. With a growing economy and job openings for those looking to relocate, Memphis is attracting new inhabitants who will likely rent upon arrival. A highly recommended property management company in the area is Advantage Property Management, a family-owned and operated company. In business since 2008 and flush with positive reviews, Advantage Property Management focuses on the management of single-family homes and small multiplex units within a 50-mile radius of Memphis, including Cordova, Bartlett, Germantown, Collierville, Shelby County, Lakeland, and Eads.

If you’re looking to rent out your condo or townhome in any of these areas, you can contact Advantage Property Management to discuss how they can handle your property for you.

How to Effortlessly Rent Out Your Duplex or Triplex in Memphis with the Help of a Management Company

Renting out your duplex or triplex is one of the most popular ways for Americans to establish passive income and diversify their investment portfolio through rental properties. While many rental opportunities are intended for major investors, like large apartment buildings and multi-building complexes, purchasing and renting out a duplex or triplex is a relatively easy and attainable way for the average American to start earning rental income. To do this successfully, investors should understand the ins and outs of property management for duplexes and triplexes.

There are many factors that play into whether an investor prefers to hire a property management company for their duplex or triplex or take on that job themselves. But before a landlord makes that decision, it’s important that they fully understand their role as a whole, and if investing in duplexes or triplexes as rental properties is the right choice for them.

What is the Difference Between a Duplex or Triplex and a Multifamily Home?

Duplexes and triplexes are residential buildings that contain two or three separate living units respectively. These living units may share a common wall or be completely detached from one another. Each unit typically has its own entrance, kitchen, and bathroom, and is designed to function as a standalone living space.

On the other hand, multifamily homes are residential buildings that contain four or more separate living units. These living units are often stacked on top of one another or side by side, and may share common areas like hallways, elevators, and parking lots. Multifamily homes can range in size from small apartment buildings to large complexes with hundreds of units.

How Should You Invest In a Duplex or Triplex in Memphis?

As a potential investor in a duplex or triplex in Memphis, there are several factors to consider before making your investment. Firstly, it is important to research the location of the property to ensure it is in a desirable area for renters. Areas with access to transportation, amenities, and good schools tend to attract renters and can result in a high occupancy rate. Additionally, it is crucial to have a solid understanding of the local rental market and the rental rates for similar properties in the area. This information can be obtained through market research or by consulting with a reputable property management company.

Another important factor to consider when investing in a duplex or triplex is the condition of the property. It is essential to conduct a thorough inspection of the property to identify any potential maintenance or repair issues. Addressing any necessary repairs or updates before renting out the property can help to ensure that tenants are satisfied and that the property maintains its value over time.

Investing in a duplex or triplex in Memphis can be a smart financial decision for those looking to generate passive income through rental properties. By considering the location, condition, and management of the property, you can increase their chances of success and achieve long-term financial growth.

How Much Does Property Management Cost for Duplexes and Triplexes in Memphis?

Property management costs for duplexes and triplexes in Memphis can vary depending on several factors such as the size of the property, location, and level of service provided by the management company. Typically, property management companies charge a percentage of the monthly rent, ranging from 8% to 10%. For instance, if the monthly rent for your duplex is $1,500, and the property management company charges 10%, you can expect to pay around $150 per month.

In addition to the monthly fee, property management companies may also charge additional fees for services such as leasing fees, advertising fees, and maintenance fees. These fees can vary depending on the company and the level of service provided.
It’s essential to do your research and compare prices among different property management companies in Memphis to find the best deal that suits your needs. While it may be tempting to go with the cheapest option, keep in mind that a lower price may come at the expense of quality service.

Furthermore, it’s important to consider the potential return on investment (ROI) when factoring in property management costs. Good property management can help increase the value of your property and attract quality tenants, ultimately leading to higher rent and a higher ROI in the long run.

Who Should Consider Property Management for Duplexes and Triplexes in Memphis?

Property management for duplexes and triplexes in Memphis is ideal for landlords who are looking for a hassle-free experience. This is especially true for those who do not have the time or inclination to manage their properties on their own. Property management companies take care of everything from finding tenants and handling maintenance requests to collecting rent and handling legal issues. They have the expertise to handle all the nitty-gritty details of property management, ensuring that your investment is well taken care of.

Moreover, property management companies have an extensive network of professionals, including contractors, vendors, and legal experts, which enables them to provide top-notch services. They also have access to the latest technology and tools to manage properties efficiently, which can save landlords time and money in the long run. Whether you are a new landlord who is unfamiliar with the rental market in Memphis or an experienced one who is looking to expand your portfolio, property management can be a valuable investment that can help you maximize your return on investment while minimizing the stress of managing your property.

What Should An Investor Look For in Property Management For Duplexes and Triplexes In Memphis?

Investing in duplexes and triplexes can be a lucrative business, but managing them can be a daunting task. That’s where a property management company comes in. However, not all property management companies are created equal, and it’s important to find one that suits your needs.

When searching for a property management company for your Memphis duplex or triplex, there are a few key things to look for. Firstly, consider their experience in managing duplexes and triplexes specifically, as these types of properties have unique challenges compared to single-family homes or larger apartment buildings. A property management company with a proven track record of success with duplexes and triplexes can provide peace of mind and ensure your investment is in good hands.

Secondly, consider their level of communication and responsiveness. You want a property management company that is easy to reach and responds to your inquiries promptly. This will ensure that any issues or concerns are addressed quickly and efficiently, and that you’re always kept in the loop regarding the status of your property.

Thirdly, look for a property management company with a solid reputation and positive reviews. This can be done by researching online reviews, asking for referrals from other investors, or reaching out to local real estate associations for recommendations. A company with a strong reputation is more likely to provide quality service and help you maximize your profits.

Lastly, consider the cost of their services. While it’s important to find a property management company that is affordable, it’s also important to remember that you get what you pay for. Cheaper management companies may not provide the same level of service and expertise as more expensive ones, so be sure to weigh the cost against the benefits.

If you own a duplex or triplex in Memphis or Cordova and are looking for a reliable and efficient property management company, Advantage Property Management is an excellent choice. With their experienced team of professionals and comprehensive range of services, they can help you maximize your rental income and minimize your stress and workload. Trustworthy, responsive, and results-driven, Advantage Property Management is the partner you need to succeed in the competitive Memphis real estate market.

Who We Are

We are a full service, family owned and operated property management company serving both investors and tenants in the Memphis TN area! We have been in business since 2008 and have continually delivered superior property management services to our investors for the last fifteen years. Since opening for business, our family-owned company has quickly become a trusted name in rental management for both local and international clients.

What We Do

Here at Advantage Property Management, we know that profitability and long-term appreciation of your investment depend on the quality of your property management team. Our services have been customized to meet the needs of the real estate investor. We provide personal care and attention to the property’s immediate needs while keeping an eye toward the future value of your investment.

Our managers are experienced, resourceful, and skilled at problem solving. We will value your investment as if it were our very own. Our reputation depends on it! Our management team includes licensed and experienced real estate agents that are here to assist you with your current properties, as well as provide guidance and assistance in finding additional investment properties. 

Our business is built on good communication, thorough documentation and it is our goal to protect your investments while also helping to ensure their long-term profitability.

Our Services

We specialize in single family homes, duplexes, triplexes, multi-unit and small unit apartment complexes. We manage for owners all over the globe. Let us help you with your investment today! 

• Free rental market analysis
• Owner onboarding inspections
• Annual or bi-annual property inspection services on tenanted properties
• Dedicated and highly experienced renovations team capable of handling rehabs of all sizes
• Large network of experienced contractors and vendors who can handle any scope of work
• Thorough tenant screening with Experian Credit reports, background checks and employment and rental history verification.
• 24/7 Maintenance team
• 24-48 hour turnaround time on general maintenance requests
• Monthly financial statements to owners. Owners paid via ACH to bank account for the same month collected. No 30-45 day wait time for YOUR money.
• Yearly Tax Summary Statements for tax purposes
• No locked in contracts. If you’re not happy with our services, simply give us a 30 days’ notice. No cancellation fees for owners to cancel.