Property Management Archives

Why You Should Screen All Prospective Tenants

Posted on January 26, 2023 by Cultivation Network Admin

As a landlord or property manager, it’s important to screen all prospective tenants. By doing so, you can help ensure that your property is safe and well-maintained. There are several ways to screen tenants, and each method has its benefits. Here are just a few reasons why screening tenants is so important:

Can They Properly Care for The Rental?

When a tenant damages a rental, it can be costly and delay other tenants from moving in. Screening tenants is an essential part of being a property owner or manager. Knowing who will be living on your property and the risks associated with it are key to mitigating this responsibility. A thorough background check can alert you to any potential issues with a tenant, such as past evictions or criminal records that might suggest their reliability as a tenant. Establishing expectations and defining the laws of living on the property are also very important steps, helping to outline the duty of care expected by both parties. Ultimately, screening tenants gives you an informed picture of who is best fit to live in your rental property, ensuring that you have peace of mind while they live there.

Are They Responsible?

Screening tenants is important to ensure you have reliable, responsible individuals living on your property. To do this effectively, it’s essential to use a combination of criminal background checks, rental history reports, and credit reports. A criminal background check will provide information on any menacing behaviors or illegal activities that could be a threat to other tenants on the property. A rental history report helps landlords understand the kind of tenant they are dealing with – whether they pay rent on time or if they’ve had disruptive behavior in their previous rentals. Lastly, gaining access to an individual’s credit report allows landlords to see if the tenant is financially responsible enough to handle paying rent each month. By assessing all three sources of data you can feel assured that you’ve chosen responsible and reliable tenants for your property.

Can They Provide a Security Deposit?

Requiring a security deposit from tenants is an important practice for any landlord. It serves as a safeguard should something go wrong during the duration of their lease, such as unpaid rent or property damage. By asking for a security deposit up-front, landlords can avoid the risk of significant financial losses due to tenant negligence. What’s more, having the security deposit in hand helps make tenants accountable for what they owe and keeps up their commitment to you as a landlord. After all, if they know there’s money at stake, it will encourage them to adhere to their issued lease agreement and continue paying the rent on time. Requiring a security deposit is good practice for all landlords – it offers protection from potential financial liabilities and serves as an incentive for tenants to stay engaged in their contractual obligations with you.

What to Do With a “Bad” Tenant

Sometimes, landlords have to deal with “bad” tenants who may be late on rent payments, treat the property disrespectfully, or cause other problems. No matter how frustrating this can be, it is important for landlords to stay composed and handle the situation diplomatically. Landlords and property management should first communicate directly with the tenant about their concerns to try to resolve them. If this does not work, there may be legal options available that landlords can pursue to address tenancy issues like unpaid rent and lease violations. Ultimately, being a respectful and effective communicator is key to resolving tenant disputes as soon as possible while preserving the relationship between landlord and tenant.

How to Avoid Problems with Tenants

As a landlord or property manager, it’s important to be mindful of who you rent property to. By making sure that you thoroughly vet potential tenants, you can avoid problem tenants who are more likely to be evasive on rent payments, cause damages, and violate the terms of their lease agreement. Doing thorough background checks including credit checks is key to finding reliable and trustworthy renters. Asking for references from previous landlords or employers and conducting face-to-face interviews can also help get an understanding of the tenant’s character. Keep in mind that those with good credit scores and steady employment history are usually better risks to take than those without these credentials. With these tips, you can create a foundation for a positive rental experience!

For the best property management experience in Middle Tennessee, look no further than MMC. With a wide range of services including an in-house maintenance team, thorough resident screening, and access to licensed real estate agents, MMC can help you grow your business while freeing you up to pursue your passions. Call today!

Tips for New Property Managers

Posted on December 30, 2022January 6, 2023 by Cultivation Network Admin

As a new property manager, you may be feeling overwhelmed with all of the responsibility that has been placed on your shoulders. However, there are some tips that you can follow in order to make the job a bit easier. By following these tips, you will be able to successfully manage your properties and keep your tenants happy.

Establish Clear Expectations

Establishing clear expectations with your tenants at the onset of their rental agreement is fundamental to ensuring a smooth and successful tenancy experience. It enables you, as a property manager, to clearly explain the terms of the agreement and allows your tenant to gain a thorough understanding of their obligations. This communication sets the tone for your relationship and provides direction on how the tenancy should progress. Outlining expectations prior to signing an agreement also allows both parties to discuss any concerns before rejoining any commitments. As such, it is in your best interest as a property manager or property manager to ensure that expectations are explicit from day one.

Get to Know Your Tenants

As a property manager, it’s important to build relationships with your tenants in order to ensure success for all parties. Taking the time to get to know each tenant and allow them to get to know you is an effective way of creating an encounter that is mutually beneficial. Doing so can not only help you in the future if things don’t go the way you expected but also simply show your tenants that their well-being matters to you. Professionals suggest taking some time out of the day to ensure that these connections are strong, whether that may be a friendly conversation or helping out on any maintenance issues. It’s also important not just to have communication between you and the tenants but among tenants as well so they can develop a support system within the rental property. Making sure your tenants feel heard and secure will undoubtedly lead to happy customers who ultimately respect your rules and regulations.

Be Responsive

As a property manager, it is important to take tenant needs and concerns seriously. Taking proactive steps to ensure tenant satisfaction will result in positive interactions with tenants and can help make their experience enjoyable. It goes beyond responding quickly when they contact you with an issue or concern. It’s important to be attentive to probable issues that may arise before they even occur, such as making it easier for tenants to pay rent or proactively visiting the rental unit for regular upkeep and maintenance. If your tenants feel like their needs are met and taken care of, then maintaining a good relationship becomes much more manageable. Your main priority should be to always act in ways that best demonstrate responsibility as a trustworthy property manager.

Respect Tenant Privacy

Tenants in a rental unit should feel that their personal space is respected and valued. As a property manager, building trust by respecting privacy is essential. Always announce when you’ll be entering a tenant’s home for repairs, maintenance, or any other work. Give them plenty of advanced notice to allow them to prepare before entry. Additionally, ensure that all conversations you have with your tenants regarding their tenancy are conducted in a professional manner and remain confidential. If other potential tenants inquire about the details of the current ones, it’s best to respond politely but firmly that such information cannot be disclosed due to privacy laws. By consistently demonstrating respect for their privacy during the leasing process and beyond, you can build strong relationships with your tenants from the start.

Follow Up with Previous Tenants

Following up with tenants after they move out is an important part of property management. Not only can it give precious insight into the tenant’s overall experience, but it can also provide a level of understanding between property manager and tenant that can help make future transactions smoother. By having a system in place that checks in with tenants after moving out and encourages feedback, you can use the information gathered to improve how your properties are managed and better serve your tenants going forward.

All in all, being a successful property manager takes hard work and dedication – but it can be incredibly rewarding. By developing clear expectations with your tenants from the start, getting to know them, being responsive to their needs, staying on top of maintenance and repairs, respecting their privacy, and following up with them after they move out, you’ll be setting yourself up for success. After all, happy tenants make for a more successful and enjoyable business overall! Take the time to invest in your tenant relationships and everyone will benefit.

MMC Properties is a premier property management company in Middle Tennessee, serving the greater Nashville area of Smyrna, LaVergne, and Murfreesboro. To learn more about the services we offer, call (615) 849-9006 today.

Halloween Activities You Can Do at a Rental Property

Posted on October 28, 2022 by Cultivation Network Admin

The spooky season is finally here, and you may wonder what’s the best way to celebrate in an apartment community. We’ve got your back! From community social events with your neighbors who share a love for all things Halloween, or more simple arrangements that everyone can enjoy without feeling too spooked!

Community Movie Night

If you want to get your residents involved in movie night this October, consider renting a projector and a screen (any white wall or white sheet also works!) and providing snacks. Throughout the month of Halloween set aside times every weekend or just one big event where everyone can come together at their own convenience with friends and family! To thank them for being a part of the community, we recommend preparing treats alongside some drinks! You can also ask residents if they want to bring anything to share, like candy to give to little ones!

You could also let people vote on which film will play during these screenings by allowing voting via social media–who knows what might end up being chosen? Just make sure there are no children (unless accompanied by adult supervision) watching any super gory movies!

Pumpkin Carving Contest

What rental unit can carve the best pumpkin? Ask your tenants to sign up for a pumpkin carving contest while you supply the pumpkins! This is a great way to get members of the community to come together and have a little fun. Families with small children will especially love this!

This can easily be done in a parking lot or community center on the premises. Just make sure there’s a cleanup crew after so nothing is left behind!

Trick-or-Treat

We can’t forget trick-or-treating! This is an integral part of every Halloween and shouldn’t be missed! Encourage your residents to provide candy for trick-or-treaters. Many people often think rental properties don’t allow trick-or-treating! Make sure you advertise it to residents so they don’t go elsewhere, and bring your community together for this fun and thrilling holiday!

Benefits of Using A Property Management Team

Posted on August 19, 2022October 7, 2022 by Cultivation Network Admin

If you are a rental property owner in Middle Tennessee, you know that keeping your property rented can be a full-time job. Between finding qualified tenants, handling repairs and maintenance, and collecting rent payments, there never seems to be enough time in the day! That’s where a property management team comes in handy. A good property management team can take care of all of the details for you, allowing you to focus on other aspects of your business. In this blog post, we will discuss some of the benefits of using a property management team.

Free Up Your Time

One of the biggest benefits of using a property management team is that they can handle all of the day-to-day tasks for you. This includes finding qualified tenants, processing applications, and conducting background and credit checks. They will also handle all of the paperwork involved in renting your property, from lease agreements to security deposits. In addition, a good property management team will take care of any repairs or maintenance issues that arise. This can save you a lot of time and money in the long run!

Maximize Your Profits

Another benefit of using a property management team is that they can help you maximize your profits. A good team will work hard to keep your property rented at all times. They will also make sure that rent payments are collected on time and that late fees are assessed when necessary. In addition, a good property management team will keep an eye on your expenses and make sure that you are not overspending on repairs or maintenance.

These are some of the main benefits of hiring a property management team to manage your rental properties and apartment communities, but there are many more advantages.

Additional Benefits:

A good property management team will do their best to screen tenants so that you don’t have to worry about problem renters.
They can also help market your rental unit so it doesn’t sit vacant for long periods of time.
A property management team can also negotiate with contractors on your behalf to get the best possible prices for repairs and renovations.
If you live in another city or state, a property management team can act as your eyes and ears on the ground so you don’t have to worry about what’s going on at your rental property.
In some cases, a property management company can even offer discounts on insurance premiums if you use their services.

As you can see, there are many benefits to using a property management team. If you are a rental property owner in Middle Tennessee, we hope that you will consider using our services. We would be happy to discuss the benefits of using a property management team in more detail with you!

Spring Maintenance Checklist for Rental Property Owners

Posted on April 30, 2021May 3, 2021 by Cultivation Network Admin

Winter can be tough on a home. Snow, ice, wind, rain and freezing temperatures can all place stress on your home’s structure. Now that Spring is here, it’s time to start taking stock of any needed repairs or updates to get your rental property back in top shape. An updated, safe property means happy, paying tenants. Here are a few of the things you should be doing and looking for:

Check windows and doors for broken or damaged frames, hinges, or locks.
Inspect window or door screens for rips and have them repaired to prevent insects from entering the building.
Have the roof professionally inspected. Pooling water or hail damage can cause failures in the material and structure of the roof, but you may not even know unless you have an inspection.
Look for cracks in the driveway or parking lot. Water from heavy rain or snow can cause cracking in concrete and asphalt, and you may want to get it resealed to prevent further damage.
Clean leaves and debris from the gutters and downspouts. This is a basic maintenance task but one that is essential.
Inspect fences for loose or rotten panels, and replace them promptly.
Do your properties have patios? If so, you’ll need to pressure wash them on a regular basis to keep them looking fresh.
Test run sprinklers and outdoor faucets to ensure all systems are operational. If the water flow seems low, there may be an issue with the pipes.
Remove debris from on and around all air conditioning units to ensure maximum efficiency.

Homeowners Insurance Can Protect Your Home

The best way you can ensure that your rental properties will be properly maintained is by using a professional property management company. As part of your spring maintenance, call MMC Properties today to get the professional, honest, and local property management services you need.

Six Signs You’re Working with a Trustworthy Property Management Company

Posted on March 19, 2021March 25, 2021 by Cultivation Network Admin

They Are Digital

In this connected age, more and more renters are searching for properties and making decisions based on what they find online. You will want to look for a company that can reach potential tenants where they are – the internet. It is not only about having a great website and property listings. Renters also expect to be able to make maintenance requests, pay bills, and stay updated on property changes digitally. When you find a property management company that has invested in technology, this is a sign they are also invested in keeping vacancies low and customers happy.

They Have Reasonable Fees

As you begin to narrow your search, you will want to compare the management fees of local companies or search for the averages in your region. Determine what is a fair and reasonable percentage, with the understanding that you often receive the quality of service you pay for. Keep in mind that a lower fee does not always signify savings for you as the owner either. If a low-fee property management company does not have the same dedication to quality, your “cost of vacancy” may be much higher when tenants move out due to a negative experience with that company’s staff.

They Are Conflict-Management Pros

Do not be afraid to ask straightforward questions when interviewing a potential property management company. Ask them to offer specific examples of times they resolved a conflict with a resident or vendor. Understandably, residents may experience higher levels of emotion when it comes to unforeseen concerns with their apartment or rental. They view this wonderful property as their home too, and you want to find a management team that can handle their needs with sensitivity to reach a solution.

They Are Well-Maintained

If possible, take a few in-person tours of the properties the group manages. Consider the cleanliness, safety, and aesthetic of each location. Look for things like functional outdoor lighting, waste receptacles, and landscaping. If you visit a property with poorly maintained flower beds, broken amenities, or noticeable overflowing garbage, this is a sign that the management staff is not paying enough attention to detail. Oftentimes, residents may decide to vacate a property that is not maintained to their preferred level of care.

They Are Committed

Your residents may have concerns that arise outside of regular business hours, so if your rental property does not offer any after-hours assistance, you may want to take a closer look at their commitment to resident satisfaction. One benefit to using a property management company is the peace of mind knowing your tenants’ needs will be addressed immediately, without requiring you to take valuable time away from family or work to resolve the issue.

They Have Rave Reviews

Few things are more valuable than real testimonials from their residents and clients. Ask the property management company you are considering for referrals you can contact, or use reputable online review sites to research their satisfaction rating. Ask the referrals what they liked and did not like about working with the company and their staff. You can bring any negative feedback to the company’s attention in case they made relevant changes. Receiving more positive feedback, especially in areas relating to responsiveness and tenant satisfaction, is an excellent sign you are choosing a trustworthy group to represent your property.

The experts at MMC Properties are professionally-trained experts with decades of experience in real estate and residential management. If you own an investment property with the intention to rent, call (615) 849-9006 to speak with an MMC Properties staff member today.

Three Benefits to Purchasing a Multi-Family Property

Posted on March 5, 2021March 18, 2021 by Cultivation Network Admin

Low interest rates have broken headlines for more than nine months through late 2020 and early 2021. However, the high cost of lumber and building have also been covered by national news outlets. But what does this mean for you as a potential real estate owner?

It means that now is an excellent time to purchase a pre-existing home, especially if you intend to rent the property. One of the best ways to maximize the return on your investment is to purchase a multi-family property, such as a duplex or large home that has been subdivided into independent apartments or condominiums. Below, we outline three benefits to purchasing a multi-family in the current early 2021 market.

1. Interest Rates Are Low

In 2020, the Federal Reserve cut interest rates to the lowest percentage since the 2007 recession. This dropped the average lending for real estate to about 3-4%, compared to an average of 5% before the pandemic. If you are choosing to invest in real estate now, you will most likely be able to borrow at a low rate, therefore also receiving a lower monthly mortgage payment. Consider the price you plan to charge to tenants when determining what you would like to spend on your mortgage payment as well.

2. Affordable Housing Shortage

Even prior to the pandemic, there was a shortage of affordable housing options. On a national average, there was only 33% of the need being met – leaving 67% of those in need of rental housing without options. The high cost of lumber also meant that those who may normally be able to afford to build simply cannot afford a custom home due to increased building expenses. As a side-effect of the pandemic, many households saw a significant reduction in their income and savings, whether they were laid off, furloughed, or simply did not receive an annual bonus that they were expecting. These factors combined have led to many families seeking to rent a townhome or condo that has more space, similar to a traditional house, but does not require a large down payment.

3. Minimal Time Commitment

One benefit to investing in a multi-family home is that it can require very little time on your part, if you choose to use a property management company. After making your purchase and completing any necessary renovations or updates, you can utilize the expertise of a management company to handle the day-to-day needs of your tenants. This can involve anything from marketing the property and conducting tours with potential residents to resolving maintenance requests and charging rent payments. The real estate professionals at MMC Properties have decades of expert experience and are fully equipped to meet the needs of your residents. If you are considering a multi-family home as an investment property, call (615) 849-9006 to speak with MMC Properties about the management services they can offer your residents.

Four Reasons Why You Don’t Want to Deal with By-Owner Rentals

Posted on February 12, 2021February 25, 2021 by Cultivation Network Admin

When searching for your new rental, it is vital that you like the house or apartment – and who you’re renting from. If you choose to rent from an individual landlord instead of a property management company, there can be some additional challenges to keep in mind. Here are four reasons you may want to consider choosing a rental management company when looking at apartments.

Challenging Repairs

When you rent from a single owner, all your repair requests are going to that same person. The owner may rent multiple properties or even have a full-time job, making them harder to get ahold of when things need to be fixed. Your repair could take longer, depending on if there are other requests the owner has prioritized. Even worse, the owner may not have the funds on hand for more costly or safety-related repairs, leaving you in a bind.

Lack of Professional Standards and Accountability

The landlord of a by-owner rental is, more often than not, simply one individual who owns and rents a dwelling. You are renting from a person, not a company. That means you will have to be prepared to work with a person who might be having a bad day or is too busy to speak with a tenant. While this is considered unprofessional, there is no company to manage the landlord and hold them accountable to professional standards.

Poor Communication

Rental companies often use a variety of communication tools to manage their residents’ needs. These companies may have a main office where tenants can speak with someone in person, a phone number for after-hours emergencies, and even online forms to book repairs and maintenance services. By-owner rentals rarely offer these communication tools, and it can be months before you can speak with the landlord face-to-face.

Full-Time Attention

By-owner rentals typically do not employ a diverse staff that can meet the needs of residents. If the landlord has a full-time job, travels frequently, or perhaps even lives in another city or state, you will not have the dedicated attention you may need in an emergency. A rental company is more likely to hire staff with backgrounds that relate to various aspects of property management. They also ensure that residents can receive assistance, no matter the time of day because emergencies can happen when you least expect them.

Professionally Managed Rental Properties in Middle TN

At MMC Properties prides ourselves on our professionalism, quality of service, and excellent management. Rent from us and you’ll see the difference that working with professional property managers makes. Check out our rental homes and apartment communities and fill out an application today!

What To Look For When Buying a Multifamily Property

Posted on October 9, 2020November 10, 2020 by Cultivation Network Admin

Deciding to purchase a new multifamily property is an exciting challenge to undertake! With every challenge comes a variety of obstacles. Once under contract for the building, having the property inspected should be the one thing that is done as soon as possible. If there is something uncovered that was not expected, then you have the ability to still walk away. We’ve compiled a small list of things to pay attention to when in the process of purchasing a multifamily property. Of course, depending on the contract, will affect the other things you should look into.

Unit Inspections

Naturally, an inspection of each individual unit should be done. Inspections on common areas, utilities, and the general exteriors of the building. This does not need to be done by you personally, you can hire someone else or another company to do the inspection process in your stead. Once the inspection is completed by the professional you’ve chosen, they will be able to report any findings and the current condition of the building.

Real Estate Tax Bills

When overlooking the property tax data, it can tell you a lot about the property. Always look over the status of current and prior year’s bills, as this can give an insight into the motivation of the seller based on the date that the bills were paid. Depending on your location, some county appraiser websites may provide calculators to help you estimate how much the bills may go up after the acquisition.

Pending Litigations

It’s important to check if there are any pending litigations. This is actually a common thing, even for newer apartment buildings. Here are a few important questions to ask:

Are there any pending lawsuits?
What are the complaints?
Are there structural issues?
A bad management track record?
Who will be on the hook for any compensation or judgments?
How might litigation impact the ability to buy and close on the property?

Services

Keep a tab on the services that may have been promised via lease to the current tenants. What services have they been promised, if any? Does the current owner offer laundry appliances or internet? Are there leases on equipment or service contracts in place that are needing to be addressed, cut or renegotiated?

Looking for professional management for your new multifamily property? Contact MMC Properties today at (615) 849-9006

Investing in Multifamily Real Estate

Posted on May 29, 2020June 30, 2020 by Cultivation Network Admin

You’ve been investing in the real estate business for a while, but you want something that will be a challenge. Multifamily properties may very well provide that challenge you are seeking – with great potential for reward. Are you determined to take on the increased responsibility, liability, and capital reserves required to buy a multifamily property? In order to find out if this is truly what you’re aiming for, we’ve compiled a few reasons why this is a great investment and what you should expect.

Know What You’re Getting Into

Here’s a starter question: Do you want to be a landlord for reasons other than the money? Your due diligence to taking on this type of property should include an attitude check to determine if you want to deal with the management. Headaches that come with a property usually are based on the quality of the neighborhood and the age of the property. These facts can be determined by the properties classification — either as A, B, C, or D class property (A being in the best condition) — and buy according to your financing and budget. There is often less inventory of multifamily properties than there is for single-family properties. This means you may have to sacrifice location or property condition to find one in your price range. In many cases, investors often fail to confirm property is legally zoned for its use and number of units. It’s also good practice to have a property lawyer set up your leases and an LLC to own the property.

Ask for Detailed Paperwork

Request income and expense statements for the current and previous years, current rent rolls, service contracts and all existing reports. Go over all of this paperwork you’ve obtained and make sure the historical information matches with your expectation of the current operations- if they don’t, make it a goal to find out why. Make yourself very familiar with the vacancy rate in the neighborhood and make sure to talk to the tenants directly to get honest feedback about the building’s condition and potential problems. Verify proof of rental payments, copies of leases and have security deposits transferred to you and meet all of the current occupants.

Benefits of Investing in a Multifamily Property

Bigger Cash Flow – If a single-family property generates a single monthly income, why not invest in a multifamily property producing multiple forms of income? These investments represent an innovative opportunity to generate additional income from one investment. As an added note, some investors may have the opportunity to live in one unit and rent out the others for income.
More Control Over Value – The more income that a property receives, the higher the value is. The more units there are to be occupied, the more monthly payments received.
Larger Pool of Tenants – Less risk is involved in investing in a multifamily property. Unlike single-family properties, where income is lost when the home is vacant, multifamily properties have numerous units and alleviate the total economic loss for investors.
Scalability – Multifamily investments epitomize scalability. Rather than purchasing individual properties and slowly growing your business one by one, these investments present the opportunity to acquire multiple properties within one building. Maintaining this type of property also allows you to increase your portfolio.

Looking into investing in a multifamily property like an apartment complex in the Middle Tennessee area? Does the complex need professional property management? MMC Properties is available to assist you! Contact us at (615) 849-9006 and browse our investor information today.