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Reedy & CompanyRental Property Management

Property Management in Memphis

ACQUISITION

Sons, Brad and Jay Reedy, work to purchase new homes all over Memphis and its surrounding areas. They source all of the properties for Reedy and Company Realtors, LLC, and have purchased a combined total of 2,215 properties from August of 2010 to February 2016.

Before determining whether or not to acquire the property they perform these tasks: 

  • Determine renovation cost
  • Determine market rent
  • Run a discount to peak metric
  • Compare purchase renovation budget with the actual renovation budget
  • Compare purchase rent with actual rent

Reedy and Company sources properties through many different channels including the MLS, note packages, private owners, bank REOs, auctions and large privately held portfolios.

Normally, it would take decades in the real estate business to buy the number of properties that the Reedy family has, but they have accomplished this in only five short years. This accomplishment was achieved from the experience and expertise that Jim, Jay, and Brad Reedy all have

PROPERTY MANAGEMENT

Our property management company uses a set of reputable systems in order to insure accountability throughout the property management process. From tenant screening and placement, to timely rent collection, our management team is here for YOU. Finding qualified tenants is the most integral part of our property management process, as well as the core mission of our property management staff.

As a full service property management company, you can expect from us the following services:

Tenant Screening

All of our tenant applicants are subjected to a rigorous screening process, including credit analysis, verification of employment and income, a background check/criminal check, and a detailed landlord history. Tenants are expected to disclose all personal information immediately upon applying, and approval is at the discretion of our experienced property management staff. Tenants who have a questionable rental history or who have undergone recent bankruptcy or eviction, are immediately removed from the applicant pool. If there are any questions as to a person's ability to pay, they do not qualify to rent from us. Once the tenant is approved, they will pay their security deposit . The tenant will then sign our move-in agreement, which covers their move in date and how much they still owe.  

Lease Closing

Approved tenants sign and close their lease at our office, where we explain, in detail, all of our policies and procedures. Tenants sign comprehensive lease documentation that allows us to remain in control should nonpayment or default occur. Our lease includes a waiver of the 60 day notice clause that is standard procedure in the State of Tennessee, so if/when a tenant defaults they can be evicted immediately. We explain our detailed procedures regarding maintenance issues and service requests, so all issues that arise with an investment home can be dealt with immediately. This insures a higher level of tenant satisfaction as well as preserving the structural and systems integrity of your home. Additionally, it minimizes the work needed between tenant transitions, increasing your annual return.

Rent Collection

All tenants are made aware of their rental due dates, and we demand strict adherence to payment due dates. Our aggressive and proactive approach to rent collection allows us to remain in control of all tenant related issues regarding nonpayment of rent and enforcement of the lease.  If rent is not collected by the 5th business day, our staff is in direct contact with the tenant, assessing the situation and determining if payment arrangements are necessary or if eviction is needed. Immediate response to any late payment allows us to remain in control and establish firm collection guidelines

Accounting

We track your income and expenses for each property to ensure your accounting is simplified, which allows you to focus on your investments. By using the detailed property management software; Propertyware, your accounting is enhanced and your end of the year tax filing is much easier. The software streamlines the entire accounts payable process, which includes all vendor invoices, bill payments, and notes. All necessary information is made readily available through Propertyware’s efficient filing structure and search capability. 

Bills associated with expenses on the owner statement can be published to the owner portal to provide answers to questions without the need for a phone call—saving you time and trouble. A detailed summary of income, expenses incurred by us on your behalf (maintenance, etc.), and vacancy/occupancy rates are mailed at the end of every fiscal year. They are also available throughout the year at your request. 

Insuring Your Success

  • Advertisement: We market your property on several social media outlets, real-estate websites, the Reedy and Company website, place rental signs in the yard, and post ads in newspapers.
  • Security Deposit: The money is returned to the tenant if the home is left in good condition, but if the home needs repairs, the money will be used to make the necessary restorations to ensure that it will be in rent ready condition.
  • Maintenance: We maintain a staff of 30 maintenance workers, so we are able to quickly and efficiently resolve any maintenance issues that you may have at your rental property.

REHAB & RENOVATION

Scope & Rehab Process

Once we begin managing a property, or when it becomes vacant, a Property Inspector will walk the home within 48 hours to evaluate the condition. Once the evaluation is done, we will then immediately perform the basic work which typically includes: painting, repairing or hanging blinds, and trash removal. A full scope of the work will be sent to you with photographs via email after the property has been inspected.

The Basic Work

  • Paint the interior of the property
  • Install blinds on all of the windows    
  • Remove trash from the property
  • Mow the lawn and trim the bushes
  • Re-key the property

Any other repairs that are needed to make the property rent ready will be at the consent of the owner.

Maintenance Staff

Our in-house maintenance department handles all service calls and with the help of our subcontractors and staff, we can handle any problem quickly.   The maintenance supervisors use state of the art software that helps them proficiently track all work orders and maintenance scheduling, and allows our property managers to receive real-time alerts for each incoming service request. Additional features include:

  • Ability to customize work orders 
  • Enforce work order approval rules 
  • Track maintenance bills online

We have two field supervisors that handle on site issues and coordinate work crews.  The maintenance crews are fully staffed with bonded and insured workers that include:

  • HVAC Specialists 
  • Master Electricians 
  • Master Plumbers 
  • Floor and Roof Experts
  • Expert Carpenters
  • Skilled Painters and Dry Wall Professionals 
  • Complete Lawn Crews

Each property is evaluated by the maintenance department to determine what is needed to get the property rent ready. During this process, we will stay in contact with you and communicate the costs and progress.

Due to the number of homes and high volume of work, we can offer discounted rates that no one else can.  We stock our 5,000 square foot warehouse with all of the materials needed (bought at whole sale pricing) which allows us quick turnaround to complete work and lower costs.