Property Management Memphis - Frequent Questions

What services do you provide & what are your fees?

We highly encourage you to visit our property management services fees page for answers to all your questions concerning fees and services. In brief, Enterprise charges 8% of the monthly rent as a management fee, a $595 leasing fee after each original lease signing, a $99 per month marketing fee which is billed weekly, and a $250 lease renewal fee.

How much are the maintenance costs over the course of a year?

That depends on the age of the home and every home is going to need some level of maintenance. We recommend that a home owner set aside an amount equal to one month's rent for annual routine maintenance. If after a maintenance item is performed it is found that the tenant is responsible, then we will bill the charge back to the tenant.

Why do I have to pay the lease renewal fee and what does it cover?

Tenants are notified about 60-days prior to the lease expiration that it is time to renew the lease. If they are interested in renewing, property managers will notify you to discuss renewal terms you would like to offer to the tenant. The property managers initiate notices and communicate between you and the tenant to secure a new lease. Once the lease is executed, the $250 fee is assessed.

May I advertise my property myself?

Our advertising has proven so successful that we now enjoy 96% occupancy. That is unheard of in our marketplace. It is our recommendation that you utilize our marketing services. This will allow you to experience maximum advertising exposure and the lowest possible vacant days on market. Our marketing team strategically places your home on the Internet sites where people are actually seeking rental properties.

How much money do I have to come up with upfront?

The payment of the maintenance escrow is all that is required to begin our relationship. Any other money required will be billed to your account and provided by you as needed. Remember, the maintenance escrow is your money and is used for any expenses pertaining to the property.

How long will it be before my property is rented?

Several factors are involved with determining the time a home will remain vacant. The home does have to be in an occupancy ready position, in a good location, and price correctly. Also, the market and economy will greatly determine the amount of time it may take to rent your home. All things considered, we have experienced a 30-60 day vacancy period.

I have a home warranty, can I still use this?

Absolutely. All you have to do is designate Enterprise as a user of the home warranty services in question, on your behalf. Our offices can facilitate your home's maintenance needs through and kind of home warranty program.

How soon will you come to view my home?

Once we have had the opportunity to evaluate your home by performing a comprehensive rental analysis, pulling certain reports from the Memphis Area Association of Realtors (MAAR) and Shelby County tax assessor, and once you have received a copy of our property management agreement, then we will schedule an appointment to view your home.

May I do some of the maintenance myself?

EPM strongly recommends using our team of professional and highly competitive vendors to perform repairs and maintenance. Our goal is to make the tenant's rental experience exceptional. By providing very reasonable and quality maintenance the level of tenant satisfaction will increase, there by benefiting the property owner. Although you will not be prohibited to perform some maintenance of your property, we encourage you to use our services to do so.

Does my home have to be empty to show?

The home must be empty to show. The main reason is to reduce liability for you and for our company. The second reason is timing. Most renters want to rent the home as quickly as possible and an empty home encourages them to commit to your property as quickly as possible.

Do I have options on the quarterly inspections by your home inspector?

Yes. Although we recommend using our home inspector on a quarterly basis, even a semi-annual inspection of your property can be beneficial to your home and helpful to your peace of mind. The quarterly change of your air conditioning filters included in the inspection can greatly extend the life of your HVAC system and reduce possible repair due to negligence. Where as a semi-annual inspection of the property presents the home owner with a snapshot of the state of the home and the tenant behavior, the quarterly inspection will provide a more progressive picture for the home owner and a regular presence to the tenant.

What property management services does EPM offer?

We are a full service property management company. We will handle the management of your property from vacancy to tenant move out, minor maintenance to major insurance claims, rent collection and all forms of accounting, legal representation and evictions, electronic reporting, and online access to your account. We also provide property rent range analysis, tenant screenings, and professional marketing of your home.

How do we begin the property management relationship?

Initially we will discuss your objectives and goals to determine if we can help you achieve them. Next, a thorough analysis of your property will be performed so that we may establish an estimated rent range. During this process you will be sent a PMA, property management agreement, which is our contract with you to review. When you have all the data and have made the decision to partner with EPM, we will collect your property management agreement and the maintenance escrow payment. Then the fun begins. We place a sign in the yard, take interior and exterior photographs, create a detail description and build your property profile which will appear on epmleasing.com Finally your property is live on the Internet and we begin the process of finding your tenant.

What is the leasing fee for and when do I have to pay it?

The leasing fee covers the expense of leasing your home and will be deducted from your tenant's first month's rent. This may seem like a simple procedure but there are several steps involved. All the steps demand due diligence and compliance with local, state, and federal fair housing laws and the residential landlord tenant act. Items included are the professional creation of your property profile with accurate and attractive description and photographs, the fielding of phone calls concerning the renting of your property, all efforts extended by the leasing department including the scheduling of appointments and showing of your home. The skilled processing of prospective tenant applications of which there is usually more than two per vacancy period, and the negotiation of their rental terms and conditions between you and the prospective tenant. Finally the execution of the lease agreement and required addenda.

Where will my property be advertised?

The better question is: Where don?t we advertise? Although we cannot give away all of our trade secrets, here are a few of the locations and methods we use to ensure that your property receives the most exposure possible in the rental home market. Our leasing site www.epmleasing.com is the central engine for advertising your property. It attracts a high volume of prospective tenants and is the core of which all of our other advertising media effort refers. It allows prospective tenants to search by location, home size, or rent range. Each property listings shows pertinent information about the property including a description, photos of the interior and exterior of the property, a map of its location, and the ability to request an appointment online. This website is updated by our office staff daily, and offers a downloadable version of our rental application, a sample lease, and a link to our policies and requirements.

EPM works directly with a third-party marketing agency. Their specialized approach to online marketing allows us to keep up to date with any market changes and to adjust our advertising purchase decisions accordingly in order to generate the greatest return on your marketing investment. The behavior of website users is monitored on an ongoing basis to identify trends that help us improve the overall user experience. EPM is proudly positioned in the top 10 search results on all major search engines including Google, Yahoo, and Bing, for common search phrases used to find rental properties, and see more than 90% of all new tenants originating from the Internet. We also use online advertising on several popular rental sites, daily online classified advertising across a large network of sites, and EPM also offers a referral fee to any Memphis Realtor who brings us an approved client.