Landlords/Investors
Using Memphis Tenant Placement Service
Memphis Tenant Placement offers a unique host of solutions to traditional land lording. Using our vast experience in property management, rental property ownership and tenant placement, we are able to architect a solution for you and place QUALIFIED tenants in your home at no out of pocket cost to you. Best of all, you don’t even have to stop your current marketing. If you find a tenant before we do, no problem. Just let us know and we will take your property off of our website.
Frequently Asked Questions:
What does it cost?
At Memphis Tenant Placement, we understand the costs involved with marketing a vacant property. So, our unique pricing structure is that we will do our own marketing and place signs in your yard at no cost to you. Also, we select tenants based on a variety of factors but do not approve ANY tenant without showing you the credit report and sharing with you all of the information that we have acquired in our due diligence process. You may turn down a tenant applicant based on acceptable federal housing authority guidelines at your discretion. We bring the tenants to you and YOU make the decision.
The cost for this service is the first month’s rent. We will process the application fee, take the deposit, run credit checks and check out landlord references, and come to you for approval. Based on your approval, we then sign the lease. Upon signing the lease and collecting the rent, we pass to you a complete package of information including all signed documentation, the full security deposit, and contact information for the tenant. At that point YOU are responsible for managing the home and collecting subsequent rental payments.
We offer this service at no out of pocket expense to you. There are no expensive retainers or management agreements to sign. We only ask that you sign a one page document allowing us to access your home for showings and relieving us of any responsibility due to showing your home. The cost for our service is one full month’s rent, which we collect from the tenant upfront.
Do You Accept All Landlords and Properties?
ABSOLUTELY NOT. We only work within very specific areas of the Memphis marketplace. We do not rent homes in ‘war zones’ or high crime areas. We do not work with landlords who are known to be local ‘slum lords.’ We do not work with ‘difficult’ landlords. We do not work with landlords who have reputations of not fixing maintenance issues or who violate ethics of fair housing practice as dictated by the US Government’s Office of Housing and Urban Development.
We also only accept homes that are in excellent rental condition. Most of the homes we work with and offer as properties generally have new carpet, paint, central heat and air, and two full baths. Please note that is a general rule: exceptions can be made. However, we DO NOT work with houses in poor condition or which have substantial deferred maintenance.
Do you warrant the tenants you place?
NO. We screen the tenants but YOU make the selection. We take no responsibility for a tenant after they have taken possession of your home.
Will you manage my properties for me?
We work with Discount Property Warehouse management and will manage your home for you through our licensed broker management provider. Our provider's standard management fee is 9%.
Memphis Tenant Placement - Landlord/Property Marketing Process
Step One: Contact Us With Your Property
You must fill out a form (found here) to establish your intention for us to consider your property as an addition to our rental pool. You will be asked to submit some basic information to us, as well as sign a disclosure that relieves us of any responsibility for showing your home. We use a standard lockbox on our properties that you will need to provide, along with a copy of the working key set. We DO NOT keep copies of your house keys on file, or at our office. We DO NOT handle keys.
Step 2: We Will Arrange a Time to Meet You and Take Photos
One of our agents will meet you and take photos of your property. Experienced investors who have worked with us are aware of our standards for interior and exterior quality. This is also where we conduct a simple interview to see if you and your property are r ight for our program. We will take photos and, upon acceptance of your property into our program, we will then post the photos of your property on our website and begin marketing it.
Step 3: We Market Your Property
We will conduct and arrange for showings of your property with qualified tenant applicants. We will, generally, let you know when we are showing the home, usually by an email notification. Depending on volume, we may not send you a daily showing log for the sake of brevity, but we will let you know about showings whenever possible.
Step 4: We Bring Qualified Applicants to You For Your Review
Upon receiving a full deposit and application fee, after a tenant has been checked out and rental history verified, we will then bring their file to your attention for review, usually through a phone conference. You may, at this point, accept the tenant or reject them based on your standards of approval which ne ed to comply directly with Housing Standards and Rental Standards as dictated by the US Department of Housing and Urban Development.
Step 5: We Will Close the Lease and Provide You With All Documentation
Pending your approval, we will arrange a time for a lease signing with your new tenants. You can arrive at the closing to sign as the landlord OR provide us with a limited power of attorney to sign for you, specifically to save you time and ONLY for the purpose of closing leases on properties you own. The tenants will be given possession of your rental home after the close, and at that point you will be given all pertinent documentation and will assume your responsibilities as landlord of the property.
It couldn't be simpler! Just focus on letting us get your home rented, and you don't even have to pay any marketing costs AND can continue to try to rent the home. Just let us know if you have rented the house and we will stop our marketing campaign immediately!
And for helpful articles and links about landlording, visit http://www.mrlandlord.com.
Interested in Letting Us Rent Your House?
Fill Out the Information Below and One of Our Agents Will Contact You.
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