Mid South Home Buyers renovates and sells investment properties to investors all over the world. While a few of our local investors choose to manage their properties themselves, the vast majority of our investors retain us for management.
Mid South Best Rentals is able to deliver unparalleled value because it does not operate as typical property management companies do. It exists to manage and support properties sold by MidSouth Homebuyers, ensuring MSHB properties perform their absolute best.
Owner Terry Kerr’s Investment Philosophy
Performing a top-notch renovation and renting property at slightly below market rates attracts a higher-quality long-term tenant, ultimately increasing the return on investment.
Below are several unique strategies Mid South Best Rentals utilizes to ensure your investment realizes the best possible return.
- Below Market Rents: Keeping rents at slightly below market rates increases the likelihood of a long term tenant. Vacancy is the biggest killer of return on investment for rental property. Our typical property rents for $675 per month, not the $700 – $725 per month that many other similar properties in the same area rent for. Although $25-$50 per month is not a lot of money for us investors, it is a lot of money for our tenants. This small difference, combined with the high-quality of our homes, encourages lease renewals and keeps your property occupied and cash-flowing.
- Screening the highest number of applicants possible: All responsible property management companies will do the following:
- check credit
- verify income
- run a criminal background check
- verify prior rental history
- Almost all property management companies will charge a $25–$50 application fee to the applicant for the above services. Although this is one of the largest profit centers for a typical property management company, this drastically reduces the number of applicants that apply. Mid South Best Rentals understands that by absorbing this cost ourselves, we get many more applicants through the front door. Having the ability to look at ten applicants instead three offers us the best opportunity to select the most qualified applicant for your investment home.
- In-house contractors: We have a dedicated full-time staff of maintenance professionals with the knowledge to save investors money and do the job right. Even though all Mid South Home Buyers properties are completely renovated from top to bottom with no deferred maintenance, at some point in the future your property will require repairs. When that day arrives, you can count on us to keep the cost of repairs at a minimum by dispatching a member of our in-house maintenance team, not contracting with expensive outside repair companies. In short, the seamless relationship between Mid South Best Rentals and Mid South Home Buyers gives us the ability to provide the most cost effective and efficient service possible for your investment property allowing you to realize even higher returns.
- Communication & availability: All our investors enjoy ease of communication with our staff and have direct access to Lisa Counce, our bookkeeper, Jen Riley our tenant relations specialist, and owner Terry Kerr. We provide detailed reports and rent disbursement to our investors on the 6th of every month. Whether you’re across town or across the globe, MSHB will deposit rents directly into the account of your choice.
- Compassionate but firm collections: Our approach in collections is not only compassionate but positively affects our bottom line. When a tenant falls behind, it’s important to keep the big picture in mind: return on investment. If a tenant is not paying, then the property is not performing. However, starting eviction proceedings as soon as soon as a tenant falls behind is shortsighted. This is where the relationship between property manager and tenant is key, and this is where Mid South Best Rentalss value is unquestionably second to none. Compassionate collections are as much an art as a science. By providing excellent housing, slightly below market rents, timely repairs, and by treating our tenants like the wonderful people they are, we’ve built a foundation of trust and loyalty that has endeared our tenants to us. The unique relationship between Mid South Best Rentals and our tenants is one of the key reasons Mid South Homebuyers investment properties are the best performing real estate investments in Memphis.
Feel free to check out Mid South Best Rentals’s website for tenants here.
*Mid South Best Rentals was formerly Absolute Property Management.