Being a landlord in Nashville seems like paradise until the phone calls begin.
Your tenant doesn’t pay the rent. Your pipe breaks in the middle of the night. You have a long period of vacancy and the rent isn’t rolling in. From applicant screening to fixing problems and keeping up with tenant-landlord laws in Tennessee, being a one-person property management company becomes a second job that you never expected.
With the rental market in Nashville continually expanding, the competition for solid tenants and services continues to increase.
But how can you be protected without spending your weekends doing it?
The answer always seems to lie with choosing the proper property management company. Here are five top contenders helping Nashville landlords operate their rentals.
1. Omni Realtors & Property Management
For a more local, family-run business, Omni Realty is worth considering. This Nashville rental property management company has been serving Greater Nashville since 2005. Omni’s statistics prove its reputation. Omni Realty boasts a consistent vacancy rate of less than 2% as well as an average tenant occupancy period of two years or more and even longer periods in some cases. Such retention helps keep the costs of turnovers down for the owners.
On top of these impressive statistics, Omni provides great knowledge regarding the Tennessee Uniform Residential Tenant and Landlord Act and the Federal Fair Housing Act to ensure proper compliance. The executive board members at Omni serve on the National Association of Residential Property Managers (NARPM). In addition, Omni offers a special owner’s portal containing monthly statistics, yearly statistics, and documents.
Moreover, Omni has an in-house maintenance department, and along with licensed and insured vendors, repairs happen 24/7. On top of it, MLS marketing syndication helps fill vacancies quickly.
2. Team Wilson Real Estate
Team Wilson Real Estate provides a flexible strategy for Nashville rental management. It is not possible to use a single strategy for all properties because of the variety of rentals in Nashville, including downtown condominiums and single-family homes in the suburbs. The company also provides staging and professional photography before placing an advertisement.
It means that houses have a high chance of catching attention immediately after being advertised. If an owner wants his house to look attractive, he can choose this agency as his partner.
3. Ghertner & Company
Ghertner & Company is one of the more experienced companies in Nashville, having been involved in property management in the area for many years.
Experience in Nashville means an intimate knowledge of the different neighborhoods in the city, ranging from the increasing need for rental units in East Nashville to the more stable areas of Green Hills and Belle Meade.
Since the Company has seen several market cycles, experience in dealing with rental properties is something that they have a lot of. For owners who prioritize experience over technology, this is the kind of Company they would prefer.
4. Evernest Nashville
Evernest follows an all-inclusive approach, assisting owners through property purchase and subsequent property management. The firm gives free rental reports on the possible income, plus advice on how to increase the value of the property prior to putting it up for sale.
This kind of research will assist owners in Nashville to appropriately position their properties in a market that changes from one block to the next.
After the lease of a property, Evernest will be responsible for its day-to-day tasks like collecting rent, handling any maintenance required, and communicating with the tenants. It would serve best for those who are looking for a partner to work with them from the very first steps of buying the property.
5. Renters Warehouse
Architecture, building and construction concept. Cropped shot of two engineers evaluating design of new housing project. African architect making presentation of scale model house to his partnerIn addition to the above, there is Renters Warehouse that provides management services to residential property owners in Nashville and surrounding areas such as Brentwood. The company uses systems that are consistent in all operations such as tenant placement, rent payment, and maintenance.
Systematic management works best for individuals who have more than one property because they find it easy to monitor their performance. This type of management is ideal for those wishing to expand in the rental business in Nashville.
Choosing The Right Manager For Your Nashville Rental
Each of these five firms has unique strengths.
Omni Realty has low vacancy rates, excellent tenant retention, and specialized legal experience in Tennessee. Team Wilson focuses on custom solutions and professional presentation. Ghertner has extensive experience working in Nashville. Evernest provides cycle support services for investors, while Renters Warehouse has scalable and systemized management options.
Think carefully about what is most important for your property. It is clear that a single-family home in the suburbs will have other requirements from the company than an apartment complex near downtown Nashville. The vacancy rate, tenant screening policies, and local legal expertise should all be considered when making a decision.
In general, the property manager you choose should be your partner, rather than just another vendor. This is especially true for Nashville, where competition in the rental market is very high.