Memphis, TN Property Management: Top 5 Options

Memphis, TN is a great place to invest in long-term and short-term rental properties in 2023. A major factor pulling in beginner investors are the affordable property prices. Memphis home values are significantly below the national averages. Meanwhile, the demand for both types of rentals is strong, leading to good returns for investors.

Let Awning find the best property manager for your rental property. Simply fill out the form and Awning will find a property manager that provides the best rates and services for your property.

The 5 best property management companies in Memphis are:

• HomeRiver Group: Best Overall Property Management Company in Memphis
• Mynd: Best for Single-Family Homes
• Foundation Property Management: Best for Portfolios
• RiverTown Realty: Best for Straightforward Pricing
• Reed & Associates of TN, LLC: Best for Landlord Guarantees

How We Selected the Best Property Management Companies in Memphis

Selecting the top property managers in a market should rely on a multitude of different factors in order to be objective and accurate.

In our ranking of the 5 best Memphis property management companies, we focused on the following criteria:

• Property management services: We looked for companies that provide comprehensive services so that Memphis real estate investors can benefit from passive rental income.
• Property management fees: We gave priority to property managers with clear, straightforward pricing structures and no hidden fees.
• Rental market coverage: We selected companies that work in all areas of the Memphis market and surrounding areas.
• Rental property type coverage: We searched for rental property managers working with different types of residential properties rented out on a short-term and long-term basis to cover the needs of all Memphis investors.
• Company size and headquarters: We included both small, local property managers and large, national property management companies as each has its own pros and cons, and investors should be able to choose their preferred style.
• Online reviews by property owners and renters: We considered the overall ratings of shortlisted companies available on third-party review websites and read through individual reviews to figure out the advantages and disadvantages of each company.
• Value for money: Ultimately, we chose the 5 companies that deliver the best value for money in the Memphis rental market.

HomeRiver Group: Best Overall Property Management Company in Memphis

HomeRiver Group is the biggest third-party management company working with long-term rentals in the US market, with a well-established presence in Memphis. John Hirschfeld, Andrew Propst, Doug Dale, and Joshua Bangert launched the company in 2016, with headquarters in New York, NY. At the moment, HomeRiver Group manages more than 40,000 rental properties and over 32,000 homes in HOA communities in 32 US states. They have been able to achieve this coverage by acquiring the best local property managers in each location and turning them into partners. HomeRiver Group is the top property management company in Memphis for providing truly comprehensive services at competitive rates.

HomeRiver Group Property Management Services

The Memphis office of HomeRiver Group covers the following services:

• Expert market analysis to maximize return on investment
• Marketing and advertising
• Showings
• Extensive tenant screening including thorough background checks and national criminal background screenings
• Handling move-ins
• Rent collection
• Owner payout disbursement
• Routine inspections
• Maintenance
• Handling repairs promptly
• Financial reporting
• Monthly and annual accounting statements
• Eviction protection

HomeRiver Group Property Management Locations

HomeRiver Group works in the following areas in and around Memphis:

• Arlington
• Atoka
• Collierville
• Cordova
• Germantown
• Hernando
• Horn Lake
• Lakeland
• Memphis
• Millington
• Oakland
• Olive Branch
• Senatobia
• Southaven
• West Memphis

HomeRiver Group Property Types

In the Memphis market, HomeRiver Group manages single-family homes and small multifamily properties.

HomeRiver Group Property Management Costs

Hiring the Memphis team of HomeRiver Group incurs the following fees:

• Leasing fee: 50% of one month’s rent
• Monthly management fee

• Single-family home: 10% of monthly rent
• 6-10 units: 9% of monthly rent
• 11+ units: 8% of monthly rent
• 20+ units: Custom pricing

• Lease renewal fee: $250
• Biannual inspections: $95/unit
• HVAC tune-up: Per quote
• Gutter cleaning: Starting at $195
• Tenant holiday gift: $50

HomeRiver Group Property Management Terms

The website of HomeRiver Group Memphis does not specify the terms of the management agreement applicable in the local market. In other markets, the company asks property owners to sign an initial contract for 6 or 12 months. After the end of the initial agreement, month-to-month options are also available.

HomeRiver Group Property Management Reviews

There are more than 800 online reviews of the services delivered by the Memphis branch of HomeRiver Group. They show generally positive experiences.

You can find HomeRiver Group reviews focused on their work in Memphis on:

• Birdeye: Currently 3.6/5 stars based on 276 reviews
• Google: Currently 3.6/5 stars based on 258 reviews
• ChamberofCommerce.com: Currently 3.6/5 stars based on 255 reviews

Satisfied real estate investors and tenants in the Memphis market discuss the excellent services, the effortless processes, the great responses to all questions, the professionalism and knowledge of the staff, the reliable and helpful team members, and the amazing and prompt communication. Dissatisfied customers complain about delayed processes, unexpected charges, and absence of proper communication.

How to Get Started with HomeRiver Group Property Management

To get started with the best overall property management company in Memphis real estate investors can submit an online form via HomeRiver Group or call 415-610-7867.

Mynd: Best for Single-Family Homes

Mynd is a large property management company specializing in single-family long-term rentals across the US, with a well-established presence in the Memphis market. Colin Wiel, Don Ganguly, and Doug Brien started the company in 2016, with headquarters in Oakland, CA. At the moment, Mynd manages over 11,000 properties worth more than $3.5 billion, in 25+ US markets. The company works through teams of local professionals who aim to make the investment process stress-free so that investors can focus on growing their financial assets and cash flow. Mynd is the best property management company for single-family homes in Memphis because of providing specialized full-service management for this property type at competitive flat fees.

Mynd Property Management Services

Mynd provides comprehensive services to Memphis rental property owners including:

• Getting properties rent-ready
• Writing rental listings
• Marketing
• Tenant screening
• Resident placement
• Rent collection
• Managing tenant satisfaction
• Avoiding liabilities
• Property inspections
• Regular maintenance
• Responding to maintenance requests
• HOA interactions
• Encouraging qualified residents to renew
• Terminating leases early (when needed)
• Financial reporting
• Providing tax reporting forms
• Evictions

In addition to these management services, Mynd offers the following guarantees to owners:

• $5,000 Rental Income Guarantee: Mynd will cover up to $5,000 in delayed rental income in case a resident placed by them misses a payment.
• $5,000 Eviction Protection Plan: Mynd will cover up to $5,000 in court costs and legal fees if a tenant placed by them gets evicted.

Mynd Property Management Locations

Mynd covers the entire Memphis market plus all surrounding areas.

Mynd Property Types

Mynd works exclusively with single-family homes rented out on a long-term basis. Because of their specialized expertise in the management of single-family homes both locally and nationally, Mynd is the top Memphis property manager for this type of rentals.

Mynd Property Management Costs

Mynd has a single package that covers all available services. The pricing depends on the number of properties in an investor’s portfolio. Owners need to pay the following rental property management fees:

Leasing fee: 50% of one month’s rent

Monthly management fee

• 1 property: $99
• 2 properties: $89/property
• 3 properties: $79/property
• 4+ properties: Custom pricing

Lease renewal fee: $249

This pricing model is very convenient for owners with multiple single-family home rentals in the Memphis real estate market.

Mynd Property Management Terms

The website of the Memphis branch of Mynd does not provide a copy of the management agreement that investors need to sign.

Meanwhile, the onboarding process is easy. Within 3 days after the signing of the contract, Mynd inspects the property to decide if it’s rent-ready. If the rental is ready, the company will start advertising it right away. In case it’s not, Mynd will prepare a list of all needed items within a week and get all required work done within 10 days.

Mynd Property Management Reviews

Over 300 real estate investors and tenants have written online reviews of the work of the Memphis team of Mynd. Their reviews show an excellent overall rating.

You can find Mynd property management reviews focused on their work in Memphis on:

• Google: Currently 4.7/5 stars based on 339 reviews

Happy property owners and renters highlight the fantastic services, the easy processes, the quick solutions to issues, the detailed responses to questions, the helpful and friendly team members, the personable and pleasant staff, and the incredible customer service. Unhappy customers complain about unnecessary delays, excessive property problems, false charges, withholding of security deposits, and lack of communication.

How to Get Started with Mynd Property Management

To get started with the best property management company in Memphis for single-family homes, landlords can fill in an online form on the Mynd Memphis website or call 901-621-7525.

Foundation Property Management: Best for Portfolios

Foundation Property Management (Foundation PM) is a local, full-service property manager serving the entire Memphis market and all surrounding areas. James Wachob started the company, with headquarters in Cordova, TN. The team bases its work on the principles of professionalism, integrity, accountability, and quality service to provide expert, personalized services. Foundation PM is the best property management company in Memphis for owners of rental portfolios because it offers major discounts for multiple properties.

Foundation Property Management Services

The services provided by Foundation PM include:

• Traditional and digital property marketing
• Showings
• Tenant screening including reference verifications, background checks, and criminal history reviews
• Rent collection
• Owner earnings direct deposits
• Billing
• Legal guidance
• Handling residents’ requests
• Regular property inspections
• Proactive maintenance and repairs through a network of trusted vendors
• Financial reporting
• Owner statements
• Evictions

Foundation Property Management Locations

Foundation PM covers the following areas around Memphis, including markets in both Tennessee and Mississippi:

• Bartlett
• Brighton
• Cordova
• Drummonds
• Horn Lake
• Memphis
• Millington
• Munford
• Olive Branch
• Southaven

Foundation Property Management Property Types

Foundation Property Management works mostly with single-family homes as well as some other types of residential properties.

Foundation Property Management Costs

The pricing of the full-service property management provided by Foundation PM depends on the number of rental properties in an investor’s portfolio. The two fees are:

1 or 2 properties

• Monthly management fee: 10% of monthly rent

3+ properties

• Monthly management fee: 8% of monthly rent

This major discount in the fee makes Foundation PM the best Memphis property manager for investors with portfolios with multiple long-term rentals.

In addition to a monthly property management fee, property owners need to pay markup on repairs based on the cost of the work, according to the following structure:

• $0-$250 in repairs: 20%
• $251-$500 in repairs: 15%
• $501-$1,000: 10%
• $1,000+: 5%

Foundation Property Management Terms

Foundation PM does not discuss the details of the property management agreement that investors need to sign when hiring the company. It’s a good idea to get in touch with the team and ask for a copy that you can review before deciding if this is the best choice for your investment needs in the Memphis market.

Foundation Property Management Reviews

There are more than 1,100 online reviews of Foundation Property Management that show generally positive experiences.

You can find Foundation Property Management reviews on:

• Birdeye: Currently 4.2/5 stars based on 580 reviews
• Google: Currently 4.2/5 stars based on 532 reviews
• BBB.org: Currently 1.0/5 stars based on 7 reviews

Positive reviews focus on the amazing services, the awesome homes, the quick and efficient processes, the helpful and reassuring staff, the courtesy and care of the team members, and the great customer service. Negative reviews highlight lack of compliance, problems with appliances, slow responses to maintenance requests, delayed implementation of repairs, withholding security deposits, and poor communication.

How to Get Started with Foundation Property Management

To get started with the best property management company in Memphis for portfolios, owners of multiple rental properties can submit an online form via the Foundation Property Management website or call 901-633-1484.

RiverTown Realty: Best for Straightforward Pricing

RiverTown Realty is a locally owned and operated, full-service property management company working across Southwest Tennessee and Northern Mississippi, with headquarters in Cordova, TN. The team combines local knowledge with long experience in the Memphis real estate market, personalized services, and the latest technology. Their mission is to make the life of investors easier and stress-free. RiverTown Realty is the best property manager in Memphis for transparent pricing with a single leasing fee and monthly fee.

RiverTown Realty Property Management Services

RiverTown Realty delivers comprehensive property management services that include:

• Property evaluation
• Rent assessment
• Property marketing and advertising
• Showings
• Tenant screening including background checks and rental history
• Pet screening
• Lease preparations and drafting
• Legal compliance
• Rent collection
• Rent payments to owners
• HVAC maintenance
• Routine inspections
• Property maintenance
• Property accounting
• Reporting
• Monthly owner statements
• Eviction process handling
• Capital improvement evaluation

In addition to these services, RiverTown Realty also provides the following protection for landlords:

• Leasing Guarantee
• Pet Guarantee
• Maintenance Guarantee
• Satisfaction Guarantee
• Tenant Damage Guarantee
• Eviction Guarantee

RiverTown Realty Property Management Locations

RiverTown Realty operates in the following parts of Shelby County, TN and Desoto County, MS:

• Arlington
• Bartlett
• Byhalia
• Collierville
• Eads
• Germantown
• Horn Lake
• Lakeland
• Memphis
• Millington
• Moscow
• Olive Branch
• Piperton
• Southaven
• Walls

RiverTown Realty Property Types

RiverTown Realty manages single-family homes, townhouses, condos, and apartments in Memphis.

RiverTown Realty Property Management Costs

RiverTown works with a single property management plan besides offering lease only services too. The fees include:

Lease Only

• Leasing fee: One month’s rent

Full-Service Management and Leasing

• Monthly management fee: 10% of monthly rent

There are discounts available for the management of multiple properties, which makes RiverTown Realty a good property manager for the owners of small portfolios.

RiverTown Realty has a very clear and uncomplicated pricing structure, with no hidden fees.

RiverTown Realty Property Management Terms

Under the Satisfaction Guarantee, property owners are free to cancel their management agreement as soon as they are not fully happy with the provided services. Cancellations are not subject to penalty fees.

RiverTown Realty Property Management Reviews

More than 100 rental property investors and renters have reviewed the services of RiverTown Realty. Their reviews show good overall experiences.

You can find RiverTown Realty reviews on:

• Birdeye: Currently 4.6/5 stars based on 58 reviews
• Google: Currently 4.6/5 stars based on 56 reviews
• Facebook: Currently 5.0/5 stars based on 6 reviews

Satisfied owners and tenants praise the invaluable services, the regular updates, the honesty, the low vacancies, the nice and professional crew, the amazing and responsive staff members, and the great communication. Dissatisfied customers mention poorly maintained properties, problems with utilities, slow maintenance works, and quick rent increases.

How to Get Started with RiverTown Realty Property Management

To get started with the best property management company in Memphis for straightforward pricing, rental property investors can fill in an online form on the RiverTown Realty website or call 901-321-5260.

Reed & Associates of TN, LLC: Best for Landlord Guarantees

Reed & Associates of TN, LLC is a local long-term rental property management company working with single-family and multifamily homes in Memphis and surrounding markets as well as parts of Mississippi and Arkansas. Mike Reed established the company in 1992, with headquarters in Cordova, TN. The team aims to be recognized for the efficiency they deliver through their services to property owners. Reed & Associates of TN, LLC is the top Memphis property manager for landlord protection as they provide more guarantees than other companies in the local market.

Reed & Associates of TN, LLC Property Management Services

The full-service property management supplied by Reed & Associates includes:

• Professional rental market analysis
• Shotgun property marketing on multiple rental websites
• Self-showings using lockbox technology
• Thorough tenant screening including credit check, employment verification, debt-to-income ratios, eviction history check, and criminal history check
• Lease preparation and signing
• Rent collection
• Owner payout disbursement via direct deposit
• Tenant communication
• Renewal inspections
• Preventive maintenance
• Maintenance and service calls
• Accounting
• Payment of maintenance vendor bills
• Payment of monthly items
• Detailed financial reporting
• Annual statements, tax statements, and 1099s
• Eviction process assistance

Moreover, Reed & Associates provide multiple guarantees and protections to Memphis real estate investors, including:

• Happiness Guarantee: Property owners can cancel their agreements at any time, with no penalty fees.
• Results Guarantee: Investors do not need to pay anything before the work of Reed & Associates shows results.
• Leasing Guarantee: The company will find a new tenant for free if a tenant placed by them does not fulfill at least 6 months of a lease term.
• 30-Day Rental Guarantee: Reed & Associates will provide one month of property management services for free if they are not able to lease a rental in 30 days.

Reed & Associates of TN, LLC Property Management Locations

The property management services delivered by Reed & Associates are available in:

• Tennessee: Arlington, Bartlett, Collierville, Cordova, Fayette County, Germantown, Lakeland, Memphis, Millington, Oakland, Somerville, and Tipton County
• Mississippi: Desoto County, Hernando, Horn Lake, Olive Branch, and Southaven
• Arkansas: Crittenden County, Marion, and West Memphis

Reed & Associates of TN, LLC Property Types

Reed & Associates works with both single-family homes and multifamily properties.

Reed & Associates of TN, LLC Property Management Costs

Reed & Associates offers a single property management package with the following fees:

• Leasing fee: 50% of one month’s rent
• Monthly management fee: 10% of monthly rent
• Lease renewal fee: $250
• Periodic inspections: $75
• Maintenance coordination: 15% of cost

Reed & Associates of TN, LLC Property Management Terms

Under the Happiness Guarantee, property owners are free to cancel their property management contract as soon as they are not satisfied with services. There are no penalty fees.

Reed & Associates of TN, LLC Property Management Reviews

Over 300 investors and renters have written reviews of Reed & Associates of TN, LLC on third-party websites. Their reviews show excellent average ratings.

You can find Reed & Associates of TN, LLC reviews on:

• Birdeye: Currently 4.6/5 stars based on 212 reviews
• Google: Currently 4.6/5 stars based on 179 reviews

Positive reviews highlight the phenomenal experiences, the exceptionally well-maintained homes, the easy processes, the team members going above and beyond, the professionalism and responsiveness of the staff, the honest and fair practices, the detailed responses to all questions, and the attention to customer needs. Negative reviews talk about disappointing services, placing tenants with bad rental history, slow handling of maintenance requests, and poor eviction processes.

How to Get Started with Reed & Associates of TN, LLC Property Management

To get started with the best property management company in Memphis for landlord guarantees, property owners can fill in an online form on the Reed & Associates of TN, LLC website or call 901-499-2398.

Takeaway

These are the 6 best property management companies in Memphis that will be able to provide investors with passive income, no matter if they invest locally or remotely. The top property managers for long-term and short-term rentals are HomeRiver Group and Awning, respectively. Mynd can be the right choice for the owners of single-family homes, while investors with multiple rentals in their portfolio should take a look at Foundation Property Management. RiverTown Realty could be a good option for those looking for clear pricing, and landlords who want to be well protected can check out Reed & Associates of TN, LLC.