Many of our new owners want to know what they can expect during their first year of Nashville property management with Browning-Gordon & Company. Today, we’re sharing what that year will be like for you, your tenants, and your rental property.
Signing a Management Agreement
The first step in partnering with us is to contact our office. If you’re interested in our services, we’ll talk about your property and your investment goals. We’ll also talk about any challenges or specific things you’re looking for. We’ll send out a packet of information for you to review, and if all of that looks good, our next step is to come out and evaluate your property.
We want to make sure that your rental home is a good fit for us. As we’re walking through the property, we will make some notes and talk about some of the things you may need to do in order to get it ready for the Nashville rental market. Then, we’ll give you a general rental range so you know how much rent you can expect to earn once you have a tenant in place.
Next, we’ll sign the paperwork. Then, we would get the property ready for a tenant. It may already be ready, but if you need help with painting and cleaning or rekeying the property, we can help you take care of all that.
Leasing Your Nashville Rental Property
Once the home is ready for the rental market, we do some strategic marketing and online advertising. We’ll take good photos and write professional ads. There are dozens of different types of websites that we’ll use to list your property. We want to get your rental home out in front of the public as quickly as possible.
You can expect us to show the property to interested tenants. We use self-showing lockboxes. With this technology, we have a company that verifies people are who they say they are. Prospective tenants need to provide a copy of their driver’s license, a credit card number, and a selfie so we can be sure it all matches up. Once they’ve been verified, they’ll get a code and they can let themselves in and see the property. If they’re interested, they’ll fill out an online application.
We’ll process the application and screen the tenant. Then, we’ll sign the lease.
Managing and Maintaining Your Nashville Rental Property
After your tenant has moved in, we’ll collect the rent and enforce the lease agreement and make ourselves available to assist with any repairs or maintenance that’s needed. We’ll send your rent via ACH every month, and we’ll notify you when your statement is online and ready to review.
If there’s a small maintenance expense, you’ll see it on that statement. For repairs that are over $500, we will call and get you involved in the decision making process before we move forward.
We will issue you a 1099 at the end of the year. Whether you do your own taxes or someone does them for you, all of the information you need will be in one nice report.
We also take care of lease renewals. Ninety days from the end of the lease term, we’ll contact you to talk about whether you’re interested in renewing the lease. If you are, we’ll contact the tenant and review what’s happening in the local Nashville rental market. Maybe we’ll leave the rent where it is but if rental values have increased, we may increase the rent for the renewal.
These are the immediate things to expect in your first year with us. There’s a lot more to share, so contact us at Browning-Gordon & Company.