The population of Nashville, Tennessee has steadily increased over the past 10 years. It was just over 1.6 million in 2010. It's almost two million now.
It's a trend that's expected to continue over the next five years. And one that real estate investors should take note of. It's a great time to purchase property in this booming city.
Thinking of investing? You might be hesitant due to the work involved in property ownership. Even more so if you intend to buy more than one property.
You can still get the most out of your investment. Hire a Nashville property management company. But before you do, there are a few things you should keep in mind. Read on to find out what they are.
Welcome to Nashville, Tennessee
Country music, exciting nightlife, and numerous sports teams. The three things readily associated with Nashville, Tennessee. But there's so much more that continues to entice people across the country to change their zip code.
This includes the state's:
- Low employment rate
- Lower cost of living compared to other states
- High-quality healthcare
- Over 25 higher education institutions
- Steady economic growth
- Numerous job opportunities
- No state income tax
Not to mention it's a great place to raise a family and it's in close proximity to everything.
3 Things To Know When Considering Nashville Property Management
Thinking of investing in commercial or residential real estate? It doesn't matter. There are companies that offer both commercial property management as well as residential property management.
But when considering property management companies there are three things you should know. Two are unique to the state.
1. Federal and Local Tenant-Landlord Laws
If you own property in Nashville, you should know the tenant-landlord laws. Both federal and local. But hiring a property management company removes this stress. They keep up with the nuances and amendments to the laws for you.
It's all part of the company's service. They stay on top of the laws to ensure you're meeting your fulfillments as a landlord. All associated lease documents will also be in accordance with the laws.
2. The Weather
Tennessee's year-round climate is generally mild. However, the state still experiences four seasons.
Nashville summers can be warm with temperatures as high as 89°F. It's also very humid. The average low in winter is -30°F with snowfall usually occurring in January and February.
These extremes make managing the temperature within your property important. Your property should be well-insulated. This includes caulking windows regularly and replacing worn or old weather-stripping. Your AC units should also be well-maintained.
This can be a lot. But some property management companies also offer maintenance services.
3. Property Management Fees
Property management in Nashville, Tennessee involves certain fees. What you pay will depend on the services you require. Fees are often associated with:
- Lease renewal
General pricing packages are either set at a flat rate or a percentage of the service offered.
Getting the Most Out of Your Investment
There may not be a better time to invest in properties in Nashville, Tennessee. But the work it involves could be enough to dissuade you.
Don't miss out on this great opportunity. Hire a Nashville property management company.
HomeRiver Group Nashville is one of the premier property management companies in the state. We have years of experience and can provide you with the support you need to get returns on your investment. Get a FREE rental analysis today!