Prager Property Management Memphis Tn

Prager Property Management Memphis Tn – Why do landlords prefer to manage their property? The goal is often to save money, but does it really work? Let’s check the math.

Mike left the state for a new job. He wanted to keep his house for rent and decided he would try to rent it out himself. A few weeks later, his house was empty. After spending $140 on a newspaper ad, $10 on a “For Rent” yard sign, and losing $400 in lost rent because the house was empty, he still couldn’t find a tenant to rent his house for $900 a month.

Prager Property Management Memphis Tn

Mike decided it was time to hire a professional property management company and called the HomeRiver Group. Just three days after he hired HRG, his house was rented out for $995, earning him another $95 a month.

N 6th St, Memphis, Tn 38107

The $550 he lost by doing it himself was more than double the amount he would have paid HomeRiver Group to quickly rent his property for $95 more than he asked for.

Think about how much you earn in your career on an hourly basis. This is the money you lose when you are in self-management because you are busy communicating with tenants and maintenance. Protect your income and protect your time.

The big picture and the bottom line is that you can earn more if a professional manages your property.

Are you ready to earn more on rental property? Contact us at HomeRiver Group today to get started. By subscribing, you agree to share your email address with us and Mailchimp in order to receive marketing communications, updates, and other emails from us. Use the unsubscribe link in these emails to unsubscribe at any time.

Poplar Ave Apartments

Demareo Grandberry says he has had a hard time getting proper attention to scheduled maintenance issues from his landlord, Prager Group. Photo by Andrea Morales for .

In March 2020, which changed the world, a major real estate deal eluded the media in Memphis.

Atlanta-based real estate investment firm The Prager Group acquired 435 homes for $31.2 million from Cerberus Capital Management, a large private equity firm that a Washington Post investigation described as aggressive with evictions and systematized in code violations.

Nearly every Prager tenant contacted described deep frustrations with the company, ranging from a lack of heat in the winter to major leaks that kept carpets soaked for months.

Foundation Property Management In Memphis & The Surrounding Area

“When you called (Cerberus), they went ahead and sent someone,” said Demareo Grandberry, a Westwood resident who lives with his girlfriend and their six children. “For these people, our heater didn’t work at some point, and it took them three months to fix it.”

Prager representatives in Atlanta and Memphis did not return numerous calls and emails from Justice Through Journalism. The property management company’s website says it has “earned a reputation for delivering homes with exceptional service.”

For several nights last winter, April Chambers sent her four children away to friends and family, a decision that made her feel guilty when she knew it would be better.

“You feel like you’re not doing what you should be doing when you have to dump your kids on someone,” Chambers said. “They should be here in a nice, warm, stable home, and I couldn’t give them that.”

Dothan St, Memphis, Tn 38118

To secure this stable home, Chambers worked seven nights a week at Richardson International’s vegetable oil mill south of Central Gardens and regularly paid her $750 a month to rent a house in Raleigh that Prager owns.

Grandberry’s friend, Tiffany Danberry, cooks dinner for the kids by the stove before heading to work for the night. As the management of their rented home was taken over by the Prager Group, the family experienced significant delays in fixing the heating system and the non-functioning oven. Photo by Andrea Morales for

In mid-November 2020, a fuse blew, cutting off power to half of her home, including the stove. The first person Prager sent replaced the fuse, but it quickly blew again. The second person Prager sent told Chambers that the house’s electrical system was in a “very dangerous” state and would require extensive work to repair. He also advised her to call law enforcement, but Chambers was worried that the city would turn off the rest of her power if she did.

Until she moved out in mid-January, Chambers and her kids just got by. On those nights when the children slept in a cold house, they slept in the same room, wrapped in blankets and counting on heaters for warmth.

Bed, 800 Sqft, $750

Five of the seven Prager tenants contacted — mostly through knocking on the door — had at least one example of the company failing to fix a major problem, and six said the company was slow to respond to maintenance requests, if at all. reacted. One tenant spoke highly of the company, saying that its service technicians usually show up within a day or two after he submits an application.

Broken heating systems and leaking roofs—costly repairs—were the most common problems renters reported Prager didn’t fix.

Prager’s current tenant, who declined to be named for fear of eviction, said her roof is in such poor condition that water soaks into the carpeting in her solarium during rainy weeks. Because the company hasn’t been able to fix this and other major issues over the past year and a half, it said it has stopped submitting maintenance requests.

When Cerberus owned her house, the same woman said his repair crew quickly fixed her air conditioner when it broke.

Creekwood Village Apartments, Memphis, Tn Editorial Photo

At Grandberry’s rented home, some of the other issues they’ve had since Prager Group took over include an (abandoned) unfinished closet and counter repair after an unresolved plumbing issue led to mold and mildew; (top right) numerous requests for bullet holes on their daughter’s bedroom door and wall from stray bullets; and (lower right) shower cladding installed with adhesive that began to peel off quickly. Photos for Andrea Morales

The houses sold by Cerberus to Prager are mostly in low income areas such as Fraser, Westwood and Okhaven and were mostly cheaper houses owned by Cerberus. The average Memphis home still owned by Cerberus is worth about $145,000, while the average Prager owned home is worth about $85,000, according to an analysis by a Shelby County property appraiser.

In the 18 months after the sale, 379 requests for help were filed from the city of Memphis for things like sewer backup, broken heaters and damaged property, including seven that required emergency priority, according to the city, in the 18 months after the sale. In the 18 months prior to the sale, 349 complaints were filed at these addresses, none of which reached the level of an emergency.

In August, Stacey Glepion’s air conditioner broke down due to sweltering heat, and no one in Prager answered her calls.

Br, 2 Bath House

After a few days, she and her son began to feel lethargic and ill. Since she has an autoimmune disease, the doctor advised her to go to the hospital so that her body could cool down.

“I had a fever; my blood pressure was elevated,” Glapion said. “My doctor said bluntly: “You could have died.”

After being discharged from the local hospital, Glapion still hadn’t heard from her landlord, so she bought window units, which turned out to be a good investment. In a conversation with more than three months after the incident, she said that the central air conditioning system of her home in Fraser was still not working.

While the “air situation,” as she calls it, was the worst problem in the Glapion household, it’s far from the only one. The electrical outlets in her kitchen didn’t work for over a year, there was a big hole in her roof for 10 months, and the only toilet in her house stopped working in May.

Br, 1 Bath House

“You have to fill a mop bucket and pour it into the tank so you can flush the toilet,” she said.

Despite all these frustrations, Glapion said she managed to call Prager’s hired handyman to her home twice – for the toilet and electrical outlets – and both workers were unable to fix the problems. Aside from those visits, the Atlanta-based firm was largely unresponsive to calls and emails, she said.

The two tenants who were spoken to refused to speak on the record because they feared an eviction would follow and they would have nowhere else to go.

The Memphis area’s vacancy rate fell from over 12% at the end of 2019 to a 10-year low of 9% in the third quarter of 2021, according to CoStar Group and ARA Newmark. And rental rates are rising rapidly in the houses and apartments that are available.

Dunn Ave, Memphis, Tn 38106

DeMarie Grandberry (left) exits a trampoline in front of her family’s home in Westwood. Photo by Andrea Morales for

Grandberry said the only reason he gets Prager’s attention is either withholding rent — a move that could end in eviction — or refusing to sign a new lease until repairs are done.

When he initially reported a tree in the backyard leaning towards his house, Prager told him they weren’t going to remove it, but

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