Tuesday June 24, 2025
What is Tennessee property management?
Tennessee property management is the professional oversight of residential, commercial, or mixed-use properties in the state. It often includes rent collection, maintaining common areas, coordinating with vendors, enforcing community rules, and managing resident communications. In Tennessee, property management companies like FirstService Residential typically specialize in homeowners associations (HOAs), condominiums, luxury high-rises, and master-planned communities.Property managers are often hired by associations or landlords to simplify daily operations, protect the value of the property, and serve as a bridge between residents and the board or owner.
This article is not intended to and does not constitute legal advice or create an attorney-client relationship. Board members should consult their association’s attorney to discuss the legal implications of their decisions or actions prior to proceeding.
Is professional Tennessee property management worth it? Six benefits to consider
Professional Tennessee property management is often worth it for boards, landlords, and developers who want to reduce risk, save time, and enhance the experience of residents or tenants. Here are a few common reasons why communities choose to hire a property management partner in Tennessee:-
Time savings
Without a professional management partner, boards and owners often find themselves handling tasks like drafting meeting agendas, managing communications, or coordinating staff, taking time away from the big-picture decisions that really need their attention. At FirstService Residential, we step in to support those day-to-day responsibilities, so boards and owners can stay focused on leading their communities. The board or owner remains in charge of decisions and oversight, but they don’t have to carry out every detail themselves.
-
Cost savings
Self-managed properties or associations may be missing out on savings that come from partnering with a management company that has the added advantage of scale. Tennessee property management companies can help you save on or add value to utilities, insurance, and supplies. They can often help negotiate rates because of the size of their company, and they can leverage existing relationships honed during their time in the industry. When self-managed properties or associations are bidding on utility providers or requesting quotes for elevator contracts, they are representing one community or building. On the other hand, a property management company representing thousands of communities has the added benefit of reputation to negotiate better rates for the clients they serve.
-
Dedicated accounting support
A professional management company should have dedicated accounting teams and financial expertise to support your needs with accounting-related questions, delinquency guidance, and budget planning. Even if your financial needs seem simple now, dealing with a surprise maintenance cost or changes to staff wage requirements can negatively affect an otherwise solid annual budget. You can manage these challenges with the help of a team of financial specialists.
-
Maximizing revenue
A Tennessee property management company can provide specialized financial services to help you maximize funds, including reserve and lending programs. FirstService Residential’s clients have access to dedicated financial services affiliate FirstService Financial, which offers a reserve program, insurance products, and lending services, to name a few. Its cash management team helps tailor short- and long-term strategies for your unique needs, with the goal of replacing lower-rate funding accounts (brokerage-based money market accounts, sweeps, etc.), reducing ongoing security and tracking burdens, improving asset liquidity, and maximizing interest revenue.
One master-planned association decided to partner with FirstService Residential after a financial audit revealed they were earning minimal interest on their reserve funds ($1,000 in annual interest from $1.5 million in reserves). After a full banking analysis through FirstService Financial, they increased their interest to a projected $75,000 per year.
-
HR support
For self-managed properties and associations, taking on HR responsibilities can pose a significant risk. Employers who fail to seek professional guidance are vulnerable to lawsuits and fines. Depending on the number of employees you are responsible for and your understanding of federal and state law regarding labor, you could face significant fines or even lawsuits.
HR support can lead to significant savings. For instance, a 3,550-unit master-planned community determined that they were spending an average of $75,000 to $100,000 a year on legal fees just for HR-related services. After partnering with FirstService Residential, this fee was removed because their associates transitioned from association employees to property management employees, eliminating the cost of third-party HR services. The association’s 45 employees also gained access to training and development, extensive benefits and a local support team, helping with talent retention as well.
-
Lifestyle services
"When it comes to creating a truly exceptional resident experience, the impact of lifestyle cannot be overstated. A Tennessee property management company with expertise in cultivating a distinctive lifestyle can support board members and owners in creating an enhanced living experience for their residents."
FirstService Residential's Community Solutions group works with our clients to recommend and implement amenity and lifestyle programming to meet the board’s or owner’s vision and fit residents' preferences. These services include a residential hospitality program, concierge and front desk support, food and beverage expertise, spa/wellness/health programs, resident events (including children and pets!), sports programming, innovative technology offerings and more.
Landy Labadie, vice president of community solutions
Why choose FirstService Residential
Boards and owners in Tennessee who partner with FirstService Residential can benefit from:- Expert support for every property type: From single-family HOAs to luxury high-rises, we understand the nuances of managing different types of communities. We tailor our services to meet the unique needs of your association or rental property.
- Integrated financial services: A full suite of exclusive banking and insurance programs through our affiliate, FirstService Financial.
- Easy-to-use technology: Instant access to critical documents and communication with their management team through our proprietary platform, FirstService Residential Connect™.
- Transparent reporting: We help provide detailed, easy-to-read financial reports and keep board members informed with regular updates through our financial and accounting services.
- Compliance support: We help boards and owners stay current with ever-changing Tennessee regulations.
- 24/7 Customer Care team: Our dedicated customer care center is available around the clock, providing residents with timely support and giving board members peace of mind.