Property Management Company Recommendations?

[John Michael Roberson]

Recently acquired 3 units in 38119 and 38134 and am almost finished renovating two of them and they will be ready to list for rent. I am curious of what PM’s everyone would recommend for the Memphis area? 

I’ve been in touch with a couple of local PM’s and their fee structure seems….well.. bad. They take anywhere from 75-100% of all the late fees and then charge a placement fee. The placement fee I understand, however, with the way they have their late fees setup, it’s advantageous for them to put in late paying tenants because they end up reaping all the benefits of late fees, leaving me with nothing to be gained at all by a late rent payments. It’s also set up to be advantageous for them to pick tenants that will have to be removed so they can get more placement fees. I have an excellent PM back in GA and they send 100% of all late rent fees to me so maybe I’ve gotten spoiled by thinking that’s how things should be? I’m really looking for everyone’s input here since I’ve only been in my investing journey for a little less than two years.