Property Management Minneapolis St Paul MN

Frequently Asked Property Management Questions – Minneapolis St. Paul, MN

At our full-service property management company in Minneapolis St. Paul, our 20 years of managing residential real estate for property owners means that we’ve been answering our clients’ questions on a daily basis throughout those two decades. To help our website visitors get the answers they need, here’s a list of some of the most frequently asked questions about rental properties and property management. If you have other questions, just Contact Us, and we’ll be happy to your questions completely, honestly, and with all the information you need.

  • Can professional property management with 33rd Company save me money? – In most cases, the answer is yes. But, ask yourself this question: How much is my time worth? Not only are our fees offset by our ability to get higher rents for most properties, but we also find fully screened tenants who are reliable and able to pay rent on time and who will be long-term tenants. In addition, we handle all of the interactions with tenants, manage maintenance requests, and relieve clients from time-consuming management chores. Our services help protect your investment, enhance your cash flow, and save you time. Besides, all of our fees are tax deductible on Schedule E of your IRS tax form.
  • Will I still have control over my property if you manage it? – Absolutely. While we manage the rental aspects of your home, it is still your property. We’ll help you avoid issues with Fair Housing legal requirements, but you still control who rents your property and your preferences will be part of the lease document.
  • What kinds of property do you manage? – We specialize in managing better quality single-family residential properties. We do not manage apartment rentals, but do handle condominium and townhome properties with 3 or more bedrooms.
  • Do you charge security deposits and pet fees? – Yes. Security deposits are typically one month’s rent, and are kept in an escrow account used only for such deposits. In accordance with Minnesota law, such deposits must be maintained and interest paid when the tenant vacates the home. If you choose to allow pets, we also charge tenants with a pet deposit, normally $500 per pet. If additional pet damages occur that are not handled by our mandatory steam cleaning of carpets, the tenant is responsible for the cost of repairs.
  • How do you handle tenants moving in and out of my property? – When tenants move in, we conduct a thorough inspection of the property, using a detailed checklist to note any existing damage or deficiencies. The tenant and our inspector sign this checklist and it is maintained as part of the property record. When a tenant vacates, the same checklist is used to determine if any new damage is present. Beyond normal wear and tear, tenants are responsible for such damage, and charges are deducted from the security deposit to cover that damage. Any balance of the security deposit is refunded to the tenant within 21 days.
  • I don’t understand all the laws dealing with rental properties. Do you? – We do, and we keep constant track of changes. As members of the National Association of Residential Property Managers (NARPM), the National Association of Realtors (NAR), and the Minnesota Multi-Housing Association (MHA), we are informed of all changes in laws affecting rental properties. When changes occur that affect your property, we will inform you promptly. We can also advise you of all laws that apply to your property when you hire us to manage the property.
  • Do you offer insurance for my property? – No, we don’t. You must maintain your own property insurance coverage. Consult your property insurance agent for information on appropriate coverage for rental properties. This may be an amended form of your homeowners insurance or a special policy designed for your needs. Additional coverage may also be available to protect you against loss of use in case of damage of your home that prevents it from being rented. Personal property damage coverage and umbrella liability coverage of at least $500,000 is also recommended. If you wish, we will gladly refer you to an insurance company that writes rental property policies. Our leases require that tenants must obtain renters insurance to cover their own possessions in the event of damage.
  • How will I know what is happening with my property? – At our Minnesota property management company, communication is a high priority. We’ll contact you during business hours to discuss maintenance and repair needs, and inform you if a tenant requests to vacate from the home. We’ll also communicate with you if any other issues arise during the term of our management contract. Each month, we summarize all activities regarding your home in our property report, which you can access on our website.
  • Do you inspect my property while it is rented? – We will perform periodic and unannounced drive-by inspections of the property’s exterior to look for exterior damage, failure to perform lawn care or snow removal and other exterior issues. If there is any cause to believe that there might be interior damage, we will schedule an inspection or survey of the property. Complaints from neighbors, an HOA, or late rent or lease violations may trigger these inspections. We also encourage our owners to have a Licensed Home Inspector thoroughly inspect the home every 3-5 years to make sure that other maintenance needs are handled. We will be happy to recommend a qualified inspector on request.
  • What about inspections if the home is vacant? – During vacancies, our inspections are limited to scheduled showings to prospective tenants. When the home is vacant, especially in winter months, the owner should check the home regularly to make sure the furnace is working, the water is turned off, and for other problems. Keeping yards mowed and snow removed during vacancies is also the owner’s responsibility. On request, we can arrange for those services or for maintenance and repair services at competitive rates. A well maintained home attracts quality tenants.
  • How do you screen tenants who might rent my home? – Our tenant screening process is comprehensive and complete. We get full information from each prospective tenant, including permission to run credit and criminal background checks. We check and verify income, credit history, rental history, run a criminal background check and check the sex offender and Methamphetamine database. Ask for a copy of our specific guidelines for tenants. We apply these guidelines consistently and fairly for all prospective tenants who may occupy your home. Generally, a good non-family rental history, no criminal history, income at least 3 times the rental amount, and acceptable credit history are required to qualify any tenant.
  • Do you guarantee good tenants? – Unfortunately, that is impossible. We screen prospective tenants thoroughly, within legal guidelines, to make sure they are reliable and should make good tenants. We also closely manage properties, watching for exterior damage, neglect and adherence to lease requirements. People’s lives can change overnight, though, so issues can arise that cause unpredictable problems. If problems arise, we monitor the situation carefully and handle issues quickly. Protecting your property and assuring steady cash flow are the goals.
  • How do you handle vacancies at my property? – One of the advantages of our professional property management in the Twin Cities is that we are proactive in keeping your home occupied and your cash flow constant. As soon as a tenant announces an intention to move, we list your home through our marketing network. We will advertise in the most effective way to find a new tenant, and often find a new tenant before the current tenant vacates. Keeping your cash flow current is our primary goal. We’ll stay in contact with you during vacancies. Our advertising fees are modest, but our results are dependable.
  • How do you handle maintenance and repairs? – Tenants report the need for maintenance and repairs through an online form or by telephone. A special phone number is available for reporting emergency situations that require immediate action. We discuss the repairs with the tenant and, if serious, we also will discuss them with you. Our maintenance and repair network can handle repairs quickly and affordably, and we can pay for those repairs from owner funds on account with us or you can pay for them separately. If you want your own repair technicians to make repairs, they must be licensed and insured and register with us as vendors before they can be used. This requirement is to protect your investment and to assure that only qualified workers are used.
  • When and how do I get my rent payments? – Rents are due from tenants on the first of the month, with a short grace period. Rents are normally paid through automatic ACH / EFT debits from tenant bank accounts. We make every effort to collect delinquent rents quickly. Owner statements are normally posted in your online folder on or near the 10th of the month, and ACH / EFT distributions are normally posted to your account on or near the 15th of the month. At year’s end, we post and send to you an IRS Form 1099-MISC and a summary of all costs incurred.
  • How can I find your fees? – A listing of our highly competitive property management fees is available on this website.
  • Are you licensed? – Our Property Managers and Real Estate Agents are licensed by the Minnesota Department of Commerce. We are also a licensed Minnesota Real Estate Brokerage Company, and a licensed Residential Building Contractor (#BC629799).

Most Trusted Rental Management Services in Minneapolis St. Paul, MN

For owners of rental properties, having the right information about property management and how your property manager handles issues is crucial. At 33rd Company, we believe that supplying accurate information to our property owners is an important responsibility in our relationship with our clients. We encourage you to contact us anytime you need additional information about our policies, practices or whenever you have questions about your property and how it is managed. We will be happy to provide any information you need.