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Looking for a professional Property Management Company in Minneapolis St. Paul?

Be sure you are asking the right questions! Here are 50 questions you should ask when interviewing a Property Management Company or Professional Landlord.

  1. Who signs the Lease?
    • When an Owner's name is on the lease they are exposed to all of the Laws and Regulations, Fair Housing issues, and any lawsuits stemming from the tenancy.
    • 33rd Company® signs the lease on your behalf, and the owners name is NEVER on the Lease, which helps protect Owners and provide anonymity.
  2. Are they a Certified Management company?
    • 33rd Company® is a NARPM CRMC®- Certified Company. You can TRUST your most valuable asset to our professional Property Managers.
  3. Do they actually manage properties, or only provide a "Lease-Up" or "Tenant Placement" Service where YOU do ALL the tenant screening, management, damage deposit reconciliation, and take ALL the RISK?
    • Give us a call!.
  4. How many years have they been actually managing rentals versus only providing a leasing service?
    • 33rd Company® has been providing asset management services since 1993.
  5. How many homes do they actually manage, versus lease up's where the owner does all the screening, management, rent collection, evictions, etc.?
    • 33rd Company® manages over $100 million in Real Estate every day.
  6. Are they licensed brokers?
    • Property Management Companies MUST have a Broker’s License.
  7. Do they Employ and direct EMPLOYEES, or use Independent Agents/Contractors?
    • Companies using Independent Agents/Contractors cannot direct work, evoke standard policies and procedures or dictate work schedules. The result is less standardization, less predictable results, and generally poor results from your Property Management Team.
    • 33rd Company® uses trained and dedicated employees to manage YOUR most valuable asset.
  8. Do they use Attorney General Plain Language Act Approved Leases?
  9. How long do their tenants stay on average? Turnover every 1 to 1.5 years can cost you a lot of money! Poor customer service during tenancies from 'discount' management companies can significantly shorten tenancies, and cost you money from vacancy- turnover costs - and more leasing fees.
    • 33rd Company® tenants get great service and stay on average approximately 3 years, maximizing your total return.
  10. Do they actually pull credit bureau data and provide discrepancy based tenant screening, or are they lazy and rely on a credit score for their credit screening? Do they just defer the risk and put the decision on the Owner's lap!
  11. How many evictions did they have last year?
    • 33rd Company® had zero evictions in 2010, and only 3 in 2011 on over $100 million in residential rental properties.
    • 33rd Company® offers the BEST Tenant Guarantee program in the Industry. We find the BEST tenants.
  12. Do they know the LAWS pertaining to rental properties, and employment?
    • State Department of Commerce Laws
    • IRS - Internal Revenue Service Regulations for Vendor 1099's, Revenue reporting, etc.
    • HUD - Housing & Urban Development
    • FHEO - Fair Housing and Equal Opportunity agency
    • ADAAA - Americans with Disabilities Amendments Act of 2008 (ADA and Amendments)
    • EPA - Environmental Protection Agency or Environmental Protection Act
    • RLPHRA - the Residential Lead-Based Paint Reduction Act
    • RESPA - Real Estate Settlement & Protection Act
    • FIRPTA - Foreign Investment in Property Tax Act
    • FACTA - Fair and Accurate Credit Transactions Act
    • FCRA - Fair Credit Reporting Act
    • FCC - Federal Communications Commission
    • FTCA - Federal Trade Commission Act
    • TCPA - Telephone Consumer Protection Act
    • SCRA - Service Member’s Civil Relief Act
    • EEO - Equal Employment Opportunity
    • ECOA - Equal Credit Opportunity Act
    • FMLA - Family and Medical Leave Act
    • FLSA - Fair Labor Standards Act
    • ADEA - Age Discrimination in Employment Act
    • USERRA - Uniformed Services Employment and Reemployment Act
    • HIPAA - Health Insurance Portability and Accountability Act of 1996laws?
  13. Do they REQUIRE EFT /ACH Debit/Credit Services for Automatic Rent Collection and Distribution services to Owners and Tenants?
  14. Do they have the best 'A' Rating on Angie's List? Are they A+ Rated with the BBB? (Check them out!)
  15. Do they know where to effectively advertise the Rental, or publish ads on HUNDREDS of the most relevant rental property websites? Do they write professional full color brochures?
  16. Will they provide Owners click data from web site advertising to keep track of the rental market?
  17. Does any staff member hold a NARPM "Residential Management Professional" (RMP) designation or other management designation?
  18. Does any staff member hold a NARPM "Master Professional Management" (MPM) designation?
  19. Does ANY staff member have 10+ years of experience managing residential rentals?
  20. Are they members of the National Association of Residential Property Managers (NARPM)?
  21. Do they offer a 24 hour Emergency Maintenance Service?
  22. Are they a Licensed Contractor? In order to provide fee based maintenance services, the property manager must have a contractor’s license. In many cases, Owners are not allowed to perform maintenance in tenant occupied properties.
  23. Are they a member of the Institute of Real Estate Management (IREM)?
  24. Do they manage rentals full time or will they only provide you un-screened rental prospects through MLS?
  25. Do they do periodic property visits?
  26. Do they offer preventative maintenance options as well as reactive maintenance services?
  27. Do they offer lease purchase programs?
  28. Do they have professional signage available?
  29. Will they give you a list of property management references?
  30. Do they represent you EXCLUSIVELY, providing dedicated service?
  31. Do they coordinate maintenance on your behalf or relinquish this duty to you?
  32. Do they prepare detailed monthly financial reports, end of year accounting, 1099's, MN CRP?
  33. Do they provide EXPERIENCED tenant screening services?
  34. Do they have General Liability Insurance?
  35. Do they have Errors and Omissions Liability Insurance?
  36. Do they have Wrongful Eviction and Discrimination Liability Insurance?
  37. Do they have Lockbox Liability Insurance?
  38. Do they know the Rental Licensing Requirements for your home?
  39. Do they actually have an actual office, and regular office hours?
  40. Have any Owners or Officers of the company ever been fined or disciplined by a Government Agency?
  41. Have any Owners or Officers of the company ever been disciplined by their Association?
  42. Is the management company currently involved in any lawsuits with Owners or Tenants?
  43. Can they process on-line applications?
  44. Do they have an on-line Owner Portal for viewing monthly statements?
  45. Can maintenance requests be submitted through an on-line work-order request?
  46. Do they provide a FREE Lease renewal service?
  47. Do they require a reserve amount in your Owner Account?
  48. Do they process Owner Distributions within 15 days of the receipt of Rent payments?
  49. Do they perform the move-out inspection, reconcile damages, and disposition damage deposits?
  50. Can they help you SELL your home when it's time?

Remember, you are handing over the keys to your biggest investment.

Can I manage my Rental Property myself? Sure, if you are willing to spend a lot of time learning the business.
Not everyone should use a property manager or professional landlord service. It adds an expense to your cash flow statement and creates distance between you, your property, and the tenant. So the question is this ‘what are the issues to consider as you think through this question?’. Here are some things you need to do, or know before you can effectively manage rental properties::

Local, State, and Federal Laws.
Getting familiar with all of the local, state and federal laws that govern this business can be time consuming and require good attorney support along the way. In addition to HUD, Fair Housing Laws, Discrimination Issues, you also have a multitude of FCRA, Rental Licensing Ordinances, Inspections, Rent Collection policies, Eviction laws and processes, Etc. In short, the Landlord is trying to run a business, usually without the benefit of experience, legal, banking, or marketing support. Just 1 month of vacancy can generally pay the majority of the fees charged by a Property Management Company to do all these things for you.

You will be better off hiring an experienced Property Manager.

Marketing.
Do you have the time to post your Rental Property on over 200+ websites? Is MLS effective for rental properties? Do you know how to track click data so you can make sense of the rental market, and set your rental rates correctly? Do you have the time to track incoming calls, answers general questions about screening or qualifying tenants? Can you create professional PDF brochures, determine competitive rental ranges, and decide what kind of pet restrictions to set? Do you rent you home with or without a washer and dryer? Do you know who should pay utilities, association fees, or for certain types of maintenance? Do you need a rental license BEFORE you can advertise your home?

An experienced Property Manager can do all of this for you and knows the answers to these questions.

Showing Properties.
Tenants generally have jobs, and so do you. They look at houses in the evenings, on weekends and holidays. That is usually the time owners want to lay back and watch the game. If you are not willing to show your property 24/7, you may need to re-think managing without a property manager. Do you know what to tell the tenants of they ask of you screen applications, or want to repaint a room. Do you have written screening criteria that must be disclosed by Minnesota Law? What do you tell a tenant who has a disability and wants to make an accommodation in the home they are interested?

An experienced Property Manager can do all of this for you and knows the answers to these questions.

Managing the tenancy.
Many people are not good at managing others. Can you handle conflict resolution? What if the rent is late, or there is a police call? Do you have a process for escalating a delinquent rent payment, or lease violation? Do you have a means of recording rental payments, can you perform auto-debit ACH rent collections. Do you know how to fill out a CRP form? How about paying vendors, as a Landlord you need to provide 1099's to vendors doing more than $600 in work on your rental home. Is it legal for a homeowner to do repair work in an occupied rental. Are there quiet enjoyment and tenant privacy laws you should be aware of? What if you are sued by a tenant for a rent escrow, or for a habitability violation? This is where a Property Manager can help find solutions issues that arise occasionally. Do you know the State Statutes for Landlord-Tenant Laws?

Property Management is as much managing people as it is properties. A Management Company can do all this for you.

Handling a bounced check or NSF
How do you document a late rent payment? When do you determine if an eviction action is appropriate? Does your lease allow an eviction to continue with partial rent payments?

A good Property Management Company has processes in place for escalating NSF issues. Our process of escalation can include Attorney involvement, UD processing, Collections Agency Placement, and follow-thru. The time it takes you to figure it out, or let your attorney deal with it, will cost you a great deal, in addition to an unplanned vacancy.

Filing an Unlawful Detainer (UD) with the court.
Do you have a process and know the laws regarding filing Unlawful Detainers? Do you know which court they are filed in, or what the legal eviction process is? Angry phone calls, registered letters, nasty e-mails or threats do not form an effective process of enforcing the terms of a lease.
A Property Management Company can do all this for you, professionally.

Unauthorized Pets.
Approximately sixty percent of American households have a pet. If you said 'no' to pets, does this mean that you home will be pet free? What do you do if your tenant has an unauthorized pet? Demand letters generally don’t work. Threats don’t work. Figuring out what does work will take you a while, and time usually costs money in one way or another.

A Property Management Company can do all this for you, professionally.

Security Deposits.
You cannot charge a tenant ‘normal wear and tear’ at move-out. Do you know what the courts consider ‘normal?’ You need to, because the number one conflict with good tenants is not rent collection, but move-out charges. Be prepared to defend your charges or the judge will do it for you. Do you know how much interest you must provide on the security deposit, or how many days you have to return it?

A Property Management Company can do all this for you, professionally.

Maintenance and Repairs.
Do you have good reliable contractors? Can they also do emergency HVAC or Plumbing repairs in the middle of the night? Do these contractors have insurance, or a license to do the type of work needed? What if the home was built before 1978, are they LBP certified? Fixing Plumbing leaks of clogs in the middle of the night is not fun. Are you ready for that call at 2 AM?

A Property Management Company can do all this for you, professionally.

Conclusion
Renting out your own property sounds easy, but once you realize all that is involved, it is generally not worth the time and effort putting a management process in place unless you intend to become a professional property manager. Many people try to do their own repairs on their cars too, but soon realize that the cost of equipment, knowledge, and time far exceed the marginal savings (if any) of their efforts. The inexperience costs extended vacancies, poor tenant selection, expensive maintenance, poor contracts, legal issues, etc.

Not only that, but generally Property Management Fees are also tax deductible as well, unlike your personal time, so you will be far ahead of the game when you use a Property Manager to manage your rentals.

Give 33rd Company® a call TODAY! We can help you make more money; with less work than if you tried to do this all yourself.

LESS STRESS, MORE SUCCESS. RENT YOUR HOME WITH CONFIDENCE!

Service You Can Trust

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Office Hours & Locations
33rd Company, Inc.®
1951 Woodlane Drive Suite 100
Woodbury, MN 55125
(651) 777-5500
Fax: (651) 777-5501

33rd Company, Inc.®
3240 East River Road NE
Rochester, MN 55906
(507) 933-4500
Fax: (507) 933-4501

33rd Company KS, LLC
7301 West 129th St. Suite 100
Overland Park, KS 66213
Phone: (913)-220-2200
Fax: (913)-297-7300

Regular Office Hours:
Monday - Friday | 9am - 5pm

Maintenance Emergencies (After Hours):
(651) 777-5500, option 3, then press 0 for emergency.

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