Have you invested your money in rental properties in Minneapolis, MN?
The upside of owning rentals is the tax deductions. You can deduct the homeowners' insurance, the interest on your mortgage, physical wear-and-tear on your property, and maintenance costs associated with the property.
On the other hand, there is some risk involved and one way to limit that risk and protect your assets is to hire the right property manager.
Your property manager can make or break the success of your business. Keep reading to learn how to hire a property management company to meet your needs and put your investments in good hands.
Find Someone With Experience
Don't hire someone who manages properties as a side hustle. You want someone who is up on the current laws whether it be at the federal, state, or local level.
Look for someone with a record of handling the many situations that arise in a tenant/landlord situation. If you own commercial property, don't hire a management company that only has experience dealing with residential properties and vice versa.
Ask If Licensed And Certified
Sometimes those with a real estate license consider themselves qualified to manage properties and there are some states that don't require any type of license.
For your own safety and peace of mind, hire someone who can back up their claims with proper licensing and professional certifications. Double-check that their license is current with the state real estate commission.
Look At Reviews And References
Ask for references from other property owners. Check the Better Business Bureau and Chamber of Commerce for any complaints or positive accolades.
Look at reviews online. Take those with a grain of salt as some might be from someone with an ax to grind. Comb through them carefully.
Ask How They Handle Vacancies And Advertising
When interviewing potential companies, ask about property marketing. What is the plan when a tenant moves out? How and where do they advertise to fill vacancies?
Look at their website. Is it easy for a potential renter to find the list of vacancies?
What Are The Terms Of The Contract?
Find out specifics about who your main contact is and the best way to reach them. Find out how much they charge for their services. Is it on par with other property managers in the area?
If you want to terminate the relationship in the future, how much notice do you have to give? How are maintenance issues handled? When should you expect to receive the rent?
Make a list including these questions and any others you have.
Property Management Company
Now that you know how to choose the best property management company in Minneapolis, you're on your way to enjoying worry-free investments.
Once you compare companies, you'll see that we at 33rd Company® Property Management is the choice for you. We do more than collect rent. We offer a full range of property management services that we can tailor to your specific needs. Contact us today for a consultation.