Frequently Asked Questions-Property Owners
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Frequently Asked Questions-Property Owners. Find answers to some of the most frequently Asked Questions from Property Owners. There’s no doubt that you have had a discussion and completely understand how we work. But sometimes it’s easy to forget the details related to frequently Asked Questions-Property Owners. This overview will provide you with many of the questions asked by our property owners regarding our management services.
Another good use of frequently Asked Questions-Property Owners is if you want to refer a friend to us! Before meeting with our staff, anyone can read the details around how we operate and what our requirements are. Our main goal in providing property management services is to protect the asset of our clients and preserve the property condition. We know our owners have high expectations for Minneapolis. These Frequently Asked Questions-Property Owners will help to ensure we meet our owners expectations.
Remember each market is different…what works in 1 market may not work in another market. Make sure you have a business plan in place for each market. Partner with your Property Manager and review frequently Asked Questions-Property Owners to validate your business plan. Your business plan should include (but not limited to) Neighborhoods, Property types, Price ranges, Rehab expenses, Rent ranges, CAP rate goals, Short term/long term growth and exit strategies.
How long does it take to get my rental property on the market in Minneapolis?
We can usually go from a phone call to online advertising for your rental within a day, once we have a signed management agreement. A quick phone call or meeting will get the process started!
How do you market your rental properties in Minneapolis?
We are committed to always offering the most advanced methods of advertising our rental properties. Here are just a few ways we make this happen
- Panoramic still pictures
- Embedded video tours
- Dynamic web links in web listings
- Real-time lead alerts direct to our staff
- iPad rental applications available at showings
What factors do you consider when doing a rental analysis in Minneapolis?
Our strategic approach to marketing your rental property will deliver the results you expect in ‘Real-Time’ speed! We consider many factors as we formulate a viable marketing strategy for your Minneapolis rental property.
On an ongoing basis, we gather and analyze local and national market data that directly and indirectly impacts all aspects of your rental property.
Here are just a few of the key market data points we monitor by city, neighborhood and unit type
- Vacancy rates
- Rental inventory levels
- High, average, and low rent prices
Where do you advertise your rental properties? Other companies tell me they advertise on over 250 websites, is this true?
If you think something sounds too good to be true, it probably is! We recommend asking them to provide the names of all websites they advertise on. Although, we can’t speculate on how other companies advertise their rental properties, we can tell you the names of the most popular rental listing sites and are always analyzing our lead traffic to ensure we have maximized advertising impressions for all our rental listings!
How much time will it take to find a tenant for my Minneapolis rental property? Other companies are promising me a tenant in 2 weeks; can you make this same promise?
No one can guarantee to find a tenant within a certain time frame! If someone makes you this promise, ask them how they plan to do this. Statistics show that they don’t have your best interest in mind and are willing to accept an unqualified tenant just to meet a deadline they promised you!
What is your fee structure for Minneapolis rental property management?
Some companies charge you a percentage of the rent price even if the tenant doesn’t pay rent, or if the unit is vacant. Our philosophy is different….”We don’t get paid if you don’t get paid”. Also some require a minimum monthly management fee if your Minneapolis rental does not generate a high monthly rent price. This means you may end up paying significantly more for property management services than you thought! We will never charge you more than 8% regardless of the rent price and you are never charged if your unit is vacant or if your tenant doesn’t pay rent!
Click here for our fees for property management services in Minnesota
What types of property management services do you offer for Minneapolis rental properties?
Real-Time Leasing offers full-service property management to ensure a consistent experience for all owners and tenants. This means that you will always work with our staff and/or appointees who have been trained on our policies and procedures.
Where can I find an overview of all Minneapolis property management services you provide?
What geographical areas do you cover for Minneapolis rental property management services?
In Minnesota we focus on the Minneapolis/St. Paul metro areas as well as surrounding suburbs.
Feel free to contact us if you think your area may not be covered. If we don’t cover your area, we may be able to recommend another company that covers your area.
How much does it cost me for Real-Time Leasing to market my rental property and find me a tenant?
Click here for our fees for property management services in Minnesota
Do you offer a discounted rate if I have more than one rental property?
At Real-Time Leasing our goal is to provide you with fees and services that are easy to understand and are clearly stated… with no hidden fees!
As well, we are committed to delivering the same best-in-class service to all our clients, big or small. Although you might appreciate a discounted price today, we don’t believe you will appreciate a lower quality of service tomorrow.
With this approach, we are proud of our fee structure because we know our competition and we know the price/value equation of the fees that we charge for the services we provide.
What information do you request from a tenant applicant?
Our background check consists of the following:
- Credit check
- Public record search
- Criminal background check
- Income verification
- Employment verification
- Rental history
CLICK HERE to view our approval criteria for all tenant applicants
How do you handle evictions for rental properties located in Minneapolis?
Because we do a very thorough job during the pre-screening/screening of our tenants, our eviction rate is extremely low.
But, it’s also important to know that tenants can look great on paper but can still cause problems.
We understand that an empty rental property causes additional stress, so our first approach will always be to collect outstanding rents and coach the tenant to correct any lease violations before considering eviction. If, in the end, eviction is the smartest business decision, you can rest assured that our staff knows the laws to expedite the process to help get your rental property back on track!
Do you charge an extra fee if you need to evict a tenant?
No! Most companies will charge you an additional fee to handle an eviction…we won’t. We will work with our retained legal service to facilitate all aspects of an eviction on your behalf. However, there are still court/legal fees associated with an eviction and those are paid for by the property owner.
Do you charge a monthly management fee if my property is vacant?
No! We will never charge you a property management fee during vacant months! Of course our goal is to not let any of our rentals be vacant at any time, but this can occur.
When can I expect to get paid my rent proceeds?
We know how important your rent proceeds are. For this reason, we want to get your money to you as fast as possible.
Rent proceeds are Direct Deposited into your bank account on the 10th day of the month (or on the next business day if the 10th falls on a weekend/holiday). As well, your monthly statement is available through your online account at that same time.
If a tenant is late, and rent proceeds are collected after our accounting deadline for payout on the 10th, we also payout again on the 25th of the month. We do not mail checks.
How and when can I expect to receive my monthly statement?
Owner’s statements are made available online through your personal/secure online account (via our web site). Your monthly statement details all income/expenses related to your rental properties. We do not mail monthly statements.
How do you keep me updated about my tenants and rental property?
Real-Time Leasing makes it easy for you to know what is happening with your rentals! We use a variety of communication methods to ensure we maintain our business relationship with our owners. Our commitment is to answer the phone during normal business hours, and if we miss your call, we will call you back within that same business day, or at the beginning of the next business day!
We will contact you on the phone from time-to-time, or as often as needed, but we also know that you have hired us so you don’t have to worry about your property. As we start to work together, we will have a better understanding of your preferred method of communication. In cases where our owners aren’t accessible by phone, we are also able to use other methods such as skype or online chat.
We leverage technology as much as possible. For this reason, our staff is provided with mobile devices that allow them to send/respond to email even if they aren’t in the office.
- Online Account
Once we have a signed management contract, you will receive a link to your personal online account via our web site! You will have access to all important documents, including your Management Agreement, the tenant’s Lease Agreement, maintenance work orders and much more! You will also receive email communication through this account and be able to keep track of our communication in 1 convenient location.