If you are new to owning investment property, there are a number of things you need to consider when choosing your property management company in Minneapolis. When you make the leap from paper investments to property investments, you are then faced with an asset that needs maintenance and daily care. This is not true with conventional investments such as common stocks or bonds.
If the property is located far from your residence, you will need an introduction to a property management company in Minneapolis. Usually the broker you arranged the property purchase through is the first to ask. Being local, they are fully aware of the property managers in the immediate area and who among them will give you excellent service. Even with the introduction, what should you be looking for in your property manager?
- Local knowledge: Your property manager must have detailed and in-depth knowledge of the local rental market. You should have no interest anywhere in the market except for where your property is located. Your property manager must know the going rental rates for comparable properties in the same part of town. They must know precisely where the potential tenants for the properties are and how to get to them. The property manager must be fully aware of the state and local laws that dictate the conduct of tenant/landlord relations.
- Marketing strength: Every property manager knows the only income that the property has is rent. The object of the game is to have a tenant who is responsible, pays the rent on time, and cares for the property. A tenant like that is very much worth keeping. Unfortunately, even the best tenants move on, and you are faced with an empty unit that is yielding no income stream. To get the property occupied again is one of the key tasks of the property manager, and they must have a primed and ready to go marketing plan in place. The property must be exposed to the right people; the promotional activities have to be tried and proven, and the tenant applications have to be processed quickly and accurately.
- Professionalism: Anybody can claim to be a property manager, the industry is generally unregulated. Saying you are a property manager and actually being one are different things. A real property manager will possess all the skills to see that your property draws the greatest income and has the lowest possible maintenance costs. He will work hard to keep the best tenants but not be afraid to evict the worst.
When you selected your stock portfolio, you probably used a broker or advisor. Managing your new investment also requires professional property management; without it, you may be putting your investment in unnecessary jeopardy.
The best property management company in Minneapolis is Real Property Management, Minneapolis St. Paul. They have a proven track record with many years of local experience. If you have purchased investment property in the twin cities, call them at 952-767-0322.
