Common Property Owner – Investor Questions & Answers
Property owners have many questions. Especially at the outset of renting a property, owners and investors have a variety of considerations and decisions to make that will influence the management aspect of renting their properties. From business setup to city regulations to interior cleaning, we’ve rented properties throughout the Minneapolis – St. Paul area and outside the Twin Cities in nearby suburbs and other cities in Minnesota, so we can confidently answer questions. We’ll be your expert navigators through the process of renting your home, condo, or other investment property.
Yes, our company is a licensed Real Estate Brokerage and each agent that represents the company is required to have an active Real Estate License and maintain the license with continuing education as required by the state of Minnesota.
Most leases start with 12 months. Sometimes depending on time of the year leases may be longer or shorter to end the lease in a desirable time of year for both parties.
Yes, if you are working with a Licensed Real Estate Broker.
This is a question for your Tax accountant as well as insurance agent. Many owners, especially if multiple properties choose to set up an LLC to minimize liability and make bookkeeping simpler.
Yes, however if the animal is a service animal OR an ESA {Emotional Support Animal} and the application is approved the pet must be allowed as well.
Yes, many cities do require properties to register their property as a rental. Each city varies in requirements. Some cities require an inspection, and most charge an annual fee as well as a completed rental registration application.
Yes, you can. It is in our lease that our properties are non-smoking.
We believe the better condition your property is in the stronger chance of finding a qualified tenant will be.
The following items are suggestions to prepare:
- Lawn care and snow removal maintained while showing the property.
- Paint in good condition and neutral colors preferred.
- Carpet professionally cleaned or replaced if needed.
- Window treatments on windows if possible- preferably blinds.
- Any maintenance or repairs completed prior to showings.
** A property that is clean and in show ready condition generally is not on the market for long.
Our company is small and personalized. When listing, your agent will work closely to find a tenant as quickly as possible with regular communication and feedback from showings. Many companies are now using “Self-Showing” lockboxes where tenants can access the property on their own. Our company believes that building rapport with the tenant from the first point of contact, scheduling the showing and showing the property is crucial. This is the time we answer questions and set the expectations for renting of the property if they are interested. For management contracts you will work directly with the Property Manager you sign on with and will be able to reach them directly at any time through phone, e-mail or text.
This depends on if you are a local owner or not. Some cities require owners to live or have a management company or contact person within so many miles of the rental investment. Check your City requirements on the City website under Rental Registration.
Maybe. State and local governments may differ in their regulations, and other governing bodies may be a factor such as federal guidelines or housing associations. Here’s a great article outlining several important considerations.