There’s more to property management than collecting rent. Did you know that in many cases, housing requirements differ between a sale and a rental transaction? Do you know the correct definition of a legal bedroom? Have you obtained the proper rental license from the city and/or is you license current? If not, you could end up in a less-than-desirable situation.
At Real-Time Leasing, we actively manage the tenant and the day-to-day details of your property according to the terms of the lease agreement. Be it rent collection, unforeseen maintenance issues, tenant violations or disputes, or city requirements, our role as property manager is to oversee all issues and aspects of your Minnesota property.
Our Fees are Simple:
No up-front fees
No advertising fees
No lease renewal fees
No hidden eviction fees
No year-end document fees
Inquire About Our Services
Services We Provide to Our Owners:
Pre-screen and meet all prospective tenants.
Show your rental property to prospective tenants.
Conduct thorough screening and background checks of all applicants.
Verify photo identification for all applicants 18 years and older
National and local background check for criminal, sex offender, and terrorist offenses.
Pull credit report and full payment history.
Review history of collection accounts and judgments.
Review unlawful detainer/eviction history.
Contact employer to verify employment.
Gather pay stubs, tax return and bank statements.
Confirm rental history.
Contact past landlords to ask about renter’s behavior, payment history, notice to vacate, property condition, and any nuisance issues.
Lease Signing +
Secure tenant’s security deposit prior to move-in and hold deposit in escrow during lease term.
Draft and secure signed lease.
Issue keys to tenants.
Facilitate tenant orientation prior to move-in.
Manage the move-in process with tenant.
Ensure tenant changes utilities into their name according to lease terms.
Lease Enforcement +
Actively attempt to collect unpaid tenant balances.
Enforce lease terms.
Enforce city ordinances/violations.
Enforce HOA bi-laws/violations.
Act as designated point-of-contact for tenant.
Provide 24/7 maintenance hotline for tenant.
Our Process +
Many companies offering property management services in Minneapolis are fairly new to the market. Signing a management contract with Real-Time Leasing is a way to leverage over a decade of experience in rental management. To ensure we keep owners’ best interest in mind, our in-house property manager’s work solely for Real-Time Leasing. Our unique check-and-balance structure ensures that we don’t approve an applicant for the wrong reason and allows us to uphold our commitment to the property owner while adhering to fair housing standards.
Our management fee is based on rent collected, not rent charged, and we don’t collect management fees during months of vacancy. Essentially, if you don’t get paid, we don’t get paid. We also make it a point not to charge miscellaneous administrative fees for our services. Fees like lease renewal fees, postage fees, or document fees are common charges incurred with other property management companies in Minnesota. With Real-Time Leasing, however, you won’t face any surprise withholdings or charges when it comes time for your payout.
Our Marketing Approach
At Real-Time Leasing, we manage our property marketing in-house so that we can be sure to have an individually catered, strategic approach to marketing your property. We pride ourselves on our proactive marketing and showing techniques proven to consistently fill units with great tenants. We track each lead that we receive for your property and provide weekly marketing updates to owners as a way ensure you are up-to-date with the attention garnered by your property.
It’s true that the Internet is the only advertising vehicle that counts in today’s market, but our advertising services ensure optimal exposure for your advertised property. Real-Time Leasing utilizes a custom, multi-platform marketing strategy that includes listings on real estate websites like Zillow, Truila and Homes.com, Craigslist, our social media pages, and many others. Altogether, our marketing is featured on 200+ websites, ensuring a wide draw of potential tenants. Most importantly, we track our leads as a way to measure the interest in your property and stay well informed on current rental-market trends. At any given time, Real-Time Leasing knows where our leads are coming from, we evaluate the responses given from those leads, and then we follow up with those who decide not to pursue a leasing agreement for the property. This way, we are constantly assessing our marketing strategy and can suggest market-appropriate changes to help fill your property.
Attend Complimentary On-Site Property Evaluation+
Meet owner at property.
Provide feedback on potential ‘tenant deterrents’.
Identify any safety concerns or maintenance issues.
Present market analysis of rental rates.
Discuss marketing approach and timing.
Create Property Listing +
Take marketing photos of the property.
Record HD video tour (embedded on all possible listing sites). - if applicable
Write listing description, including amenities and lease terms.
Manage Advertising Campaigns And Lead Results +
List the property on free local and national websites.
List the property on paid local and national websites.
Place yard sign at property, if allowed.
Capture and document lead traffic.
Analyze lead traffic and partner with owner to adjust approach as needed.
Perform In-Person Property Showings+
Pre-qualify prospective tenant prior to setting up a showing.
Exclusively execute property showings in-person.
Notify the owner or current tenant prior to showing (if owner/tenant occupied).
Prospective tenant can complete application at showing.
Provide feedback to owner after each showing.
Full-Service Rental Property Accounting
Our full-service accounting department eliminates the need for you to be a constant middleman between your property management company and your personal accountant. Rather than spend your time sifting through the minutiae of income and expense, let Real-Time Leasing handle this on your behalf. Come tax time, you won’t be sorting through emails and mounds of receipts in an attempt to piece together the finances for your rental property.
Monthly And Annual Accounting Services+
Real-time visibility of income and expenses
Bill pay for property expenses
Direct deposit to owner’s account on the 10th day of each month
Secondary direct deposit on the 25th day of the month, if needed
Manage Year-End Documents+
Issue year-end CRPs documents to tenants.
Issue year-end 1099s to owners.
Online Account Access +
Send/receive online communication with our staff.
Publish monthly statements to property owners.
View service requests.
Access digital copies of documents.
Minneapolis Area Information
Dakota Sioux were the region's sole residents until French explorers arrived around 1680. Nearby Fort Snelling, built in 1819 by the United States Army, spurred growth in the area. The United States government pressed the Mdewakanton band of the Dakota to sell their land, allowing people arriving from the east to settle there. The Minnesota Territorial Legislature authorized present-day Minneapolis as a town on the Mississippi's west bank in 1856. Minneapolis incorporated as a city in 1867, the year rail service began between Minneapolis and Chicago. It later joined with the east-bank city of St. Anthony in 1872.
Minneapolis grew up around Saint Anthony Falls, the highest waterfall on the Mississippi. In early years, forests in northern Minnesota were the source of a lumber industry that operated seventeen sawmills on power from the waterfall. By 1871, the west river bank had twenty-three businesses including flour mills, woolen mills, iron works, a railroad machine shop, and mills for cotton, paper, sashes, and planing wood. Due to occupational hazards of milling, six local sources of artificial limbs were competing in the prosthetics business by the 1890s. The farmers of the Great Plains grew grain that was shipped by rail to the city's thirty-four flour mills. Millers have used hydropower elsewhere since the 1st century B.C., but the results in Minneapolis between 1880 and 1930 were so remarkable the city has been described as "the greatest direct-drive waterpower center the world has ever seen. Source From Wikipedia
Considering real estate investment in Minneapolis? The Minneapolis, St. Paul rental markets are prime for investors on any scale. Here are just a few of the highlights that make these markets some of the most desirable when it comes to rental property investment.
Untapped alternate markets can be a gold mine for CAP rate
•Mass influx of out-of-state investors has not occurred in these markets, hence pricing is still very competitive
•Higher amounts of non-distressed and distressed inventory than what’s available today in main-stream markets
•Higher than average rent rates (MSP/STP averages 33% higher rent rate than the national average)
•Wider variety of property types(SFH, TH, Multi-units/brownstones) all with strong CAP rates
Recipe for Success!
•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 to validate your business plan
•Your business plan should include (but not limited to)
oCAP rate goals
oShort term/long term growth and exit strategies
Regulation? Not to worry!
•Consult with an expert Property Manager and leverage their expertise BEFORE writing a purchase agreement!
•Definitions and requirements for a sale transaction are not the same for renting out a property
•You need and expert to consult on the following:
•Seller disclosure statements
•City/State housing regulations
•Rental licensing requirements by city
•Building/Property status (VBR, Cat. 2 etc)
•Hire a Property Manager that can execute with speed while being compliant with city/state requirements
•Hire the wrong Property Manager and it can cost you time and more importantly money!
•Make sure your Property Manager has your best interest in mind. Pay attention to their fee structure….does it drive toward your success or theirs, or both?
•Hire a full-service Property Management Company!
oEveryone says they are full-service…make sure they really are!
oSpecial assessments on a property can be worked through and in some cases, negotiated or waived…..if you hire the right company to do it for you
oHire a Property Manager who is a Licensed GC. If you hire a 3rd party contractor to perform rehabs/ready-to-rent repairs, this will add time to the equation
•Make sure your Property Manager is connected and has established relationships