Below is a quick overview of questions frequently asked by our property owners and their corresponding answers. If you have further questions or concerns, or if you would like a more detailed explanation for one of the questions below, feel free to contact our office.
Do you charge a monthly management fee if my property is vacant?
No. While our goal is to have no vacant rentals, this can happen. Rest assured, we will never charge you a property management fee during vacant months.
Do you charge an extra fee if you need to evict a tenant?
No. We work with our retained legal service to facilitate all aspects of an eviction on your behalf. Any court or legal fees associated with an eviction, however, are paid by the property owner.
Do you handle evictions for Minneapolis-area rental properties?
Because we complete a thorough pre-screening/screening of our tenants, our eviction rate is exceptionally low. However, we do understand that tenants can look great on paper and still be problematic. In an eviction situation, we work with an experienced attorney and charge minimal fees to the owner. Our aim is to make the eviction process as painless as possible and to recover funds in a matter that aligns with owners’ best interests.
Do you offer a discounted rate if I have more than one rental property?
We’ve studied the industry’s price/value comparisons and are committed to providing best-in-class service to every client, regardless of the size of their portfolio. While you might appreciate a discounted price today, we don’t believe you’d appreciate a lower quality of service tomorrow. With this approach, we are proud of our fee structure, because we know our fees are competitive and fair.
How and when can I expect to receive my monthly statement?
Owners’ statements are made available online through your own, secure online account (via our website). Your monthly statement details all income and expenses related to your rental properties. Please note: 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’s happening with your rentals. We use a variety of communication methods to ensure we maintain an excellent business relationship with our owners. We are committed to being available 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.
Once we have a signed management contract, you will receive a link to your personal, online account via our website. You will have access to all-important documents, including your management agreement, the tenant’s lease, maintenance work orders and much more! You will also receive email communication through this account and be able to keep track of our messages in one convenient location.
How do you market your rental properties in Minneapolis?
We are committed to offering you the most advanced advertising methods for your rental property. Our listings are featured on over 200 websites and include the following features:
•Embedded video tours
•Dynamic links in web listings
•Real-time lead alerts sent to our staff
How long does it take to get my Minneapolis-area rental property on the market?
Once we have a signed management agreement, we can usually go from a phone call to online advertising for your rental within a day. A quick phone call or meeting will get the process started.
How much does it cost to market my rental property and find a tenant through Real-Time Leasing?
Click here for our fees for property management services in Minnesota.
How much time will it take to find a tenant for my Minneapolis rental property?
While each property is different, we make a concerted effort to fill properties expeditiously. Tracking our marketing leads and constantly evaluating the rental market ensures that our prices are competitive and fair. We know that quick turnovers are important to our owners, but we are also committed to filling our units with quality tenants. Once we do receive an application for your rental property, we are typically able to process the application within 24-48 hours, and will follow up with you for approval once the application has been processed.
What factors do you consider when doing a rental market analysis in Minneapolis?
We consider many factors as we formulate a viable marketing strategy for your rental property. We continually gather and analyze local and national market data that directly and indirectly impacts all aspects of your property. Data points that we consider include:
What geographical areas are covered under your Minneapolis rental property management services?
We focus on the Minneapolis/St. Paul metro areas as well as the 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 does.
What information do you request from a tenant applicant?
Our background check screens each potential tenant in the following categories:
•Public record search
•Criminal background check
Click here to view our approval criteria for all tenant applicants.
What is the fee structure for your property management services?
At Real-Time Leasing, our philosophy is different; if you don’t get paid, we don’t get paid. We charge a flat 8% management fee regardless of rent price, and you’re never charged if your unit is vacant or if your tenant misses a rent payment. With no minimum management fee and our advertising, accounting, and maintenance services included, Real-Time Leasing is an industry-leading value in property management.
Click here for our fees for property management services in.
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. You will always work with our staff and/or appointees who have been trained in our policies and procedures.
Click here to see our complete list of fees and services.
When can I expect to get paid my rent proceeds?
We know how important your rent proceeds are, and we want to get your money to you as quickly as possible. Rent proceeds are deposited directly 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). Your monthly statement is also available through your online account at that time.
If, for whatever reason, a tenant is late or rent proceeds are collected after our accounting deadline for payout on the 10th, we also payout on the 25th of the month. Please note: We do not mail checks.
Where do you advertise your rental properties?
We advertise our rental properties on over 200 websites, including Homes.com, Zillow, Trulia, and local Craigslist pages. We also advertise our properties on our social media networks like Facebook, Instagram, YouTube, and Google Plus and also working diligently on working with the most current updated sites out there. Real-Time Leasing is constantly analyzing our lead traffic as well, guaranteeing that we have maximized the advertising exposure for your listings.
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