Owner FAQ – MN Property Management Co

Owner FAQ

Frequently Asked Questions

As soon as we have a signed agreement and authorization, we can start managing the property.

There is no property too big or too small for MNPMC to handle. We manage everything, from one-unit condos to luxury single-family residences to multi-unit residential buildings.

Our goal is to find suitable tenants as soon as possible. In order to do this, we use various advertising platforms.

 Tenants need to pay the application fee. We use this fee to perform credit checks.

We use many practical tools and different strategies to determine the proper rent price. Among other practices, we conduct deep research and market comparisons. All this combined knowledge allows us to create highly competitive rent prices.

Not only is direct deposit possible, but we actually prefer to pay owners via direct deposit! We also encourage tenants to set up automatic electronic payments to pay their rent, and we have a secure banking website available to accept and transfer funds.

Owner distributions and prior month financial statements are typically made between the 10th and 15th of the month. Using our online access for property management, you have access to this information anytime!

Yes, we do! In order to help our owners, applicants must meet certain criteria for the specific property they want to rent from. All applicants will go through a criminal background and credit check. Criminal background will also include civil and/or criminal judgments, evictions and payments owed to landlords or propertDoes MNPMC screen potential tenants?y management agencies.

Please check with your insurer to make sure that you can keep the coverage. Before starting to manage, we need to see proof that you are covered. Your insurance won’t cover the tenants’ personal belongings. That’s why all our renters need to have adequate renters insurance. This greatly helps solve emergency issues.

First, all applicants need to pass the screening process. After this, they’ll need to pay the security deposit and get an appointment to sign the lease. They’ll need to read the legal terms and agree to them all.


In some cases, there may be extra fees. The tenant will need to settle these when signing the lease.

We will inspect the property once your tenant moves out. If no damages are found, they will get the approval, along with their security deposit.

We do move-in and move-out inspections. We can also do as many drive-by inspections as you’d like, in order to ensure your property always stays in perfect condition and the tenants are following the regulations of the lease.

 Tenant utilities will be in their name when they move into your property. Some types of utilities could be catered for by the properties, such as trash collection or water. All the owner’s utilities stay attached to their name. These utilities get submitted to the office for payment. Your monthly cash flow statement includes the utilities.

We have a strict policy on rent payment delays, as outlined in our lease agreements. Tenants will need to quickly pay a late fee if they fail to submit rent payments on-time. Repeat offences will result in eviction.

Tenants are informed of the consequences of non-payment at the initial meeting. If a tenant does not pay rent on or before the due date, they are notified of a three-day pay or else a vacate notice. A tenant failing to abide by these terms are subject to eviction notice and the eviction process will begin.

Tenants, as well as owners, have the ability to submit maintenance requests directly into our online management system or, more traditionally, through a phone call or email which is then entered into our online management system, allowing owners the ability to track the status of maintenance. We aim to address maintenance requests in a timely manner so as to cause minimal damage to the house, as well as minimal frustration for tenants.

Our leases dictate that repairs for wear-and-tear items are covered by the owner while tenant-caused repairs are the obligation of the tenant, which we believe is the fairest system possible. We try to respond to all communications, maintenance requests included, within 2 hours.

We always conduct repairs through licensed professionals. We’ll inform you about the details of the request and get your permission before starting any work. All maintenance and unexpected repairs are done using high-quality workers at the best price.

At MNPMC, wanting the best for owners and tenants also means having qualified, trained, and experienced contractors to deal with property concerns. MNPMC’s goal is to use trusted and professional workers that prove their work and gain the trust of owners. We understand that owners want problem-solvers, trusted advice, savings, and effective work on their assets. We are also open to any recommendations of known and trusted services.

We do not require our owners to allow us to hold reserve cash for future repairs, but recommend that they do so, either on their own or through our accounting services. We require owner approval for all expenses greater than $250.

Our online Owner Portal allows you to access numerous reports, including regular statements for income/expenses.

All homeowners have access to their property information through Buildium software and app, as well as onsite. Please contact our office at 612-315-6118 or email at [email protected] for more information, as each owner’s portals are specific to their property.

Please contact our office at 612-315-6118 or email us at [email protected] and we will be more than happy to assist you. You can also refer to the FAQ sheet that was given to you at the initial set up.

You aren’t obligated to allow pets if you don’t want to. However, being too strict on pet regulations could cost you a considerable amount of prospective tenants.

We forbid smoking in all the properties we manage. If we find evidence of smoking, the tenants will have to pay any relevant damages.

No. Having a property manager simply means you can spend more time building your investment portfolio, without having to worry about every little detail of managing your rental unit. You will still be involved in every choice made, and can choose how much you want to be involved in smaller decisions. 

We offer:

 

  • No marketing fees
  • No fees if your property is vacant, because we keep our interests in line with yours. We don’t make money unless you make money.
  • No emergency fees (late-night and weekend calls for emergency repairs)
  • No tenant qualification fees
  • No fees for standard postage

Proudly Serving the Twin Cities and Seven County Metro Area:

Anoka
Apple Valley
Bayport
Blaine
Bloomington
Brooklyn Park
Burnsville

Champlin
Chaska
Coon Rapids
Cottage Grove
Dayton
Eagan
Edina

Elk River
Excelsior
Farmington
Golden Valley
Greenwood
Hastings
Hudson, MN

Hugo
Inver Grove Heights
Jordan
Lakeville
Lexington
Mahtomedi
Maple Grove

Maplewood
Minneapolis
Minnetonka
Newport
Oakdale
Plymouth
Prescott, WI

Richfield
Roseville
St. Paul
Shakopee
Stillwater
White Bear Lake
Woodbury