OfflineHey DG family,
I need to get my parent's 5 bedroom 4 bath home rented. I am trying to get it rented for them so that they can move out and retire in a smaller home, since that is what they want to do.
They've done so much for me so I want to help them with this.
I am in need of a competent property manager in the Minneapolis/Saint Paul area.
Can you guys offer me any recommendations?
Their home is in an excellent location in an awesome school district, I just need to hire a property management company that will be able to market it correctly to keep it rented.
Thanks in advance!
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online. There are several free sites. Is it near a military base? AHRN.com is EXCELLENT for attracting military families (who make EXCELLENT tenants (and they get into trouble if they don't pay their bills, including rent). house.info is a great starting point to list the home. Then there's Craiglist, backpage, postlets; also look for your area in google 'free classifieds St. Paul, MN' and 'free classifieds minneapolis'. And of course the BEST marketing available is to stick a hand writen sign in the front yard. Its ok to buy one of those 'FOR RENT' signs from home depot, but hand write it. Calculate your rents by going to rentometer.com to get an idea of area rents. Also, make sure to cover mortgage payments, taxes, insurance, any HOA dues, add 10% for repairs, and then try to get some cashflow on top of that.
If you need help with contracts, there are several on this site, just scroll down, look to your left and click on the Forms and Docs link. Always run a credit check, which you can do at https://www.mysmartmove.com/, and CALL all the references you get, employers and check out the place they live as well. Many property management companies ONLY look at credit, but that is not the most important thing. The most important thing is getting in a GOOD tenant that will take care of the place like its their own. This makes it a GOOD experience vs the hell experiences you hear about.
This is how I get ALL my tenants. I'm in CA and have rentals in NC and GA I manage myself this way; just have to have some contacts on the ground to watch over the house and for emergencies. But, if you are local to the area, all the better and easier. And, you'll save the 10% property management fees, new renter finder fees, and all the other things that add up with property management. If you're up for it. If not; check out this thread- http://www.deangraziosi.com/real-estate-forums/rental-and-cashflow-prope.... The thing that takes the most time, but is the MOST IMPORTANT part of renting the house is getting a GOOD tenant, not just a tenant ASAP. If the home is all up to par and has been kept up the maintenance on an SFR is minimal; especially if your contract is solid. Often times, its advantageous for a property manager to put in a bad tenant because they get paid more, so PLEASE screen carefully if you hire out!
Awesome for you for helping your parents. Taking action on this will give you experience in starting in your REI as well. Wish you the best!
PS. I know you say ASAP, but its not best to take the 1st tenant, check tenants out well. Its the difference between being successful and going through an awful time!