Looking for a Property Management friendly Real Estate Broker

Looking for a Property Management friendly Real Estate Broker

Rental Property Investor · Minneapolis, MN · Member since 2020 · 7 posts · 4 votes

Hi BP Community!

I’m looking for a Minnesota broker, preferably in the Twin Cities area, who is comfortable sponsoring an agent whose business is focused primarily on residential property management rather than traditional sales.

I have property management experience, an existing small portfolio, and the systems and infrastructure needed to continue building the business. I’m not looking for a broker to provide leads, office space, or much day-to-day support. What I do need is a broker who understands property management, is comfortable providing the required oversight, and is open to discussing a fair compensation structure that makes sense for both sides.

I’ve spoken with several brokerages, but many are understandably built around agents who primarily buy and sell homes. I’m hoping to find someone who either already works with property-management-focused agents or is genuinely open to that type of arrangement.

If you know a broker or brokerage in Minnesota that might be a good fit, I would greatly appreciate an introduction or a private message. I’m happy to share more information privately.

Thank you!

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Mark UpdegraffBusiness Member
Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 690 votes
2w

I’ve also learned firsthand that the liability isn’t theoretical. A broker can get pulled into a tenant claim involving something like lead-based paint exposure even when they weren’t personally handling the day-to-day management. Once attorneys and insurance get involved, a seemingly simple sponsorship arrangement can get expensive quickly.

That experience has made me much more interested in a PM company’s documentation, compliance procedures and risk management than just what percentage of the management fee the broker receives.

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  • Tim SwierczekPro Member
    Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
    3w

    Check with BRIX Real Estate.

    • Rental Property Investor · Minneapolis, MN · Member since 2020 · 7 posts · 4 votes
      3w

      Thanks for the recommendation, Tim. I just reached out to their broker. It sounds like they just got rid of their property management wing but said he'll bring it up to his partners. Thanks again!

  • Adam TafelBusiness Member
    Real Estate Agent · St. Paul, MN · Member since 2017 · 577 posts · 395 votes
    3w

    You should talk to Cory/John with Real Property Management, they might be into this sort of thing.

    Upside Property Sales 4.9108 Reviews
  • Cory PflipsenBusiness Member
    Property Manager · Twin Cities, MN · Member since 2020 · 10 posts · 12 votes
    3w

    Thanks for the comment Adam! And hey Austin, we're a broker and only do residential property management. Our office is on mainstreet in Hopkins. Let's connect soon and see if we'd be a good fit for you.  - Real Property Management Viking

    REAL Property Management - Viking4.9474 Reviews
  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 690 votes
    2w
    I own both a brokerage and a property management company, and I think you’re asking the right question. The bigger issue isn’t really the split. It’s whether the broker understands the additional liability and operational issues that come with PM: trust accounting, leases, security deposits, vendor relationships, fair housing, maintenance documentation, etc. I’d be looking for a broker who is comfortable with the model but also very clear about what sits under their supervision and what doesn’t. I’d also make sure you agree upfront on what happens when your management clients eventually buy or sell. That overlap can become more valuable than the management revenue itself, and it’s much easier to address before there’s a transaction sitting on the table. A brokerage built entirely around sales may simply not understand what you’re building.
  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 690 votes
    2w

    I’ve also learned firsthand that the liability isn’t theoretical. A broker can get pulled into a tenant claim involving something like lead-based paint exposure even when they weren’t personally handling the day-to-day management. Once attorneys and insurance get involved, a seemingly simple sponsorship arrangement can get expensive quickly.

    That experience has made me much more interested in a PM company’s documentation, compliance procedures and risk management than just what percentage of the management fee the broker receives.

  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2w

    Anyone have anyone looking to do this in Alabama or Tennessee let me know as I know an agent their attempting to do the same exact thing 

    7e investments53 Reviews
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