First Time Landlord - Tenant Placement In Minneapolis Area

First Time Landlord - Tenant Placement In Minneapolis Area

Member since 2023 · 42 posts · 28 votes

Does anyone have a recommendation of a good tenant placement company for my Anoka MN rental? This is my first rental and everything is taking much longer than anticipated. Really just don’t want to have to deal with it myself at the moment. Renovations are almost complete and will be looking to rent out a unit. I do not need a manager, just help with finding a tenant. Any recommendations or insight are appreciated! Thanks! 

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  • Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    1y
    Quote from @Brett Riemensnider:

    Does anyone have a recommendation of a good tenant placement company for my Anoka MN rental? This is my first rental and everything is taking much longer than anticipated. Really just don’t want to have to deal with it myself at the moment. Renovations are almost complete and will be looking to rent out a unit. I do not need a manager, just help with finding a tenant. Any recommendations or insight are appreciated! Thanks! 


     Just making sure, you have your rental license? Cleared the metering requirements on license being issued?

  • Member since 2023 · 42 posts · 28 votes
    1y
    Quote from @James Hamling:
    Quote from @Brett Riemensnider:

    Does anyone have a recommendation of a good tenant placement company for my Anoka MN rental? This is my first rental and everything is taking much longer than anticipated. Really just don’t want to have to deal with it myself at the moment. Renovations are almost complete and will be looking to rent out a unit. I do not need a manager, just help with finding a tenant. Any recommendations or insight are appreciated! Thanks! 


     Just making sure, you have your rental license? Cleared the metering requirements on license being issued?


     I paid for the licensing. My crime prevention class was canceled and I’m looking for an update on the rescheduled date. It is a 4 unit so I have been renting 3 since July. I’m just looking for someone to find a good tenant. Or I suppose advice on how to do it myself if I can’t find one. 

  • Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    1y
    Quote from @Brett Riemensnider:
    Quote from @James Hamling:
    Quote from @Brett Riemensnider:

    Does anyone have a recommendation of a good tenant placement company for my Anoka MN rental? This is my first rental and everything is taking much longer than anticipated. Really just don’t want to have to deal with it myself at the moment. Renovations are almost complete and will be looking to rent out a unit. I do not need a manager, just help with finding a tenant. Any recommendations or insight are appreciated! Thanks! 


     Just making sure, you have your rental license? Cleared the metering requirements on license being issued?


     I paid for the licensing. My crime prevention class was canceled and I’m looking for an update on the rescheduled date. It is a 4 unit so I have been renting 3 since July. I’m just looking for someone to find a good tenant. Or I suppose advice on how to do it myself if I can’t find one. 


    If a person has to ask, at all, I STRONGLY advise to use a PM service for tenant placement. 

    *Full disclosure I am with Renters Warehouse and yes we do these services. This is not meant as solicitation or advertisement of services. 

    Last year January MN enacted the biggest # of changes all were added details and raised the bar of requirement for Landlords, including some specifically detailing how a listing must be detailed. Now this Jan 1st another slew that pressed the bar of standards and requirements even higher. 

    If your not well versed in all of that, get a PM to help list. 

    For example, if you don't specify if a certain item is reoccurring or 1 time, you can't collect it. If you don't specify a charge in your listing, you can't collect it. 

    If you accidentally use some wrong words, it could be a significant fine. 

    And yes, they ARE actively policing it. That means YES, they are actually with people sitting down and scrolling through new listings every day looking for people to tag. One inspector in Ramsey bragged up on media how he is actively hunting for violators. 

    Now IF you have all those bases covered, my tips are: Take GREAT pictures and for the love of all that is holly please no close ups, wide angel pics. Video is very important, shoot walk through video and have that. And lastly, don't mono-list it, SYNDICATE.    

    PS: posting on FB or craigslist nowadays is just begging to be pirated, it's dang near a certainty it will be pirated. 

  • Member since 2023 · 42 posts · 28 votes
    1y

    Oh wow ok good to know! So I can hire a PM company to just do the tenant placement part? 

  • Chandler, AZ · Member since 2020 · 295 posts · 272 votes
    1y

    Some real-estate agents will list your properties also.

  • Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    1y
    Quote from @Brett Riemensnider:

    Oh wow ok good to know! So I can hire a PM company to just do the tenant placement part? 


    Decent legit ones, yes. 

    I say that because every decent legit place I know of in market, yes offers the option of doing just tenant placement, for self-managing. 

    The issues really happen when it's just R.E. agents begging for some $, pitching "I can do that too" and in reality there in breach of NAR codes because they don't have proficiency and expertise in it what so ever. That's a big issue as of recent. So have to make sure you interview beyond just asking the simple "can you do this for me".

    Be sure to ask how, and how many of these a year do they do, how often, what listings do they have right now that you can look at, etc etc.. 

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