New Property management Company needed in Minneapolis, MN

Lithonia, GA · Member since 2015 · 13 posts · 2 votes

Hello everyone,

I presently own a duplex in North Minneapolis and I live out of state. I have grown extremely tired of my present management company's less than satisfactory performance. Every month, there is always an additional cost their charging me for maintenance, or a tenant not paying the utility bill. I wanted to know if anyone could recommend a quality property manage company in Minneapolis. Any help would be greatly appreciated.

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Jordan MoorheadBusiness Member

Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes

@Wayland Willingham @Grigoriy Gorshteyn may be able to help you out. He manages properties in North Minneapolis and his family owns a ton of them in the neighborhood.

Is it section 8?

[email protected]512-888-9122

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Wayland Willingham
OP
Lithonia, GA · Member since 2015 · 13 posts · 2 votes
8y
Property management company needed in Minneapolis.
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Robert Singletary
Investor · Brooklyn, NY · Member since 2014 · 2 posts · 1 vote
8y
I currently own a rental condo in Minneapolis. You should talk to BJ at myroost25.com and see if he can help you out.
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Jordan MoorheadBusiness Member
Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
8y
@Wayland Willingham @Grigoriy Gorshteyn may be able to help you out. He manages properties in North Minneapolis and his family owns a ton of them in the neighborhood.
Is it section 8?
[email protected]512-888-9122
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Wayland Willingham
OP
Lithonia, GA · Member since 2015 · 13 posts · 2 votes
8y
It is section 8 qualified. No sure how engage that program though. Do you have knowledge of it?
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John Woodrich
Flipper/Rehabber · Minneapolis, MN · Member since 2016 · 1k+ posts · 1k+ votes
8y
@Amber Gonion could probably help you.
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Account Closed
Rental Property Investor · MN · Member since 2015 · 186 posts · 149 votes
8y
It may not be the management company. It could very well be the neighborhood and the tenants. North Minneapolis is what I consider "D" area, with thugs, drugs, bullet holes etc. My friend's first rental property was there, constant tenant issues, bullet holes in the buildings, one time he stop by - door wide open, no one in the unit. He ended up selling the duplex and started buying in South Minneapolis, couldn't be happier.
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Todd Dexheimer
Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
8y
Originally posted by @Account Closed:

It may not be the management company. It could very well be the neighborhood and the tenants. North Minneapolis is what I consider "D" area, with thugs, drugs, bullet holes etc. My friend's first rental property was there, constant tenant issues, bullet holes in the buildings, one time he stop by - door wide open, no one in the unit. He ended up selling the duplex and started buying in South Minneapolis, couldn't be happier.
That's generalizing that area. North Minneapolis is huge, with a large portion of it being decent. You could say the same thing about south Minneapolis if you associate it with the bad parts of phillips, powderhorn, etc. I own some in both areas of town (south and North, among others) and have never had crime or tenant issues out of the norm in either area.
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Brandon Hershey
Insurance Agent & Investor · Minneapolis, MN · Member since 2015 · 115 posts · 50 votes
8y
@Amber Gonion
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Marcus Johnson
Investor · Saint Paul, MN · Member since 2015 · 663 posts · 512 votes
8y
If north is so great then why are there 30 properties on the mls for cheap that no investor wants and very few in south or NE. Location matters and investors know it.
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Marcus Johnson
Investor · Saint Paul, MN · Member since 2015 · 663 posts · 512 votes
8y
As for south, there are very few available on the mls in powderhorn and Phillips. And if you’ve kept watch they aren’t selling because the area is bad.
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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
8y
You can start by going to www.narpm.org and search their directory of managers. These are professionals with additional training and a stricter code of ethics. It's no guarantee but it's a good place to start.
1. Ask how many units they manage and how much experience they have. If it's a larger organization, feel free to inquire about their different staff qualifications.
2. Review their management agreement. Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.
3. Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers. It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees. Fees should be clearly stated, easy to understand, and justifiable. If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee. Don't be afraid to negotiate!
4. Review their lease agreement and addendums. Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.
5. Don't just read the lease! Ask the manager to explain their process for dealing with maintenance or problem tenants. If they are professional, they can explain this quickly and easily. If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff.
6. Ask to speak with some of their current owners and current/former tenants. You can also check their reviews online at Google, Facebook, or Yelp. Just remember: most negative reviews are written by problematic tenants. The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.
I hope this basic guide helps. If you have specific questions about property management, I'll be happy to help!
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