Property Management for Small Apartment

[Eli Sunderland]

Hi all,

Simple question for you guys.  I hope to be closing on a small apartment complex (10 units) in south minnneapolis in the next few months.  I'm looking for an awesome property management company, preferably one that manages properties similar in size to this one.  Anyone out there have any suggestions on PM's in the area?  

Thanks!

[Brad Schaeppi]

Eli.  Lots of good options out there in S. Minneapolis.  I am not familiar with the BP policy of mentioning companies, etc.  I'd steer clear of the large companies that market the most and talk to the mid size/smaller ones.  Your best option is to choose a company that already manages in that neighborhood/block.  3 to 4 companies off the top of my head would all be good fits.  Regardless of who you select, make sure you thoroughly review the property management agreement on the legal and business side.  Specifically, look to the three buckets (% monthly fee of gross income, new rent/renewal fee, hourly/labor fees).  Like anything in business, don't be fooled by the low % thrown out.  Also ask if the property management company collects fees on the leasing side from the applicant--not the application fee--a commission (a few larger companies do).  As with any business, ask for client referrals.  

Good luck and congrats!