Good Property Management Company - Minneapolis

[Meghan Roman]

Our 2-unit duplex is currently on the market. At the same time, we are also exploring the possibility of renting out both units. Does anyone have any property management companies they recommend that has experience managing duplexes in the Minneapolis area? I'm moving out of state so want someone who can handle soup to nuts oversite of the property. Thanks in advance! 

https://www.zillow.com/homes/4...

[James Hamling]

@Meghan Roman I strongly second what @Drew Sygit gave for insight and direction, in the world of PM there is a ton of false assumptions, and it's all about "under-the-hood". 

My brokerage, we wrote the book on modern day PM in the 1-4 unit segment, but we are far from a 1 size fit's all. It's all about knowing what YOUR fit is, what your expecting and what you DON'T want a PM to do/control. 

And it's also a MAJOR key point of knowing what segment does a PM specialize in, this is huge.    Myself personally, I do a lot of the luxury rentals personally, that's on average rents from $3k-$10k+. You'd be surprised how many clients come to me with various sad-stories that they went with xyz service to later find out that PM only ever really does lower income, or blue collar properties, and on a higher level property, failed miserable because approached it as such. And vice-versa, my team would suck-wind on a sec8 because it's just not our thing, we'd refer out to someone who specializes in that arena. 

So make sure not only there services sound like a good fit, but they have a performance track record in that specific segment of property. Dealing with HNW tenants is VERY different then blue-collar, very. Not to mention having Corporate clients experience, on average 35% of my luxury units go with some corporate client component. Makes sense right, that a $7kmnth rent is via say Cargill who is bringing in contract talent from Spain and want's to give them a great experience to, ideally, achieve a longer term working relationship, getting them "rooted" in an area. Or maybe a multi-location Executive who balances time in T.C. with L.A. and Miami, they hold certain expectations of not only unit but agent, and I can tell you very low thresholds of patience for BS by a novice agent trying to figure things out. 

Personally I'd say put a LT tenant in 1 unit and a STR for the other, many benefits possible for such and your location is supporting of such.