All Forum Posts by: Joanne Hanson

Do you know a licensed PM that can be your PM on paper for your HOA?

https://www.allpropertymanagem...

“Must Minnesota property management companies have a real estate broker's license?

YES. Key components of property management (renting and managing) are considered real estate brokerage services under existing Minnesota real estate licensing laws. If a property manager is going to lease, rent, list, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.”

@Joanne Hanson there are a lot of good local companies and people who can manage your property. I have never heard of someone charging 50% of revenue. Except for doing tenant placement.

While 50% PMC Fee would be outrageous for an LTR, it may not for a STR.

Going to guess though, that the PMC you say is the only game in town:

1) Knows they are your only option

2) May not do STR management, so are throwing a high number at you to make it worth their learning curve.

Appears your only other option would be to get your agent license, and then find a brokerage to park it at that does property management and will allow you to manage your property under their broker license.

NOTE:

1) Don't advise just parking your license and not telling your broker you'll be doing PM work as their insurance may not cover your PM activities liability.

2) Your license will allow you to work anywhere in the state, so you can just find a broker close to you, not close to your property - unless the HOA has a requirement that the licensed PM must be within a certain number of miles of the property.

@Joanne Hanson. We purchased a condo which is classified as a condotel in the Pigeon Forge area in February. We used Sprout mortgage. They were horrible to work with in terms of customer service but they did eventually get

The loan to go through.