Frequently Asked Questions |
Below are just a few of the questions that are frequently asked by our new clients. If you have questions that are not answered below, please feel free to contact us at (507) 377-RENT (7368).
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What determines the rent for my property?
Ultimately the rental market. We use our marketing skills, analysis and judgment to optimize rents in accordance with your goals. How are security deposits handled? Per Minnesota Statues, security deposits are deposited into the individual Landlord's account separate from operating funds. They remain in the this account until the tenant vacates the property. By law, any security deposit money due the tenant must be refunded within twenty-one (21)days less any determined damages or rent owed. Per Minnesota Statue, tenants security deposits are subject to 1% interest and is paid to the tenant at the completion of their lease and subsequent vacancy of the property. How are tenants selected? We carefully screen each prospective tenant and verify rental history, employment and obtain a report which includes credit and criminal history. Our robust management software uses Smart Move a TransUnion company to determine eligibility for Tenancy. Do I pay for processing the tenants' applications? No. You pay nothing. Who pays for maintenance and repairs to my property? The owner pays for maintenance and repairs, unless the tenant has agreed to assume responsibility. In that case, we will seek reimbursement on your behalf from the tenant. Because we deal with a large volume of property, we can normally contract at considerable savings to you for repairs and maintenance. We save you money whenever possible. Who pays for the marketing of my property? We pay for all signage and labor costs related to marketing your property for rent. The owner pays for the cost of advertising the property for rent in the local periodicals. Are management fees tax deductible? Generally, as a direct expense item. However, you should confirm this with your tax adviser as your specific situation may be different. What is typically involved in preparing a property to be rented? Generally, you should expect to make the property move-in ready for a tenant. This may involve painting or patchwork,carpet cleaning and minor repairs.Your property will rent quicker and demand a higher rental value if it is in good condition. |