Investor FAQs

Contact us at 612-822-4663 today and we can start the process immediately. We will need to find out more about your property to see if we are a good match for each other. We can discuss your needs and expectations regarding management service. We begin the process very quickly.

The most important part of listing a property is getting the correct rental price. We use statistical data to make sure your property is priced at market value. When properties are overpriced, they will not give many search results and they will sit on the market longer. We do a comparative market analysis to determine the correct rental rate. We actively monitor viewings and interest levels to ensure we are at the right price.
After properties have been exposed to the market for one week without renting, we will then consider lowering the rent so the property will not sit vacantly. When properties are vacant, it is more costly than lowering the rent and getting it rented quickly. For example, you probably should list at $1950, but instead, you decide $2000. At $1950, you could have the property rented in one week and very little downtime. At $2000, it could take five weeks to get it rented and get a resident in the property.

This is one of the most important aspects of the successful management of rental property. We look at an applicant’s past behavior as a good indicator of future behavior. An applicant must demonstrate a history of being a good, responsible resident as well as meeting our financial criteria. We pull a credit check and review the results looking at income, rental history, credit, employment, pets, and any other stipulations presented in order to make a good decision upon which resident to rent to.

Resident Employment and Income Verifications- We verify job title, job status, salary and prospects for continued employment. An applicant needs to earn at 3 times the monthly rent in gross income to qualify for rental.

Eviction and Criminal Reports- We pull a background check, which searches public records to verify eviction and criminal history.

Credit Report- This is one of the most important factors in determining a resident.

Order of application is not the only thing that determines an application. If there is an application with marginal credit (600) going against an application with superior credit (800), the application with superior credit could get the property if all other determining factors were the same even if the 600 applied first. On credit, we have five areas that we compare credit score 700+, 650-699, 600-649, and below 600. If one person had a 660 and another a 680 we would consider both of those credit scores to be in the same category. The areas that determine if an application is accepted are credit score, income, rental reference, pets vs. no pets, application completion time. An application is not considered turned in until all required documents have been submitted. If one applicant applies, but we are waiting on the other adults living in the house to submit theirs, we cannot process the application until it is complete with all parties submitting. If someone applies but does not attach paper work with income or license, that application is not complete. The time your application is fully completed by all parties determines your time mark on the application.

Landlord Verifications- We contact past landlords to verify rental history and ask detailed questions about the applicant’s past performance.

Resident screening is a vital part of the leasing process. A thorough resident screening is one of the best tools a landlord has to protect their investment. By effectively screening prospective residents you will protect your investment, the property, and the local community. Quality residents are the key to long-term profitability. At PURE Property Management of Minnesota every application we receive is carefully reviewed.

PURE Property Management of Minnesota makes it easy for you to know what’s happening with your rentals. We use a variety of communication methods to ensure we maintain an excellent business relationship with our investors. We are committed to being available during normal business hours, and if we miss your call, we will call you back within that same business day or at the beginning of the next business day.

Phone

We will contact you on the phone from time-to-time, or as often as needed, but we also know that you have hired us so you don’t have to worry about your property. As we start to work together, we will have a better understanding of your preferred method of communication. In cases where our owners aren’t accessible by phone, we are also able to use other methods such as online chat. 

Email

We leverage technology as much as possible. For this reason, our staff is provided with mobile devices that allow them to send/respond to email even if they aren’t in the office.

Investor Portal 

Once we have a signed management contract, you will receive a link to your investor portal. You will have access to all-important documents, including your management agreement, the resident’s lease, maintenance work orders and much more! You will also receive email communication through this account and be able to keep track of our messages in one convenient location.

Rent payments are due on the 1st day of each month and are considered late on the 6th. If a resident moves into a property during the middle of the month, the resident will owe a full month’s rent for the first month, and the rent for the second month will be prorated. The second month’s rent is the one prorated, never the first month.