Frequently Asked Questions
Are you licensed?
Yes, we are licensed by the Department of Real Estate in the state of Minnesota.
Our guarantee to you
Your property will be treated as one of our own rentals. As landlords ourselves, we promise to make good decisions for you. Your property will receive professional care and maintenance. Your lease agreement with the resident will be enforced in a courteous and businesslike manner. We always act in your best interest while at the same time making sure that your resident receives fair and ethical treatment.
How do I get started with PURE Property Management of Minnesota?
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.
Marketing Your Property
How will you advertise my property?
We use a platform called Tenant Turner to syndicate out to the top rentaly listing websites including Zillow, Trulia, House.com, Apartments.com, Realtor.com, Rent.com, Zumper, and many others including our own website. This is all included in our leasing fee. We will list on these sites, schedule and show the property on multiple days at different times to maximize exposure. Remember, our goal is to get you a GREAT resident QUICKLY!
Rental Price – How do we determine rental price?
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.
Finding Quality Residents
Rental Applications – What is the process?
Once a prospective resident has viewed the property, they can submit a rental application online through our application software.. The prospective resident must also submit a nonrefundable Application Fee, which is retained by PURE Property Management of Minnesota to cover the cost of processing the application. A credit check, criminal check, and eviction check will be performed on all applicants over 18 years old as well as rental references and income verification. If a resident is denied, PURE will send the applicant an adverse action letter. If the application is approved, PURE will send out a lease agreement and collect the Security Deposit for that property. No home is taken off the market until an application is fully approved and a security deposit has been submitted.
Equal Housing Opportunity
At PURE Property Management of Minnesota, we are committed to following all Equal Housing Opportunity Laws. We do not discriminate against anyone on the basis of Race, Color, Religion, Sex, Handicap, Familial Status, National Origin, disability, mental or physical, sexual orientation, gender identity, gender expression, genetic information, or Age. We take Fair Housing rules and complaints very seriously. We cannot accept any client as a client who requests that we violate these laws.
Applications – How do you qualify residents?
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.
The Importance On Finding a Quality Resident
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.
What Condition Should My Property Be In To Rent?
Even properties in the most desirable areas will not rent quickly if they are not in top condition. It is good to avoid having to rent your home at a discount when you can do some things ahead of time to attract well-qualified residents at market rate. Properties must show well and have “curb appeal.” When meeting with you, we are happy to go over possible updates which will help get top dollar and attract good residents. We have checklists for cleaning and require all properties to be in hotel-ready condition. We do not want a resident moving into a dirty property because this will start the resident off with a poor taste for your property. It is very important that the property is presented in a clean and attractive condition so that it will catch the attention of a good, qualified resident.
How do you keep me updated about my property and the residents?
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.
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.
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.
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.
When do you disperse the client’s funds and email the statements?
Statements are made available online through your investor portal. We post your statement each month on the 15th and again at the end of the month to ensure accurate accounting and activity on your account. Your monthly statement details all income and expenses related to your rental properties. Please note: We do not mail monthly statements.
We know how important your rent proceeds are, and we want to get your money to you as quickly as possible. Rent proceeds are deposited directly into your bank account on the 15th day of the month (or on the next business day if the 15th falls on a weekend/holiday).
If for whatever reason, a resident is late or rent proceeds are collected after our accounting deadline for payout on the 15th, you will be paid your proceeds the following month. Please note: We do not mail checks.
What Day is Rent Due Each Month?
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.
Still have questions?