Minneapolis and its surrounding areas stand out for exceptional economic growth and diversity. The region is home to no fewer than 17 Fortune 500 companies and 7 of the nation's top 225 companies.
This economic excellence goes hand-in-hand with attracting job seekers and families looking for a better lifestyle. Many of these new Minneapolis residents need rental accommodation.
This makes the city an excellent choice for property investment. Owning an investment property can be lucrative if you can keep up with the work and expenses involved in rental property management.
Repairs and maintenance are the most time-consuming and costly of these responsibilities. You can get a property management company to assist you, but who pays the bills in this case?
Read on to find out more about Minneapolis rental repair costs.
What's Included in Rental Property Management Fees?
When you sign up with a rental property management company, you place your rental units in the capable hands of qualified and experienced professionals. These property manager responsibilities include:
- Property marketing
- Tenant screening
- Property inspections
- Rent collection
- Maintenance coordination
Their property maintenance policies usually include routine maintenance to help you avoid unnecessary repairs and preserve the value of your investment. They do not include the cost of these tasks or any repairs to your property.
Who Pays for Repairs to Your Property?
Under Minnesota law, landlords are legally obliged to maintain their properties in a safe, habitable condition. They are always responsible for the costs of any work done to their property.
Tenants must bear the cost of any repairs and maintenance to the unit that goes beyond normal wear and tear. Sometimes, they might agree to assist the landlord with minor maintenance tasks, like lawn care.
In these cases, Minneapolis rental agreements must include precise details related to tenant repair responsibilities.
Can Your Property Manager Pay for Repairs on Your Behalf?
In many cases, a property manager will oversee the entire repair process, including settling the bills. They will deduct any costs incurred from future rental income due to the landlord.
Minnesota landlords can also set aside money in a repair fund and give their property manager access to it up to a certain threshold. This can expedite small repairs, but the property manager must obtain permission from the landlord for larger expenses.
A third way to manage repair costs is for the landlord to pay the repair costs on presentation of an invoice from the contractor.
Hiring a Property Manager Helps You Thrive as a Landlord
Although rental property management services don't pay for rental unit repairs, their efforts help preserve the value of your property and keep your tenants happy. Although you still pay the costs, you'll benefit from speedy attention to repairs, time-saving, and reduced stress.
PMI Minneapolis-St. Paul's team of licensed and qualified professionals focuses on providing top-class service to help preserve the value and appeal of your property. Our commitment to taking care of every minute detail ensures cost savings and tenant satisfaction for our landlords.
Discover our formula for ongoing success as a Minneapolis landlord.
