Answers to your common questions
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Our main goal in providing property management services is to protect the asset of our clients and preserve the property’s condition. We know our owners have high expectations and these Frequently Asked Questions – Property Owners will help to ensure we meet our owner’s expectations.
Are you a licensed Real Estate Broker?
Yes, we are a licensed brokerage which is governed by the Minnesota Department of Commerce.
Do you use the cheapest maintenance people you can find?
Yes. You can shop around and you'll find we are at the bottom of what other companies charge for maintenance. We've got people who can quickly respond to all maintenance requests. Any repairs under $300 the repair will be made on the spot. If the repair is above $300 then we talk to you on how you would like us to cure the problem. Then we will proceed with your approval only. It is very important that property owners be responsive to our calls to them in which we are discussing any maintenance issues.
We understand our professional reputation as property managers, both with residents and owners, is largely, if not almost entirely, determined by the effectiveness with which we handle maintenance. We follow a practice that is most likely to insure the best possible response and resolution to maintenance and repair problems for your property.
How do I know your property manager won't spend my money on large repairs without my approval?
It is outlined in our management agreement that we will seek your approval for any repairs $300 and above. Property Management spending limits are also dictated by the size of the property.
How do you handle maintenance requests?
Residents have a Tenant Portal in which they can log online to their account to request non-emergency maintenance requests. They can also call into our office and our staff will take the request and submit it to our work order system.
If the maintenance request is any emergency we have a 24/7 emergency maintenance hot line. A call is placed to our on call maintenance person and he will be out to the property ASAP to cure the problem. A checklist is given out to all residents to explain what qualifies as an emergency.
How do you make sure the resident is taking good care of my property while renting?
There are several ways in which we will make sure your property is being taken care of. First, careful resident selection from the outset protects your property from being rented to irresponsible people. During the lease term, we may have occasions to enter the property for repair or maintenance reasons and will use the opportunity to look things over. If we are fortunate enough not to have any repairs or maintenance at your property over a extended period of time, your property manager will schedule a preventative maintenance walk-through to make sure the air filter is being changed, that the smoke alarms have batteries and that there are no unreported problems at the property.
How do you market your rental properties in Central Minnesota?
We are committed to always offering the most advanced methods of advertising our rental properties. Here are just a few ways we make this happen;
• Panoramic still pictures
• Embedded video tours
• Dynamic web links in web listings
• All social media
• iPad rental applications available at showings
How informed will I be about what happens with my property?
We have taken steps to optimize efforts for property owners to always have a handle on how their property is doing as well as the resident. We provide an Owner Portal on our web site for property owners to log on and view activity on the property in "real time". Owners can even view any maintenance requests that residents submit, detailed accounting and up to the minute updates of any activity going on with the property.
How much of a security deposit do you charge the resident?
As a general rule of thumb we usually get 100% of one month's rent for deposit, rounded up to the nearest hundred. This is what will be asked for by most property owners and property managers.
How much will my house / apartment building rent for?
Rental amounts are dictated by the demand in your market. Real Estate values and rental ranges are based off supply and demand. So if your property is in a desired area, subdivision or school district, values and rental amounts will be reflective of the market. Cutting Edge Real Estate professionals will work closely with all property owners to strategically price out properties to ensure quick lease up.
The most important thing to know is that the rental market is indifferent to your mortgage payment amount. The rental market does not care that you might have a negative cash flow, and will punish the property with extended vacancy to owners who overprice their rental properties. When you hire us as your property manager, we will look at the rental market in your particular area, survey the competing properties, and make sure your property is priced so that it will be viewed favorably against the competition.
How soon can you start managing my property?
After we receive a signed management agreement, copy of keys, copy of any existing leases and tenant contact information, then we can begin immediately.
What areas do you service?
Our Property Management Service area is St. Cloud / Central Minnesota and the Maple Grove surrounding area.
What do you do if the resident is not taking care of my property as they should, or you discover unauthorized pets?
Your property manager gives the resident an opportunity to correct the situation and usually they will. If a problem persists, we will make a decision based on that specific situation.
What happens if the resident does not pay their rent?
We give residents up until the 5th of the month to get their payment into the office. If by the 5th we haven't received payment or a phone call, then a representative from Cutting Edge Real Estate will knock on their door and post an eviction notice. Whether or not we eventually have to proceed with a formal eviction depends on the specific circumstances. It is always financially better for all involved if a solution can be worked out. If the resident has experienced a one-time event which is causing them a financial hardship, and we have has no previous problems with them, it is better for the property and the resident if we give them a chance to catch up with a reasonable amount of time / payment plan, only if there is reason to believe they can do so. If the resident has demonstrated an ongoing pattern of late payments, broken promises about payment and/or evasiveness, we know from experience that eviction is the best course of action.
Each case is unique and the property manager will work with you, the owner, to make a decision based what is best for you and your property in the long run. That said, we always proceed with the legal notices required for eviction regardless of any other factors. We will simply postpone the actual filing of the eviction if the resident is showing favorable effort toward resolution.
What is a Tenant Portal?
A tenant portal is a secure link for the residents to access their account, request non-emergency maintenance and repairs, and make rental payments.
What is an Owner Portal?
An owner portal is a secure link into your account. After you have signed a management agreement with Cutting Edge Real Estate, you will be given the secured link and directions on how to enter your account to retrieve information such as: rents collected, work orders for repairs and maintenance, and your statement.
What Property Management experience and credentials do you offer?
Our people are highly trained, well rounded real estate professionals, many with various licenses that understand the unique needs for property owners in today's market, including a Certified Property Manager on staff with 20 + years of experience
What type of rental properties do you manage?
We manage single family homes, condos, apartment buildings and mixed use buildings. We also do market rate, student housing, tax credit, section 8 and rural development properties.
When can I expect to get paid my rent proceeds?
We know how important your rent proceeds are. Owner distributions are sent out @ the 15th of the month and never received later than the 21st of the month along with your owner’s statement.
If an tenant is late, and rent proceeds are collected after our accounting deadline for payout by the 21st, we also payout again on the 25th of the month.
Why should I hire you as my Property Management Company?
Through our experience, and results driven approach, we continue to provide outstanding value and service to all properties that we manage and strive to maintain the comfort, beauty, and safety of each community we serve. Our experienced staff believes in a hands-on approach to property management.