Rental Management Services

When selecting a management firm, please take the following into consideration:

Real Estate Broker's License

Subsequent to Minnesota Statute 82.55 and 82.78, the management firm must hold an active real estate broker’s license.  Licensing status may be reviewed at the Minnesota Department of Commerce’s license look-up utility at CLICK HERE to view copies of Urbanwood’s licenses. This document is in PDF format. Adobe Reader is required to read it.

Trust Account
Subsequent to Minnesota Statute 82.75, the broker must maintain a Trust Account into which to receive trust funds (i.e. funds being held for another).
Criminal History
Subsequent to Minnesota Statute 299C.69 individuals convicted of certain felonies are prohibited from providing rental management services. CLICK HERE to view a current copy of Urbanwood’s criminal history report from the Bureau of Criminal Apprehension. This document is in PDF format. Adobe Reader is required to read it.
Liability Insurance Coverage
In addition, the brokerage should have in force adequate liability insurance coverage.  CLICK HERE to view a copy of Urbanwood’s  current insurance certificate. This document is in PDF format. Adobe Reader is required to read it.
Registration Status with Minnesota Secretary of State
Subsequent to Minnesota Statute 302A.821 a professional management firm must hold a current registration with the Office of the Minnesota Secretary of State.  CLICK HERE to view Urbanwood's current registration status.
Annual Documentation
We believe strongly that a basic function of management is to provide property owners and tenants with annual documentation in order to comply with state and federal tax requirements (e.g. IRS form 1099 and Minnesota Revenue Certificate of Rent Paid form).
Accountability is key at Urbanwood.  A balance sheet and profit & loss statement are provided monthly as well as a year-end summary.
The Bigger Picture
Rental property owners shouldn’t have to worry about every minor maintenance expenditure but they should be in control of the larger picture.  For instance, Urbanwood’s rental management contract stipulates a cap of $250 for any non-emergency maintenance or repair expenditure.  Above this amount, express authorization is required by the property owner.