Property Management
A Minnesota commercial property has a vacancy rate of 15% after a major tenant departed. The property manager should focus primarily on:
AReducing maintenance costs to improve NOI
BAggressive leasing marketing to qualified prospects✓ Correct
CIncreasing rents on remaining tenants to offset vacancy
DSeeking a buyer for the property immediately
Explanation
When significant vacancy occurs, the property manager's primary focus should be filling that vacancy through active marketing to qualified prospects. In Minnesota commercial real estate, vacancy reduces NOI and property value. The manager should develop a leasing strategy including: market positioning, competitive pricing, broker outreach, marketing materials, and targeted prospecting to address the vacancy promptly.
Related Minnesota Property Management Questions
- Minnesota's Truth in Rent disclosure requires landlords to disclose:
- A residential lease in Minnesota that does not specify a term is treated as a:
- In Minnesota, the Americans with Disabilities Act (ADA) accessibility requirements apply to:
- In Minnesota, an eviction (unlawful detainer) action must be filed in:
- In Minnesota, a landlord who wants to terminate a month-to-month tenancy must provide written notice of at least:
- A Minnesota apartment building's vacancy rate is 8%. If the building has 50 units, how many units are currently vacant?
- In Minnesota, a landlord who performs a self-help eviction (changing locks, removing belongings, or shutting off utilities to force the tenant out) is:
- In Minnesota, which of the following activities is a property manager NOT authorized to do without specific written authorization from the owner?
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →