If you already own (or are thinking about purchasing) an investment property, you no doubt know that it can be a fantastic business venture. The profit that comes with real estate is the stuff that entrepreneurs and side-stream income seekers dream of. However, just as with any business, proper management is critical to your overall success.
There are a lot of things to consider if you are looking into property management in Chicago. Partnering with the right company to handle the many aspects of your investment property is something that takes research and effort. And before you even start, you need to understand what it is that you need and what a good management company offers:
They Specialize in Rental Advertising
Companies that specialize in property management Chicago not only advertise your properties on their own website, but the most effective ones will also advertise them on dozens of other real estate rental sites.
This allows for maximum exposure of your property while saving you the time and hassle of keeping up with all of those listings yourself.
They Handle Applicant Tracking
This is a huge benefit of working with expert property managers. Applicant tracking is a tedious and time-consuming activity and to successfully rent your property, it is a necessity. A quality company will handle:
- Residential leads
- Rental showings
- Rental documentation
They Conduct Resident Screening
Potential renters require quite a bit of screening. Professional property management in Chicago assists owners like you by performing background checks, reviewing credit reports, and verifying references, among many other tasks.
They Offer Lease Management
Keeping the various documentation that goes into rental properties organized can be a daunting task. From the initial application to lease agreements to financial paperwork and maintenance records, there is a lot to handle. In fact, managing lease documentation is often listed as the most difficult aspect of renting property by owners who oversee their own properties.
They Provide Online Rent and Financials
The financial aspect of property management in Chicago is reason enough to partner with a professional firm. It can offer instant bank verification, guarantee on-time payment, as well as automate late fees.
This benefit alone simplifies rent collection and keeping track of financials, as well as profit and loss reporting.
They Coordinate Maintenance and Repair
Handling work orders and scheduling maintenance/repairs is a highly important task. This is due to the fact that there are health and safety (as well as legal) liabilities involved. It is best to have experts on this task.
Let a Professional Handle Your Property Management in Chicago
In addition to the numerous services and responsibilities listed above, there are also legal obligations, safety codes, and many other things involved in operating your investment property.
Unless you want to take the time and the added expense of learning about and handling all of these issues yourself, doesn’t it just make sense to let the pros do it for you?