Chicago presents a thriving market for property investors, thanks to its high rental prices and low vacancy rates. So, if you're toying with the idea of becoming a Chicago landlord, you're on the right track.
Real estate investing can be a lucrative source of income if you can keep up with all the tasks involved. Fortunately, there is a way to benefit from owning rental properties without surrendering all your free time.
Read on to discover how a property management company can help manage landlord responsibilities.
1. Property Marketing
Are you an accidental landlord, just getting started in the rental market or a seasoned investor? There's a good chance you could do with a little help finding the best tenants for your property.
A property management company can help you carry out the necessary upgrades to increase your property's appeal. They can advise on the best rental rates that ensure profits while providing good value for tenants.
Finally, they will market your properties on the correct platforms for maximum exposure.
Once the applications start rolling in, they'll carry out strict tenant background checks. These ensure you end up with good tenants in your rental home.
2. Tenant Management
The real work begins once your tenants have committed to a long-term lease. A property management firm will assist with the following:
- Rent collections
- Managing tenant communications
- Fostering positive tenant relationships
They also employ the latest property management technology. This software ensures accurate record-keeping for the benefit of you and your tenants.
A tenant portal is one of these innovations, and it's used for:
- Convenient communications
- Streamlined rent payments
- Maintenance and repair requests
These efficient services help encourage lease renewals and prevent vacancies.
3. Routine Property Maintenance
For most landlords, property maintenance is one of the most time-consuming tasks associated with owning investment properties. It's also one of the most important.
Routine maintenance helps you comply with city ordinances regarding habitability and ensures your property doesn't devalue.
One of the most important tasks of a property manager is preserving the value of your investment. Routine property inspections are one way to do this.
Inspections provide opportunities to check for property damage, ensure lease compliance, and carry out minor repairs. They're also an opportunity to build positive relationships with tenants.
Thanks to their long-standing industry connections, property managers can often secure the best prices and services for routine maintenance. In this way, they help save you money by ensuring good workmanship and avoiding unnecessary repairs.
When something does go wrong, a property manager will attend to emergency repairs promptly. In this way, they protect your property from further damage.
Finding a Property Management Company in Chicago
The first step in maximizing your rental income from investment properties is finding a reputable and experienced property management company.
PMI Windy City has many years of experience in Chicago real estate, backed by excellent customer references. We can assist you with every aspect of managing your short- and long-term rentals for residential and commercial properties.
Get in touch today and experience the freedom that comes from working with expert Chicago property managers.