Owning investment property in Chicago is an exciting and busy adventure—sometimes too busy. From making sure your units aren’t vacant for too long between tenants to finding great tenants to occupy them, scheduling regular maintenance, collecting rent checks, performing upgrades and everything else, it’s easy to let owning rental properties become your full time job. The problem is, you likely didn’t get into investment properties so that you could work more. You probably got into it to earn some extra money in an interesting and lucrative way. Thankfully, you’re not stuck working overtime every week—many investment property owners utilize help from Chicago property management companies to avoid getting too tied up in work. Property managers can take a lot of the work off of your plate, of course, but as far as what they’re best at, we’ve put together a list of the five most helpful aspects of using a property management company in Chicago.
5) Finding and Keeping Better Tenants
From shaping your ads to attract the right kind of renters, to interviewing applicants, running background checks, and collecting security deposits and rents, just the process of getting someone into your rentals can be a lot of pressure. Once they’re in there, there’s the work done to keep them happy and renewing their leases. Finding great tenants can be a hectic and chaotic process, but when you’re working with a Chicago property management company, they can take care of everything. Think about all of the time you spend fielding calls and emails from interested potential renters—just that on its own is a big job. Now, imagine not having to deal with any of that. Property management companies help investors find (and keep) the best tenants. Once people rent out your properties, your property managers will be able to track down rent to ensure you keep getting paid, and they can also mitigate issues with late or unpaid rent. Some property owners say that everything tenant- and rent- related, on its own, can be the reason to get a property manager.
4) Assistance With Maintenance
The next area that property management companies in Chicago excel in is maintenance and help with everything associated with the upkeep of your properties. Right now, if a tenant calls you in the middle of the night with an apartment emergency, you have to get out of bed and start making phone calls, trying to find a contractor who can help with that emergency at that hour. What’s worse, you may not even be able to find the solution at that hour. With a property manager, when an emergency arises, they’re ready to go. Property managers have a list of vetted, insured contractors like plumbers and HVAC specialists who can be on the job at the drop of a hat—and you won’t need to be there to let the maintenance worker in!
Imagine not having to worry about what you’d do if a tenant called you about a shattered front window or if tenant’s basement flooded during a springtime storm—because your property manager would already have it covered. That weight off your shoulders can be a lifesaver.
3) Increased Value of the Property
In a similar vein, when property managers have a hands-on approach to the way your property is maintained, they’ll be able to notice problems that you may not see until much later—when it will be costly to repair or upgrade. By noticing these upgrades before they’re absolutely necessary, you’ll be able to work gradually to improve your investment property, growing and increasing its earning potential year after year. Property management companies in Chicago have one common goal: to help their property owners succeed. When they’re working with your properties, they’ll be doing everything they can to help you see a better return on your investment.
2) Less Stress and More Freedom for the Owner
Property management companies do more than just take care of problems, though. Because they’re taking a lot of busy work off of owners’ plates, those owners then have a lot more freedom to do other things, like spend time with their families, put in work at their day jobs, or even seek out additional properties to invest in.
When you have more freedom to do what you want throughout the day because you’re not stuck at a desk making phone calls about late rent checks and leaky faucets, you’ll be amazed and what you can get done!
1) Fewer Problems with Renters
You already know that when you work with a property management company in Chicago, you’ll reap the benefits of them finding great tenants to rent your units. However, that’s not the only way that property managers help you with tenants. When there’s an issue with a tenant, such as unpaid rent over a couple months, you may find the process of fines and evictions to be unbelievably tedious and overwhelming, not to mention stressful for everyone involved. When you work with a property manager, though, your tenants know that they’re dealing with a business, not just one person anymore—they may be less likely to try and manipulate your emotions (who hasn’t heard a sob story about being able to pay rent “next week”?), and they may understand that they’ll get away with less when they’re dealing with a company. That’s not to say that you aren’t an authoritative owner, of course, just that it can be easier to resolve issues when it’s not just you fighting them. Additionally, if there are any complaints or problems from tenants, you won’t have to spend all of your time sorting through them—that’s part of how a property management company helps! They can step in and mediate the problem, so that you can get back to doing more important things.
Ready for Some Help With Your Investment Properties in Chicago?
If you’ve been feeling overwhelmed by the work associated with your rental properties, you’re not alone. Whether you’re new to the business or a seasoned vet, it’s not uncommon to need a helping hand with your investments. As a property management company in Chicago, we at Lofty strive to help all of our owners succeed, so that they can live the life they deserve. If you’ve been considering hiring a property management company for your rental units in Chicago, contact us anytime for more information about how we can make your job easier.
Speak with one of our experts to find out how we can supercharge your investment.