When one lease ends and another begins, there’s a lot of work that needs to be done. Security deposits need to be sorted and returned to departing tenants, the first month’s rent needs to be collected from new renters, and in between, maintenance may need to be done on the property. And if you’ve got one tenant moving out without having one lined up to move in, that’s even more work—creating an ad and marketing the property, booking showings, and screening tenants. Altogether, it’s a lot of time that you could be using to do virtually anything else. Owning and managing investment properties shouldn’t be a mess of paperwork and endless busywork. If you’re tired of spending all of your time on what you thought would be a relatively easy way to earn extra money, you’ll be relieved to know that you’re not stuck—learn more about how property managers can make the move-in and move-out processes easier for Chicago landlords and property owners.
What to Do When Tenants Move Out
When tenants’ leases end and they move out, there are a few things that property owners or landlords have to do, including:
- Ensuring the property is in good shape and performing any maintenance that needs to be done, such as repainting or changing locks.
- Retrieving keys from the tenant.
- Returning the tenant’s security deposit, if applicable.
These three tasks alone can be be very time consuming—finding vendors and contractors to take care of repairs, maintenance, and any updates you want to make can feel like you’re on a wild goose chase. Once you find contractors, you’ll have to fit them in your schedule during a time when you can be at the property. To say that it’s inconvenient is an understatement. Getting keys back from the tenant can also prove frustrating. If you’re working with a property manager, though, they can take the time to track down the tenant, so that you don’t have to deal with calling over and over again, getting their voicemail every time. Likewise, the best property management companies in Chicago will have a list of trusted, vetted vendors and contractors that they can schedule for any property maintenance you need, and you won’t have to be there for any of it if you don’t want to.
Managing Vacancy Periods in Chicago Rentals
After one tenant moves out, one of two things will happen: there will be a vacancy period, or the next tenant will move right in. For now, let’s focus on the former.
If your property is vacant, you need to place ads, market the property, field phone calls from interested renters, schedule bookings, and show your property. If you’re trying to do this on your own, you can end up spending almost all of your extra time dealing with the property—which can feel like more work than it’s worth. After all, you got into investment properties to make money, not to take on a second full-time job, right? Property management companies in Chicago have written hundreds of apartment, condo, and home ads, and in addition to knowing the best places to market your property, they can often work out better deals with publications than individual landlords or property owners can, simply due to the higher volume of ads they place.
You want your vacancy period to be as short as possible so that you aren’t losing money, and property managers will be able to set your rental price according to current trends and market demands. You won’t have to worry if you’re charging too much or not enough for your rental, and people will be more interested in the property when it’s priced well—too high and people will balk, but too low, and some people may wonder what’s wrong with the place (are the walls so thin that they’ll be able to hear their neighbors debate about who should win The Bachelor, for instance?).
Once the property managers have shown your property and have some potential tenants lined up, they’ll be able to screen them, too. You won’t have to deal with background checks or conducting interviews. Property management companies have tried-and-true methods for ensuring they’re getting reliable tenants into properties, too, so you won’t have to worry about whether the tenants are the type of people who pay rent late every month or host loud, late-night parties in their studio apartments every weekend.
Imagine not having to deal with any of the headache-inducing frustration that is the vacancy period. You’ll have so much more time on your hands—time you could use to, say, catch up on The Bachelor (or do anything else!). Working with a property manager means you won’t have treat owning investment property like a second full-time job.
Helping Tenants and Landlords with the Move-In Process
Now that you’ve got a tenant who is ready to move into your property (whether or not you had a vacancy period), you’ll have to do even more work. It can feel like it’s never-ending, can’t it? Some property owners and landlords like to be onsite when new tenants move in, for helping with anything that might come up, and if you own a lot of properties, that can mean busy days for you every time a new lease starts. You’ll also need to make sure that the new tenant has paid their first month of rent, which can, like getting the keys back at the end of a lease, sometimes be a frustrating process. New tenants may not know where to send rent at first, too, which can lead to a late payment or two. You shouldn’t have to worry about tracking down your payments, and when you work with a property management company in Chicago, you won’t have to. Property managers take care of everything related to the tenant move-in process. They can be onsite during the move, they can track down your rent checks, and if anything happens during the move-in process, they can quickly schedule maintenance or repairs. It’s a level of convenience that’ll have you wondering why you didn’t start up with a property management company sooner.
Enjoy Your Time and Your Property
Here at Lofty, we understand that your time is your most valuable commodity, and we work hard to ensure you won’t have to waste it doing busy work for your rentals. We can take care of everything during the move-in and move-out processes for your properties, and we can also manage vacancies so that you can earn more money. To start living the life you deserve to live, give us a call anytime—we’d love to work with you and help make your life easier.
Speak with one of our experts to find out how we can supercharge your investment.