Do you keep a single-family rental property? If so, you may doubt whether you should hire a Chicago property management company to help manage it. But what does a professional property management company even do – and is it worth the cost? This blog post will explore how professional property management works and what a property manager can do for rental property owners. By the end, you’ll better know whether property management is right for you.
What is Property Management?
Professional property management is overseeing and managing a rental property on behalf of the owner. In general, this can include tasks such as marketing the property, screening and approving tenants, collecting rent, handling maintenance and repair requests, and more. In some cases, property managers may also be in charge of evictions.
Property management companies typically charge a percentage of the monthly rent as their fee. For example, if your property rents for $1000 per month and the management company charges a 15% fee, you would pay them $150 per month. Some companies also charge additional fees for services like lease renewals or marketing.
What Does a Property Manager Do?
The job of a property manager can be a busy one. Property managers are responsible for different responsibilities. Some of the most familiar obligations of a property manager include:
– Marketing the property: Property managers are responsible for finding tenants for your rental property. This consist of listing the property on rental websites, showing the property to potential tenants, and screening applications.
– Screening and approving tenants: Once you have a pool of attracted tenants, it’s up to the property manager to screen them and choose the best candidate. This frequently involves running a background check and verifying their income and employment history.
– Collecting rent: Property managers are accountable for collecting rent from tenants each month. They may also handle late payments, returned checks, and evictions (in some cases).
– Handling maintenance requests: When tenants have a maintenance or repair request, they will submit it to the Chicago property manager. The property manager is then responsible for coordinating with contractors, scheduling repairs, and ensuring that the work is completed promptly.
The best property management companies can also help you optimize your investment properties and grow your portfolio. They provide expert market analyses, valuable insights into the local rental market, and data-driven recommendations (such as when to raise the rent, which upgrades to make, and more).
Benefits of Hiring a Property Management Company
There are several benefits to hiring a professional property management company. Perhaps the most obvious is that it frees up your time. If you’re managing your rental property yourself, that’s a lot of time spent on tasks like marketing the property, dealing with maintenance requests, and much more. Property managers can take care of all the day-to-day tasks associated with owning and managing a rental property. This can save you time and money so you can focus on other important things in your life.
Other important benefits of hiring a property management company include:
– Reduced vacancy rates: A good property manager will know how to market your rental property and screen tenants efficiently. This can help you fill vacancies quickly and reduce the time your property is unoccupied.
– Increased rent collection: A property management company can help you collect rent on time. They may also help you increase your rent prices (in some cases).
– Lower repair and maintenance costs: A property manager will have a network of trusted contractors they work with regularly. This can help you get discounts on repairs and maintenance, as well as ensure that the work is completed in a timely fashion.
– Fewer legal problems: A property manager can help you avoid potential legal issues by following all the relevant laws and regulations. They will also know how to handle difficult situations, such as evictions, professionally and legally.
If you’re thinking about hiring a property management company, be sure to do your research and choose a reputable company that offers the range of quality services you need and want. Real Property Management Chicago Group has over 30 years of experience in single-family rental property management. Contact us online today to learn more about how we can help you efficiently manage your properties and grow your investment portfolio.
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