Making the decision to hire a Chicago property management company can be difficult. As difficult of a decision as it is, there are a number of great reasons to hire a Chicago property manager. Hiring a professional property manager for your investment property can decrease tenant turnover, decrease maintenance expenses, and truly make the most of your Chicago investment properties.
Hiring a professional property manager can decrease tenant turnover and ultimately help improve the profitability of a Chicago area investment property. When tenants have a reliable contact to go to and know that maintenance needs and worries will be handled, they are more likely to stay in their unit. This means not only can subtle rent increases be passed on year after year; less will have to be spent on marketing and advertising of vacant properties because there simply are not any that need to be marketed. Keeping good, paying tenants in their units long term can more than cover the cost of hiring a professional property management firm.
On top of the additional rent income from rent increases and cost savings from not having to market rental units, maintenance costs can be dramatically decreased by hiring a professional property manager as they will typically have maintenance connections and staff that can handle small to major maintenance issues and do so at a more affordable rate than most people can get on their own. Hiring one of the best property managers that have a full service maintenance staff in house is one of the best ways to really cut down on maintenance costs. On top of the maintenance savings from having in-house staff and partners; having a professional property manager can help keep up on routine maintenance and prevent more expensive repairs from becoming necessary. Preventing maintenance is an under discussed issues, but good property managers can explain the huge cost savings that can help increase any investors bottom profits.
Between the cost savings involved in property maintenance and from keeping good paying tenants in their units long time and the increased profitability by passing subtle rent increases year after year; the cost of hiring a residential property management company can pay for itself many times over. Add in the time and headache savings from not having to handle the landlord tenant relationships; hiring a property manager just makes sense.
Do not hire just any property management company. Make sure you hire a company with a full maintenance staff and one that is proactive in keeping good paying tenants in their units. If you are looking to learn more about how much a property manager can save you or why you should hire a professional property management company, contact us today for more information.
