While property management companies do come at a cost, they can save you money while working with your investment property. Finding the right tenants, screening them, maintaining the property, and handling tenant issues are just a few of many tasks that property management companies can take off the back of a real estate investor. Here are the top 3 ways property management companies in Chicago can save Chicago area real estate investors some serious money.
#1. Shorter Vacancies
One critical aspect of an investment property is getting the unit filled. The unit does not generate any income or revenue while it is sitting vacant. After taxes and potential thefts or break ins, a vacant property is the most undesirable aspect of an investment property. As a leading Chicago area property manager we know that every single day counts when the unit is vacant and our goal is to dramatically decrease the number of days a unit is vacant. We have an in-house construction team that can go out and completely check over a unit, paint it, and get it rental ready. Once the unit is ready to rent, our leasing team goes in to action and we advertise your unit on a variety of sites, not just one, and even send these listings out directly to realtors and leasing agents that we partner with. All of this with the goal of getting the unit filled as soon as possible.
#2 Handling Tenant Issues
The typical property management horror story usually includes receiving calls at all hours of the night from tenants with issues that they want handled right away. Those calls and the time they take can really add up. On top of fielding the calls, finding time to schedule someone to fix the problem and coordinating things with the tenant’s schedule can really be a nightmare. On top of that, maintenance calls are just the beginning as you need to handle your bookkeeping, chase down late or non-payment of rent, and handle evictions. Hiring a professional property manager takes all of those worries away as they are responsible for handling the landlord-tenant relationships and all tenant issues which can ultimately make the property more profitable for you.
#3 Maintaining the Property
One of the biggest headaches with owning investment properties is handling the maintenance involved with the property. Whether it is cutting the grass or keeping up the appliances, landlords are expected to keep their property in a certain condition and doing it yourself can be time consuming and costly if not done right. At Letts Property Management, we have a full service maintenance team that can handle any investment property maintenance needs. By having a full staff in house, we can get work completed faster and more cost effectively than companies that do not have a maintenance team in-house.
If you have an investment property in Chicago that you would like professionally managed, contact us today to see how much you can save.
