In an uncertain economy, owning investment property in Chicago is a great way to make some money and diversify your portfolio. Handling every aspect of an investment property can be difficult and that is where working with a good property manager can make all of the difference. A good property manager will handle the most difficult aspects of managing an investment property and utilize their expertise to make the most of your investment property.
Handling the Tenant Landlord Relationships: One of the main responsibilities that a property manager takes off of the owners back is handling the tenant landlord relationship. That means that owners do not have to worry about receiving phone calls at all hours of the day or having to chase down rent. Property managers will handle the responsibilities of coordinating with the tenant and maintenance staff on making sure that maintenance needs are handled in a timely manner. They will also be the bad guy when it comes to late or missing rent payments as without rent payments an investment property is not a good investment.
Tenant Screening and Selection: Arguably the most important responsibility a property manager can take away from a property owner is tenant selection and screening processes. Having the right tenant in your property can make all the difference as having the wrong one could lead to damage to the property, unpaid rent and even legal bills from evictions. Some owners like to place their own tenants, but this is one of the most important aspects of the property manager’s job and experienced property managers will bring in more qualified tenants.
The best property managers will do what it takes to make the most of any investment property. Handing the burden of managing a property over to a property manager may seem like a big step to take, but the lower levels of stress and properties increased profitability can make an investment more worthwhile than handling it all yourself. Give us a call today at 630-324-4267 to learn how Letts Property Management can help you make the most of your investment property.
