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Getting your residential investment property leased is one of the trickiest parts of investment property ownership. While there are times during the year where longer vacancies rates are unavoidable, there are many things that property owners and Chicago property managers can do to get their unit filled faster. Good Chicago property managers will have strong relationships within the real estate community, utilize a wide variety of pictures, and make sure to recommend that any unit be rental ready to guarantee shorter leasing times.

Building Relationships: One thing that property owners and property management companies frequently forget to take advantage of; is the power of relationships. Building strong relationships with key leasing agents and realtors throughout the Chicago-Land area can guarantee shorter vacancy times. Having strong relationships with key leasing agents and realtors who advocate on behalf of your units gets your units filled faster and with better quality tenants.

Pictures: Using real estate website such as Zillow, Trulia, and even general website like Craigslist is a great way to get word of your unit out there. Don’t rely on a property address and description to get your unit filled fast, give prospective tenants as many pictures as possible to really get the full picture of what your property has to offer. Try and take pictures from many angles and of key aspects of the unit and your unit will be filled fast.

Maintenance: Make sure your units are in tip-top shape to woo in prospective tenants. If there are any little issues that need to be handled, the best bet is to get it handled before tenants view the unit. Tenants coming in like to try and imagine themselves living in the unit and if there are obvious maintenance issues, tenants may be concerned about living with the issue regardless of whether or not it would be taken care of before the tenant moves in. A good Chicago property management company can recommend small touches that can even enhance the value of the unit while the maintenance staff is there fixing any maintenance needs the unit may have.

If your Chicago property manager is not getting your unit filled as fast as they should or you are having trouble getting your units filled, contact us today. Our professional property management staff can help discuss all of your property management needs and can help ensure your units get filled fast.

Hiring a property management company can be a big decision to make and at first can seem overwhelming to determine who you should trust with your investment properties. The decision does not have to be overwhelming, if you consider our three do’s and a don’t for hiring property management companies. Follow our handy tips to find the right property management company for you.

Do: Hire a property management company with an in-house maintenance staff. Property management companies with a maintenance staff sometimes cost a little more, but the cost savings on maintenance related issues will always make up for that slight premium. On top of the cost savings, property management companies with a full maintenance staff in house will typically be able to respond faster to maintenance emergencies and issues as they arise.

Do: Hire a property management company that specializes in the type of property you are renting. If you are hiring a property management company for residential rentals, hiring a company that only handles residential property management is a great way to ensure that your tenants receive the highest quality property management. On top of the quality of service, companies that focus on residential property management will be better versed on residential landlord tenant rules, laws, and restrictions. Finally, residential property management companies are typically more responsive to the small maintenance needs that typically arise in residential properties that are not as common in commercial real estate.

Do: Fully consider and read over the contract and terms of any agreement. This is best practice in almost any area, but is crucial for property management. Key an eye out for the details of the agreement; such as in what situations does the management company charge fees (some property management companies charge even if the unit is vacant), when is the monthly disbursement, what is the cancellation policy and fees, and keep an eye on what exactly the management company says they will do in return. Never sign any agreement, without asking any questions you may have and fully understanding the full agreement terms and conditions.

Don’t: Only consider the lowest price property management company. Chicago property management companies typically charge a percentage or flat amount monthly per unit, but some companies include many items with that fee while others nickel and dime for other services. While getting the best price sounds like common sense, make sure the property management company you hire is providing the best value for what you and your investment properties need. Some companies charge very little in fees, but in return provide almost no management service while others do the opposite. Finding the company that you feel comfortable with and have a fee structure you could live with and feel that your properties will be taken care of is key. While price is important, make sure you that the price does not leave you with heavy fees for other services or with zero management of your properties.

For more information on property management services in Chicago, contact us today or give us a call at 630-324-4267.

Getting a tenant in to a rental property can be one of the most time consuming and costly parts of owning an investment property. Each day the unit sits vacant, bills still have to be paid and no income is coming in. Shortening this time-frame as much as possible is one of the biggest advantages to leasing with a property management company. Add in the time and cost savings, it just makes sense to use a property management company to get your unit filled fast.

When it comes to a vacant rental property, every day matters. Once a tenant moves out, getting the unit inspected, cleaned, and rental ready are important steps. Not completing these steps to save time may sound like an easy way to save time and money, but having potential tenants view a unit before it is ready can turn them off from the unit and ultimately cost more in time than it would have cost to get the unit ready to rent and then leased.

At Letts Property Management, we have a full construction staff that can go in as soon as the tenant moves out and get the unit back up and ready to be leased. No other property management company in Chicago takes getting investment properties back up and running as seriously as Letts. We provide full detailed estimates for necessary repairs as well as recommended repairs so that the unit can both be back ready to rent, but also improved gradually over time in order to continue demanding higher rents for our units.

Once the unit is ready to rent, the Letts Property Management leasing team goes in to action. The unit is listed on Zillow, the realtors MLS, the Letts Property Management website and many other websites. On top of the online presence, we send out weekly leasing lists to hand selected agents who make our units their first priority. Handling leasing inquires and getting the unit shown are all handled through our leasing coordinator and a major time saver over trying to get any unit rented yourself.

Once a prospective tenant decides they want to apply for your unit, we have the prospective tenant fill out a full application that includes a credit and criminal background check. This ensures that only the best tenants are picked for your unit. For more information on how the Letts Property Management team can get your unit filled fast, contact us today.

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.

Letts Property Management, as a leading property management company in Chicago, knows that maintenance emergencies come with the territory. Chicago has very different seasons throughout the year and each season poses its share of problems. Knowing the major issues that arise in each season helps prepare maintenance techs to watch out for certain items while inspecting the properties and prevent minor issues from becoming major emergencies. Here are the key maintenance emergencies during each season that property managers in Chicago should look out for.

Winter: Winter is notoriously brutal in Chicago. Winter tends to be the most dangerous season for maintenance issues. Heating issues must be taken very seriously and if a furnace goes out then something has to be done right away. Not handling a tenants heating problem could lead to issues with tenant safety, legal action, and can cause massive damage to the property. Pipe freezes (which can become problems if the heating system is not working property) can cause the pipes to burst or start leaking when the weather warms back up and lead to serious damage to the property. Further issues that commonly arise in the winter are roof problems due to heavy amounts of snow. These issues are typically the result of not taking close enough care of the roof during the year.

Spring/Fall: Depending on the length and severity of the winter weather, spring and fall leaks can be very common in all size investment properties. The reason this is more common in spring is that during the winter the pipes can freeze and one will not notice leaks until the spring when the weather warms up and the pipes unfreeze. The fall season can also pack quite a punch with cold weather possible resulting in similar maintenance conditions to Chicago winters. The spring time is also tornado season for Illinois and damage from heavy winds are possible.

Summer: Leaks are also a common issue in the summer. Fires are another potential issue that comes up every so often. Depending on the weather, tornado’s, heavy winds, and heavy storms can be a part of the Chicago summer season and could lead to damage to the roof of an investment property.

By looking at the seasons, one can notice that many of the issues are common place in all seasons. Routine maintenance on an investment property is vital because most emergencies become emergencies from a lack of upkeep on the property. If your current property manager or if you are currently managing a property yourself, consider hiring an experienced property management company with a full maintenance staff to make the most of your investment property and help prevent minor maintenance issues from becoming major emergencies.

November in Chicago means a lot of different things. There is Chicago Bears football, the Blackhawks season starting, Thanksgiving, Black Friday, and the beginning of the end of year holidays; but also the beginning of the winter season. Going in to the winter, now is the perfect time to check any investment rental property one last time going in to the winter. For property managers, owners, and tenants now is the time to find any doors or windows that are leaking air, furnaces that are not working efficiently. Whether you are managing properties in the Chicago area or a tenant in a Chicago area rental property, here is what to look for before the winter really sets in.

Windows and Doors: Over time, windows and doors can shift or become damaged. These shifts or problems with the windows or doors can lead to the windows and doors leaking cold air in to the apartment raising the heating costs or causing drafts in parts of the unit. There are lots of simple fixes for minor leaks in windows or doors, but for more major issues, now is the time to make sure that a plan is in place to get the window or door replaced or repaired.

Heating System: If the heating system in the rental unit has not been tested going in to this winter, now is the time to test it. Make sure that when the heating system is turned on, things heat up within the unit in a reasonable time frame and there are no major problems with the heating system itself. If there are any issues, get a professional maintenance team on it right away. Keeping the heating systems up and running are important not only for the tenants safety and satisfaction, but also protect an investment property from potentially catastrophic damage resulting from frozen pipes.

Outdoor Areas: With the cold weather, ice and snow are always a possibility. Do not wait until the first snow to purchase the necessary supplies and tools to handle it. All tenants of single family homes should know what parts of the property they are responsible for maintaining. This will make it easier for the tenant to prepare for the cold weather and determine what supplies they will need. Regardless of how much a tenant is responsible for maintaining, it is always a good idea for every tenant to have a shovel and some salt in case of emergency.

If you are feeling unprepared for the upcoming winter, please call the Letts Property Management maintenance team for ideas on what to pick up now or to take advantage of our winter services. If you are currently managing properties throughout the Chicago-land area and still in need of unit inspections, call 630-324-4267 ext 107 to inquire about getting a winter property inspection.

Evicting a tenant can be a tricky predicament. There is a strict process that Chicago landlords and Chicago property managers must follow and a step out of line could be costly and add time to the eviction proceedings. Additionally, tenants must be evicted with just cause, meaning managers cannot simply evict a tenant for any reason.

First Steps: The first step in the eviction process is to provide notice for termination with cause. There are three types of notice for termination with cause: pay rent or quit notices, cure or quit notices, and unconditional quit notices. Pay rent or quit notices simply state that if the tenants do not start paying rent within a specified period of time they will have to quit or leave the property. Cure or quit notices mean the tenant must rectify some sort of lease violation such as violating a clause in the lease calling for no pets or they must move out within a specified period of time. An unconditional quit notice means the tenant must move out within a specified period of time. In most cases, an unconditional quit notice means the tenant must have repeatedly violated an important rental agreement clause, has been late on rent on multiple occasions, seriously damaged the property, or the tenant must have been engaged in illegal activity, such as drug dealing at the property. The typical amount of time for each of these notices is 30 days.

Give Notice: Once the tenant is given notice, the tenant either has to follow through on the necessary steps to rectify the issue or face eviction if they do not move out. Once the tenant has violated the terms of the notice, they can be turned over to an eviction attorney and a lawsuit must be filed. The attorney can set up a court date and time to take the tenant to court. If the tenant shows up in court, they can themselves in court against the eviction which could time to the eviction proceedings. If the judge decides in your favor, the judge will set a time frame for the tenant to move out or they will be physically removed.

Court Ordered Move Out: If the tenant violates the court ordered move out, then property managers must contact a low enforcement official (typically a sheriff or marshal) and get them to physically remove the tenant from the unit. This is typically an additional cost, but the only way to legally evict the tenant. The tenant’s belongings must be held in certain cases for approximately 7 days before being disposed off or sold off.

The eviction process can be a very time consuming and expensive process, therefore have a good property management company thoroughly screen each applicant is very important to try and avoid evictions. For more information on property management services offered by Letts Property Management or the eviction process in Illinois, contact us today.

There are a ton of different factors to consider when purchasing an investment property. Some think that nearly anywhere in the country is a safe bet, but some areas are much better investments than others. Hot rental markets can change over time, but right now Chicago is a hot rental market. Investing in a hot market, like Chicago, can ensure that your investment becomes a profitable one. Here are 6 key variables to consider when considering where to buy rental properties and Chicago’s record on each.

Appreciation: Appreciation is determined by comparing the average value of a rental property year-over-year and can give you a great feel for the property’s potential growth. A high property appreciation value is good, as it indicates that properties are rising in value. A recent study found property appreciation values in Chicago to be nearly 5% which is above average across the country.

Vacancy Rates: One of the most painful aspects of an investment property is the time that the unit sits vacant waiting for a renter. While Chicago has a slightly higher vacancy rate of nearly 11%, there are other key areas that make the Chicago rental market really shine.

Rental Rate Variance: Smart investors will not invest in markets where rental rates are falling. The rental rate variance compares rental rates year-over-year to determine which city’s rates increased the most. Chicago’s rental rate variance at 1% is a health number that is about average. The key here though is that the year-over-year rental values are increases and growing.

Capitalization Rate: The capitalization rate compares the average property value to average rental rates year-over-year to determine the potential for return. The higher the capitalization rate, the higher the return. Chicago’s capitalization rate is nearly 8% which is above average across the country.

Job Growth: An indicator of a strong economy, job growth in a particular city is a great way to judge the overall feeling of the housing market. Chicago’s job growth has been growing steadily at 1.4% which is great across the country and near the top for the Midwest.

Days On Market: The average number of days on market looks at the number of days a property sits on the market prior to being sold. This number helps determine how active the real estate market is. At 103 days, Chicago is strictly average, but making the most of an investment property is about more than the average number of days on the market.

Chicago may have not come out perfectly in these tests, but there are other aspects that make the Chicago rental property market great. There is a constant demand for rental properties of all types. Wages for Chicago residents wary widely and both affordable and luxury rental properties can succeed in the area. Additionally, there are areas where purchasing properties is highly affordable and a smart investor can make quite a bit of money if they know where to look. For more information on the Chicago rental market and for property management services in Chicago, contact us today.

As a leading residential property management company in Chicago, Letts Property Management offers apartments in nearly every part of Chicago and the surrounding suburbs. Whether looking for a studio apartment on the south side of Chicago to renting a townhome in Naperville and everything in between, Letts Property Management has something for any renter. Here are the advantages to renting an apartment from Letts Property Management.

Maintenance:

Letts Property Management has a full maintenance staff in house and can handle nearly any type of property maintenance. This includes having a full time HVAC certified technician and electrician on staff. Additionally, there is a 24 hour maintenance line for emergencies that happen outside of office hours. So, if anything goes wrong in the apartment rest assured Letts Property Management can get it take care of it.

Expertise:

Property management is our business and unlike many other firms we focus on property management instead of focusing on property sales. That means that our staff is well versed in property management as it is our core business and expert at handling the tenant landlord relationships. This means that renting from Letts will be a smoother renting experience for tenants than with other property management companies.

Payment Options:

As a leading property management company, tenants of Letts Property Management can pay their rent in a variety of ways. Rent can be paid online through an online portal. Direct deposit or credit cards are both accepted through the portal. This means no more writing and mailing checks and payments can be made when the rent is due. Our firm also accepts checks that can be dropped off in two convenient office locations or mailed to our Downers Grove corporate office.

So with all the advantages of renting from Letts Property Management today, there is no reason to look elsewhere for an apartment. Contact our leasing department at 630-324-267 ext 103 today for more information on all of our available units and to schedule a tour.

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.