Chicago is seeing an increased demand for homes which is resulting in a shortage of homes available for sale. If you've recently purchased and you plan to use it as a rental, you'll want to protect your investment more than ever.
More so if you have more than one property. Choosing property managers can take the hassle out of juggling the demands of ownership. However, you have to ensure you choose a company that will protect your interests.
Read on to find out some of the factors you should consider when hiring a property manager.
Hiring a company with extensive experience is crucial, especially if they'll be managing multiple properties. Their experience will directly affect how they handle issues that arise and the quality of their service.
Some property management companies specialize in managing certain types of property. Ensure you find out if they can meet your needs.
Some great ways to learn more about a company's experience and reputation are by asking for references or reading online reviews. Another great way to learn if a company will meet your needs is by knowing how they treat their current clients as well as past clients.
This will help you find a company you can trust and that will work hard to protect your interests.
Property management costs vary based on the type of services provided. There are also different fees involved. Property management fees in Chicago are usually five to ten percent of the monthly rent of the property. Leasing fees are typically one month's rent.
A company may also charge additional fees for:
- An occupied unit
- A tenanted unit
- A vacant unit
- Late payments
Ensure you know the property management company's fee schedule and the amount and reason for any additional charges.
When it comes to property manager options, location is a factor to consider. You will want a company that you have easy access to and that is also close to your property. This will ensure that visiting their office isn't a hassle or out of the way.
Consider choosing a company that you can easily visit and engage with about the welfare of your property.
5. Communication Style
The company's location goes hand in hand with its communication style. You should feel comfortable enough with the company you choose to visit their office and have open communication with them.
They should not only be available to you but have the ability to handle any property issues that arise. This includes 24/7 availability as emergencies do occur.
Choosing Property Managers To Protect Your Investment
As a real estate investor or property owner, you would never take investing in a property lightly. You should also put this same research and thought into choosing property managers.
Property managers can alleviate some of the stress involved in property ownership, especially if you own multiple properties. However, you need to hire a company that will effectively secure your interests.
HomeRiver Group® Indianapolis is a front runner in the Chicago property management industry. We are a full-service firm that meets the multiple needs of our clients. Contact us today!