Rental Property Management Companies
Rental property management companies offer a variety of beneficial services for real estate investors. In sum, they have the responsibility of maintaining a positive condition for their residents and must meet the needs of occupants. Basically, a rental property management company covers all the necessary operations for a rental space. This includes addressing concerns a tenant may have, marketing the property, showings and communication, rent collection, and more.
If you’re a landlord you might be wondering, “Do I need to hire a property management company?” There is no one right answer, as this decision will be dependent on your current skills, financial goals, time availability, and more. Overall however, a rental property management company can be a great asset to your business.
In this article, we will be discussing the benefits of hiring a rental property management company, selecting the right company in the Chicago area, and review some available apartments for rent in Chicago.
Property Management Chicago
A property management company in Chicago would be a great choice for you if you meet some or all of the following points:
- You have multiple rental properties. The more properties you have, the more likely it is you will need a professional to help manage all of them.
- You do not have enough time to actively manage the property. Routine maintenance and daily actions need attention, and if you are a landlord who uses rent as a passive income while working on other projects, you might not have enough time to keep up.
- You prefer to not be an employer. Hiring a resident manager requires responsibilities like payroll and legal obligations. Instead, when you sign an agreement with a property management company, those working at the company are not your employees but instead independent contractors.
- You live far away from the asset. It will be difficult to attend the property if it is located far away from where you yourself live.
- You can afford the payment. When interviewing various companies, be prepared to hear quotes ranging from 5% to 10% of your rent revenue. However, this varies depending on what services are used.
There are numerous benefits to working with a property management company in Chicago – such as SRE Holdings. An experienced management company like SRE Holdings will give you know-how when it comes to rent collection from tenants, maintaining the property through regular inspections, dealing with defaulters or evictions, and recording everything that happens at the property. Importantly, they are actually the ones who source potential tenants and ensure that proper screening is done before moving forward.
To help you out, here is a list of 4 tips you should follow when choosing the right property management company in Chicago:
- Specific experience: If you own a house, you don’t want a company that focuses on warehouse rentals. Instead, you want to find companies in the Chicago real estate field that suit your niche.
- Credentials: In the state of Illinois, it is required that one must be a licensed real estate broker or have a leasing agent license to be a property manager.
- Price: The price they request must comply with the average industry standards. If it is more, then you should ask what additional services are being offered to compensate.
- List of References: Ask the company for a list of their previous/ current references and contact them. That way you can get an honest opinion on how the property manager will perform and if they are suitable for your interests. You can also look for online reviews, ask colleagues, or your local apartment association.
When searching for property management companies in Chicago, SRE Holdings is a great option against a pool of competitors. Our representatives are available to assist you with any and all concerns. The success of our work can be demonstrated in various testimonials from both landlords and renters. From strong customer service to efficient communication, the SRE Holdings team will be there to cater your needs.
Apartments for Rent in Chicago
If you are looking for a place to rent in Chicago, you should first narrow down and set a budget. The city ranks in the top 5 most expensive places in the nation, so consider what you can afford and study the contract of agreement well including utility costs. Next, you want to choose the right neighborhood based on your work or academic institution. The difference in cost between one neighborhood and the next is extreme, and thanks to the transit system, it’s easy to get around – so use this to your advantage.
Third, you should consider the best time to rent – that is, when prices are at their cheapest. Based on a study conducted by Renthop, the peak happens around September and October then becomes cheapest around March and April. In addition to this, you should visit the place in person to ensure that you get what the online photos depict – and make sure to take required documents like drivers license, proof of income, etc.
Pay attention to any damage and if the landlord agrees to repair a floor part or wall before you move in, make sure you get it on paper. Lastly, educate yourself on what you are entitled to as a tenant. In case you feel your rights were violated, you can always reach out to the Chicago Metropolitan Tenants Organization (MTO) Hotline service. If you face an issue after moving in, like not having hot water, make sure to contact your landlord as soon as possible.
Here is one example of currently available apartments for rent in Chicago. Offered by SRE Holdings, the Rockwell Commons property is located on N. Rockwell St. in the 60625 area. This property is close to the Brown line, bus stops, as well as shopping and dining areas. Floor plans are going for $1,000 which is a great price relative to other deals. With easy to fill out online rental applications, you can move in as soon as possible – so what are you waiting for? Contact us at SRE Holdings today!