Building an income on rental property can be an exciting and lucrative way to make the best out of your assets. However, for many, the hassles of property management just don't make it worth the while. This is why finding the best property management companies in Chicago is so important. With the right Chicago property management company, landlords ca avoid the stress of personally having to handle tenants and prospects, collecting rent, managing maintenance and repair issues, and in some cases even pursuing evictions.
As a landlord or community association, one of the most important things you will do is choose a Chicago property management company. This is because whichever property management company you choose will be intimately involved in the day-to-day functions, and ultimately, the overall performance of your property. So, in order to ensure that your property is in the best hands possible, you should first make sure that you find the best property management company in Chicago.
Define Your Needs
Whether you are a landlord or community association, you can start by carefully defining your needs and what you want from a property management company. While some may not wish to be burdened with the day-to-day management activities, others may prefer a more hands-on approach and only require basic services. So, as the property owner it is that to you to determine how extensive your needs are.
Determine Your Options
Next, you should thoroughly research all of the property management companies in Chicago that are at your disposal. Some of the most resourceful ways to find reputable property management companies is through online research, membership directories and referrals. The type of company that is best suited to your needs depends largely on the size and type of your property, your management needs and your preferences. Where large companies typically have access to more facilities, resources and personnel, however, smaller companies tend to provide more personalized services.
Once you have successfully compiled a list of candidates for your property management position, you should begin the interviewing process. Successful candidates should not only carry all standard liability insurance, but should also have a history of successfully managing your size and type of property. You should also see whether or not they are actively involved in any trade groups, as this will provide insight as to whether or not they are interested in commitment, development and education.
After interviews have been conducted, it is time to verify the facts. Online reviews, in this case, are very unreliable due to the fact that it is easy to anger a resident if they are late paying rent, they are fined or other complaints have been made against them.
Instead, you should verify that they are licensed with the Illinois Department of Financial and Professional Regulation. In addition to this, you should also check their Better Business Bureau ratings and history. Finally, you should visit former clients' offices and properties.
Sealing the Deal
The last step in guaranteeing that you have the best property management company in Chicago is creating a thorough and detailed contract that will ensure the smooth management of all delegated activities. It is essential that all parties to the contract have the same understanding as to the management company's duties and responsibilities.
It is prudent to make sure that the management company provides full disclosure of any and all fees and costs, aside from the monthly management amount, to the property owner and residents. Most professionals also recommend a 30 or 60 day cancellation clause, just in case the arrangements do not work out.
By following these steps to finding the best property management companies in Chicago, you can guarantee that you will find the best company for the job and a successful future.