Owning and operating rental properties is a great way to diversify your income streams, but managing your own rentals can be extremely time-consuming. From advertising vacancies, screening tenants, and responding to maintenance requests, there’s a lot that goes into maintaining your real estate investment. For those who have a full-time job, family, or other obligations, hiring a property management company can be a great solution to take the weight off of your shoulders.
There are a variety of Skokie IL property management company management companies out there, so it’s important to do your homework before choosing one. Ask for referrals and speak with past clients to get a feel for each company’s strengths and weaknesses. Additionally, check out online reviews and look for managers with a background in real estate. The right property manager will help you achieve your real estate goals and make the most of your investments.
The primary responsibility of a property management company is to manage the day-to-day operations of your rental property. This includes coordinating and overseeing all aspects of your real estate investments, such as marketing, leasing, accounting, property maintenance, and tenant relations. A quality property management company will ensure that your investment is leased in a timely manner and maintained at a high standard of care, all while staying within your budget.
Marketing: As the front-line for your rental properties, a good property management company knows how to properly market vacancies and attract the best possible tenants. This requires knowledge of various tactics, including creating effective listing websites, professional photography, and video tours of each unit. Additionally, property managers should be well-versed in local, state, and federal laws regarding landlord-tenant relationships and property maintenance. Violating these rules could result in expensive legal fees and potential fines.
Screening: Finding and vetting quality tenants is the number one priority for any landlord. To this end, a good property management company will conduct thorough background and credit checks to ensure that tenants don’t have eviction records or large outstanding debts. They’ll also collect references from previous landlords to determine a tenant’s reliability and financial stability.
Tenant Relations: In addition to handling routine maintenance issues, a property management company will be available to answer any tenant questions or concerns during business hours. This is a critical service, especially as it prevents owners from having to deal with late rental payments or other tenant-related problems on their own.
Maintenance: A property management company will have access to in-house maintenance techs and a network of trusted 3rd party vendors that can be used to handle various repair and renovation needs at competitive rates. This helps reduce overall maintenance costs and ensures that your property is well-maintained for optimum performance and profitability.
Another important aspect of property management is maximizing your revenue by setting the right rent prices. A good property management company will analyze current market conditions and competitive rates to ensure that your units are priced appropriately to maximize your profits. They’ll also handle lease agreements in your stead, collecting and processing monthly rent payments, and dealing with any tenant-related issues such as rent increases, violations of the lease agreement, and evictions.