Avoid Legal Pitfalls With A Professional Chicago Property Management
Did you know a single legal issue can potentially wipe out the entire annual profit from a rental property? Staying on top of Chicago property management codes can be difficult. Above all other Chicago property management companies, Real Property Management Chicago Edge can help you understand all the local legalities surrounding your property.
Let’s look at the most common Chicago property management mistakes and solutions:
Problem: Non-compliance with the Americans with Disabilities Act due to access, discrimination, or restricting/charging for service animals.
Solution: Be accommodating. Allow tenants with disabilities to install adequate access features.
Problem: Discrimination decisions that violate national/local Fair Housing Laws.
Solution: Be fair. Don’t discriminate against tenants depending on race, color, sex, national origin, handicaps, religion, or familial status.
Problem: Failing to comply with national and local Habitability Laws.
Solution: Be safe. Respond quickly to provide a safe, comfortable rental unit for tenants. Key issues include running water, plumbing, heating, and electricity.
Problem: Hiring unlicensed or improperly licensed repair companies to save money on repairs.
Solution: Be conscientious. Only hired licensed repair companies to fix your properties.
Problem: Conducting Chicago property management activities that can or should only be conducted by a licensed real estate agent.
Solution: Be licensed. You can avoid costly fees and fines by making sure all your activities are within the law.
Problem: Not maintaining a 24-hour contact system to handle urgent after-hours emergencies or maintenance requests.
Solution: Be available. Accidents happen, so make sure that your tenants know where to turn if there is a property emergency.
Problem: Improperly handling security deposits and funds in violation of trust accounting laws.
Solution: Be diligent. Remember to handle all security deposits in a safe, orderly manner to ensure staying within state laws.
Problem: Failing to keep the necessary records and reliable information, including all documents relating to accounting, complaints, and leases.
Solution: Be accountable. Keep accurate records even after the tenant has vacated.
Problem: Not keeping personal tenant information confidential to avoid liability.
Solution: Be trustworthy. Watch out for your tenants personal information so you won’t be exposed to legal action.
Problem: Racking up legal expenses by being unaware of current regulations and laws.
Solution: Be knowledgeable. Study up on local codes, ordinances, regulations, federal laws, and real estate contracts.
With over 20 years of Chicago property management experience, Real Property Management Chicago Edge is the perfect company to help you with your legal needs!