Be the Best Chicago Property Management Landlord
Property management in Chicago simply means dealing with people and things. People have unpredictable lives and things can break. New property owners do not always realize that managing property and houses is also managing relationships. Thinking of the individual while making management decisions can make a difference in how you respond to situations. Understanding a few steps to prepare yourself to work with people and things will make you a better landlord.
Consider the Things
Getting a unit rent-ready is a vital step in getting that home rented. Never try to rent the home before the work is finished, or you will run into problems. Potential tenants shouldn’t have to try to imagine what a home might look like when repairs and remodels are finished, and oft times cannot get the images of a messy space out of their minda. You want your property to be as inviting as possible when it is shown. Completing repairs and maintaining “things” are money saving decisions that prevent bigger repairs later and can shorten the number of vacancy days. Appliances and electrical units like air conditioners and furnaces are also maintained for easier Chicago rental property management.
Consider the People with the Things
Always being prepared is a good rule of thumb for Real Property Management [Franchise Name]. A mistake many landlords make is not budgeting for future maintenance problems. A good estimation is to have at least one month of rent in savings for probable repair needs. The number one reason for tenant turnover in the rental industry is maintenance requests that get no response. Imagine living in a home with plumbing or heating problems and the problem never goes away. For the tenant, the fix for the problem could soon be moving out to a new residence. Tenant turnover will always cost the property owner more money in everything from unit preparation to re-rent on top of the repairs already needed. So good Chicago property management means being conscientious of the needs of the tenants and responding quickly to those needs.
Be the Landlord You Would Want
So if tenant turnover is caused by non-responsive maintenance request, then it is easy to understand why the number one Real Property Management Chicago Edge focus is on tenant retention for your investment’s success. Your tenant is your rental customer. Successful business keeps the customer happy so they keep wanting to rent from you. Remember, there will always be a shift of renters, so there will always be somewhere for them to go. Communication, quick response to maintenance requests, and attentive managing all help the tenant/landlord relationship. When you are the landlord that you want to have, your tenants will feel a genuineness to your business relationship. Only then are you managing people and the things with financial success.