Secrets to Maximizing Your Chicago Rental Property Management Experience
As the leading rental property management company in Chicago, it is our job to help each rental property owner understand the benefits that investing in rental property has. Knowing a few key things will not only maximize your rental income, but will also enhance your experience with a professional rental property manager.
When it comes to needed maintenance at your rental property, it is important to understand that simply placing a “Band-Aid” on the problem will only cost you more in the long run. By not performing adequate repairs, you will experience accelerated depreciation of the property, and end up paying for maintenance. There is an old saying: “If you think it is expensive to hire a professional to get the job done, wait until you hire an amateur.” This definitely is a mistake most people only make once, but take our advice and avoid making it at all.
Remember, the tenant is your customer and denying repairs or failing to address maintenance needs in a timely manner will only lead to an unpleasant experience for the tenant. This negligence will also lead to high tenant turnover, increased vacancy days, and increased make-ready costs. As they age, rental properties require ongoing maintenance. It is good practice to set aside approximately three months worth of rent to use on maintenance costs.
Advice from the Pros
While real estate is a great investment, most landlords will not net a monthly cash flow on a rental property. Keeping a reserve for unexpected repairs and/or extended vacancy periods is crucial to your success and also your safety.
By working with an established, professional Chicago rental property management company, you can save yourself the headache and risk of high liability situations. As a licensed real estate brokerage, we are required to abide by Illinois property code tenant/landlord laws. By working with us, your liability is minimized in the event that a tenant should file a lawsuit.
Home warranties, though they may seem like a good idea at the time of purchase, often do not provide enough coverage to justify having a policy. When maintenance requests are submitted for items that are covered under the policy, the request is delayed while approval is sought. This delay could cost the homeowner more in the form of lost revenue from upset tenants.
When it comes to owning rental property, investing in a professional property manager to look after the home is in your best interest. Contact Real Property Management Chicago Edge today!