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Selecting the Best Rental Investment Property

property management in Chicago

 

Congratulations! You’ve decided to invest in property management in Chicago. You’re probably thinking, now what? Landlords across Chicago rely on Real Property Management Chicago Edge for all their property management needs. Choosing the right rental home can affect many factors, such as how many applicants you have to choose from, how long your property stays vacant, or the type of tenant interested in your property to rent. My house in Chicago, you might be thinking, should stand out above the rest, and here’s how to make your selection shine:

 

1. Location, location, location

 

You guessed it. Renters always look for the location of properties first, before deciding on a type of rental or pricing. Location can be your best friend or your worst nightmare, so pick wisely. Think about:

– What are the ratings for the local schools?

– How close are public transportation, shopping, and other amenities?

– What are the municipal regulations, such as landlord ordinances or types of fines for violations?

– Are there HOA codes with additional regulations or potential fees?

– Does the neighborhood have low vacancy rates?

– Is this a place with high rates and appreciating values?

 

2.  Property details

After location, renters are particular about the details of the property. Property management in Chicago should remember more families are seeking to rent long-term. So, try looking for single-family homes that support a family lifestyle. Think three bedrooms or a fenced in yard. A small place under 1000 sq. ft. is a poor decision, as well as properties with quirky layouts. Here’s a quick list of “yes and no” when seeking out property:

    YES                                                                                      NO

3+ bedrooms                                                               Under 1000 sq. ft.

2+ bathrooms                                                             No fence, busy street

Fenced yard                                                                No master bathroom

Standard layout                                                          Overly customized

$1100-$1400/mo. rent rate                                         Unusual layout

Less than 15 years old                                               25+ years old

 

Following these tips can reduce vacancy days, increase applications, and draw great tenants to consider your rental property. After following these tips, you think, tenants will flock to rent my house. In Chicago, there are no better experts than Real Property Management Chicago Edge.  

 
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