Rental vacancies in the Chicago area were 5.8% as of January. If you own property in the area, consider hiring a property manager. Property management services can save you valuable time while helping you avoid vacancies.
Before choosing a property management company, keep these three factors in mind. Using these tips will help you find a property manager you can trust.
Start your search today.
1. Credentials
There are over 300,000 property management companies registered in the US. The industry includes over 367,000 employees. Some employees have more hands-on experience than others.
Before choosing a property management company, consider how long they've run and operated in Chicago. Determine how long each property manager has worked in the industry.
An established business likely has an efficient process in place to help property investors. They likely have strong professional relationships they have leverage to your advantage.
For example, these companies likely know of the best contractors in the area. Hiring the best contractors can save you time and money. The sooner repairs are made, the more likely you are to retain happy tenants.
A newer company, on the other hand, will need to get its footing. They could waste your time and money as a result. These less experienced teams are more likely to make costly mistakes.
Determine what training each property manager has. Confirm that each company is licensed and insured.
Make sure each team is aware of local housing laws and regulations. Their expertise will help you avoid fines.
2. Services
Determine what property management services each company offers. For example, you might need help with:
- Marketing
- Tenant screening
- Accounting/finances
- Maintenance requests
- Rent collection
Make sure the company's services align with your needs and goals.
Learn more about the company's processes. Ask them how they handle vacancies. Determine their average vacancy period.
One company might claim units stay vacant for 30 days, while another might say 60 days. If the company doesn't have a plan for filling vacancies quickly, you'll lose money.
Companies with processes in place are more efficient. They're less likely to waste your time or money.
To ensure the company offers quality services, check online for client reviews. Look for a company with a glowing reputation. These management companies will work hard to maintain their reputation by offering top-notch services.
3. Fees
Ask each company on your list for an itemized list of their property management services. Compare prices between three local companies. Comparing fees will help you recognize the average for local services.
Ask the company if they offer a guarantee. Make sure you can cancel your agreement if you're unsatisfied with their services.
Find the Best Property Management Company
Don't make the mistake of hiring the first property manager you find. Instead, use these tips to find the best property management company in the area. With these tips, you can feel confident in your final choice.
The best company will help you generate income from your properties for years.
Need help with your property in the Greater Chicago area? Contact PMI Chicago Metroplex today.
