10 Important Answers Chicago Property Managers Should Be Able to Give You

When you’re looking for a Chicagoland property manager, you should spend some time checking out their online presence and getting an idea of how they work and where they work. Reputation matters, and so does experience. There’s a lot you can find out by reviewing websites, social media posts, and customer reviews. Once you’ve found a few companies you might actually want to hire, you’ll need to conduct some interviews.

Do you know what questions to ask?

To give you an idea of what you should explore when you’re considering a new management company, we’ve come up with a list of 10 answers you should expect from an experienced Chicago property management company.

We Have a Low Eviction Rate

You want a property management company that understands the eviction process, but rarely has to use it. Ask a potential property manager how often they have to evict the tenants they place. Hopefully, you’ll hear that it’s rare.

We Have a Consistent Screening Process

You’ll want to know how a property management company finds tenants. When you ask about tenant placement and screening, you should expect to hear specifics. Ask about rental references and credit scores. Find out if national eviction databases and criminal records are checked. When a property manager talks about their screening process, ask what kind of income to rent ratio is sought.

We Have a Low Vacancy Rate

Vacancies are expensive, and if your property manager isn’t sure about their vacancy rate, that’s going to be a problem. The amount of time it takes to rent your property to good tenants depends on a lot of things, but you want to know that a management company has processes in place to get your property rented quickly to the best residents and for the most amount of money.

We Conduct Comparable Market Analyses

How much is your rental property worth? You’ll need access to reliable data in order to get a competitive and profitable rental value for your investment property. When asked, a good management company will be able to explain how they compare your home to others on the market.

We Invest in Technology

Property management software has come a long way in the last decade. Ask about online rental payments, owner portals, and other ways that the management company is willing to provide innovative and efficient management services.  

We Understand State, Federal, and Local Laws

One of the reasons you hire a professional Chicago property manager is to stay out of legal trouble. Talk about federal fair housing laws and Chicago lease requirements. Ask about evictions and security deposit refunds. You want to be sure that your property manager not only knows the current laws but is prepared to see new legislation coming.

We Work with Preferred Maintenance Vendors and Contractors

You want to know how maintenance is handled and what your property manager can do to keep your repair costs down. Good relationships with vendors and contractors can help. You’ll get preferred pricing and fast service.

We Document Everything During Move-In and Move-Out

A major part of protecting your investment is documenting its condition. Ask about the process of walking through your home before a tenant moves in and after a tenant moves out. How do they distinguish between tenant damage and normal wear and tear?

We Help You Buy and Sell

Any Chicago property manager can collect rent and find tenants. You deserve extra value, and you need to ask what that means. If you’re an investor with plans to buy more properties, you’ll want a team that can help you buy, sell, and manage your assets.

We Value Communication