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Owning a rental property in a city like Chicago is both rewarding and challenging. Rewarding because it can fetch you a good monthly income in the form of rent, and challenging because at times it becomes a bit difficult to determine the rent of such property.
The relationship between a tenant and a landlord is a complex one. You may ordinarily have an excellent professional relationship with your tenant, but when it comes to property maintenance, you may very often disagree with each other over the finer points of tenant-landlord responsibilities.
Here are some of the serious risks you run if you are putting off maintenance for your Chicago rental.
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.
Every investor is different, and so is every investment property. Whether you find yourself buying your first rental property or growing an already strong portfolio of Chicagoland real estate, you can get the expertise and experience you need at Baird & Warner. We provide a unique one-stop shop for property owners, landlords, and investors at every level of their real estate journey.
When tenants don’t pay rent on time, things get complicated. As the property owner, your income
stream is interrupted, and you’re left wondering whether it’s simply something that’s been overlooked
or if your tenant is planning to stay in the property without paying right up until the point of eviction.
Before you begin looking for a tenant and collecting rent checks, make sure you’re familiar with all the
laws and requirements that pertain to your investment. If you’re not sure about the law, make sure to
talk to a professional Chicagoland property manager or an attorney.
We work with a lot of investors who own property in Chicagoland but live elsewhere. Maybe you’re just a few hours away or maybe you’re out-of-state. Either way, you’re going to need a local Chicago property manager who can lease, manage, and maintain your home effectively.
Self-management often seems like a good way for rental property owners in Chicagoland to save money.
In fact, it could cost you more. Professional property management is the best way to earn more and spend less on your investment. It also provides an extra layer of protection for you. Renting out a home comes with a lot of risk and liability.
Ideally, it is best for your lease to address how repair requests are to be made. You should have your lease require that maintenance requests are done in writing. This could be a text message or an email that illustrates what the problem is. Having that in writing will eliminate confusion, document when you received the request, and help you manage and organize your own to-do list. If you can get the tenant to include photos of the problem or the item that needs to be fixed, that’s even better.
