About Us

Your One Stop for Property Acquisition, Renovation and Management

FAQs

Can I live in the property while you work?

Depending on the scope of work, yes! We go to great lengths to contain our work to the specific part of the home or building being renovated. When work begins, we install floor protection and set up barriers around the construction area to keep your home clean. When work ends, we offer a professional cleaning free of charge.

Can you help me with property renovations?

Our principals are licensed and insured general contractors with broad experience in construction management. Click the link to find out more!

How do you advertise my vacancies for rent?

  • We will take crisp photos of the vacant unit
  • A friends and family advertisement is sent to our large network of tenants
  • Units are posted on Trulia, Zillow, Apartments.com, Craigslist, Lovely and Many More
  • If permitted, a professional sign is posted in front of the property

Do you charge a set up fee?

Yes. We charge an initial $500 start up fee. Our fee pays for:

  • Collection and organization of property documents including cloud backup
  • Entry of all tenant contact and lease information into Buildium property software
  • Entry of all owner contact and agreement information into Buildium property software
  • Set up of Resident Online Payment portal
  • Set up of Individual Property Bank Account (if necessary)
  • Transfer of existing utility bills to RedStar Property Management
  • Key Copy, Label and Test
  • Face-to-Face meeting with all existing tenants
  • Existing vendor contract review and revision
  • Initial property inspection

Can you help me find another investment?

Our principals are licensed Realtors and experienced investors. We are constantly looking for excellent deals throughout Chicagoland. Click the link to find out more!

Can you manage my building when work is completed?

We offer a complete suite of management services. Click the link to find out more!

Do you offer a guarantee for your work?

We believe in doing quality work the first time around. However, if concerns arise, we stand behind our completed work with a 1-Year limited warranty. We value your business and want to be your first call on the next project!

Do you pay my property taxes and insurance?

We do offer bill payment services to clients including payment of property taxes and insurance from the real estate operating account.

Do you post a sign on my building?

In most municipalities, a sign with management name and phone number is required. Although we do not require a management sign be posted, we do encourage potential and existing tenants, police and fire workers and neighbors to stay in touch. A professional sign is the best way to do that.

Do you work in mid-rise and high-rise buildings?

We have extensive experience working with mid and high rise management companies and condominium boards. We are familiar with the rules governing construction in large multifamily buildings and the materials necessary to ensure the job is done right.

How does project payment work?

On projects under $100K, we request 50% of the overall job cost prior to initiating the job with 50% upon satisfactory completion of the project.

On projects over $100K, we request 40% of the overall job cost prior to initiating the job with 40% paid upon completion of rough carpentry and trades and 20% upon satisfactory completion of the project.

For your convenience, we do accept online payment through QuickBooks online invoicing or by certified check.

How long will it take to complete my job?

As part of our comprehensive estimate, we will provide a job length estimate based on our years of project experience.

How long will your units be vacant?

There is no way to predict how long a unit will remain vacant, even in the best market conditions. We do work diligently using our decades of experience to rent the property quickly. Finding a quality long-term tenant with the ability to pay rent on-time and keep the property in good condition is our key objective.

How much do you charge for an Estimate?

Estimates are Free! Let one of our qualified contractors come out to your home or project, discuss your vision and present a comprehensive and complimentary cost estimate.

How often will you walk-through my building?

We make an effort to conduct monthly walk-throughs of common areas. We suggest a bi-annual walk-through of all units along with furnace, water heater and smoke detector inspections.

What are your quality standards for tenants?

We hold our tenants to the highest standards. Each applicant will require:

  • A Complete and Thorough Application
  • A Credit Check
  • A Criminal Background & Eviction Check
  • Income verification
  • A Landlord Referral

What can I expect when working with RedStar Property Management?

RedStar Property Management strives to provide the best property management services in Chicagoland. Our goal is to provide the personal service that only a family business can offer. We protect the value of your property through proactive management and treat it as if it were our own.

What do I need to get started?

  • Reach out to Us for a Brief Phone Call
  • Conduct an Informal Site Tour
  • Sign a Management Agreement
  • Provide Proof of Property Insurance
  • Provide Access to a Property Bank Account
  • Transfer all utility bills to the management office address (if any)
  • Provide Current Tenant Leases and Security Deposit Receipts (if any)
  • Provide a Complete Set of Keys to the Property
  • We will send out a welcome letter to tenants and begin effectively and efficiently managing your investment

What do you take for a security deposit?

  • In the City of Chicago: Due to the complex rules governing security deposits in Chicago, we encourage owners to take a Non-Refundable Move in Fee of $400 per adult tenant.
  • In the Suburbs: We suggest a deposit equal to two months of rent to be held in a savings account separate from the operating bank account.
  • Pet Fees: We suggest a $250 per cat non-refundable pet fee and a $400 per dog non-refundable pet fee. We do not suggest allowing dogs in rental properties.

What funds do you take from the tenants at move-in?

We collect all move-in fees and/or deposits plus one full month of rent at lease signing. If applicable, we will prorate the second month’s rent if tenants move in after the 1st of the preceding month. The rental commission will be paid with proceeds from 1st month’s rent.

What if I need an eviction?

Unfortunately, evictions happen and we are prepared to deal with them carefully, professionally and effectively. We and our team of vetted attorneys have a comprehensive understanding of Illinois eviction procedure. Because evictions can be long & labor intensive, we do charge a one-time fee of $500 upon service of official notice.

What if I need to sell my building?

As active investors and licensed Realtors with a broad network of investor clients, we can help you maximize your property value and minimize the market time. Click the link to find out more!

What is a Change Order?

Once we have agreed on the work to be performed, you may want to make changes along the way. Those changes and the difference in price that accompany them are called Change Orders.

What is a Lien Waiver?

When the project is complete, we will present a lien waiver to you in exchange for a release of liability and final payment. A Lien Waiver waives the contractor's right to seek payment in the future for work performed. You should always request a lien waiver once work has been completed.

What is your late fee policy?

We take late rent and assessments seriously. Tenants are allowed a 5-day grace period for payment per Illinois law followed by a $50 initial late fee plus $10 per additional day. Five-day notices are delivered to tenants promptly on the 6th-day of unpaid rent and eviction proceedings begin on the 10th-day of unpaid rent.

What should I do to get my property ready for advertising?

Prior to tenant move-in, and before advertising when possible, our vendors complete the following turnover items: carpet cleaning, blind cleaning, general cleaning, paint touchup and general unit inspection.

What should I expect after the initial walk-through?

Expect to receive within 5-business-days a comprehensive estimate outlining the specific scope of work to be completed, the cost estimate and payment schedule, the estimated timeline and contractual disclosures along with a State of Illinois Consumer Rights Brochure.

What should I expect when we meet?

First, expect a professional! We take pride in our appearance and punctuality. Next, expect to review the existing structure or space with our representative and discuss your vision and your purpose for the project. If you have pictures of similar projects you like, we'd like to see them. If not, we have plenty of examples of past work to show you.

When do you collect the management fee and lease fee?

  • Lease Fee: Lease Fees are collected from the tenants 1st Month of Rent paid at Lease Signing
  • Management Fee: Management Fees are collected on the 15th of each month along with maintenance expenses from the operating account.

When will I receive my invoice and statement for each month?

Management & Maintenance Invoices and Monthly Statements are sent on the 15th of each month. If the 15th falls on a weekend or holiday, invoices and statements will be sent on the next business day.

Who handles my annual income tax?

Although we do prepare monthly and year-end statements and reports, a licensed CPA should review and file your tax returns. If you don't have one, let us know! We are happy to make a referral.

Why do you take pictures of the jobsite?

As you can see, we are very proud of transforming the ordinary into the extraordinary. We take photos along the journey to document that transformation for you and our future clients.

Why does my building need a separate operating account?

The autonomous operating account ensures your assets are not commingled with other funds, which maximizes reporting clarity and minimizes legal risk to the owner.

Will I be charged for renewals?

Yes. We charge $250 for lease renewals. Our fee pays for:

  • Annually updated and reviewed leases to maximize owner protections
  • A Face-to-Face review of our lease with renewing tenant to ensure they understand their duties and obligations under our contract
  • A comprehensive inspection of the unit and appliances to ensure your investment is protected.

Testimonials

I am very impressed with the management company and the professional service. As an owner my requests are responded to promptly. I highly recommend this company.

Debbie S.

I've been using Red Star's property management for one of my condos going on 4 years now. I was a bit skeptical at first, since they're not the largest or well known, but what they lack in size, they make up for in quality. For me, quality means: - Keeping my fees down - Keeping my tenant happy - Quickly responding to support calls - Solid end-of-year reporting - Easy to work with In all the above categories (and for the entire 3 years), Red Star gets my 5-stars.

George W.

Working in the Real Estate industry its crucial to have a reliable property management company to refer! Redstar Property Management is and will continue to be my #1 trusted property management company that I refer to clients and use for my own personal property! Erik is efficient, professional, helpful and provides a top-notch quality of service that I can believe in. With Eric on my team, I am worry free, because I know the job is getting done!

Joe Z.

Red Star management took excellent care of my rental property in lakeview after I moved to Florida. Everything runs smoothly and my tenants are happy because all issues are handled properly. I would recommend them to handle any property management needs large or small.

Justin S.

RedStar took over my building several years ago and I am thrilled with their service! They are professional, responsive and trustworthy. When I have questions, I have no trouble reaching my manager for help and its such a relief knowing my tenants are being taken care of 24/7 without those frustrating late night calls. I highly recommend this service provider!

Nicole F.

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