Management Your One Stop for Property Acquisition, Renovation and Management

Quality Tenants, Qualified Contractors and Disciplined Management

For decades, we have proudly served the multifamily investment community across Chicagoland. RedStar Property Management offers a full suite of customizable services from rent collection and tenant sourcing to financial analysis and bookkeeping, minor maintenance to major renovation. Let our responsive staff and vetted, licensed & insured contractors guard and grow your investment.

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Where We Manage

This map indicates, but is not limited to, our heaviest concentration of properties.

Coverage Map

FAQs

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!

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.

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 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 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.

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 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.

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