Jul 11, 2019 - by Erik Carrier
When you initially invested in that real estate property, did you imagine all of the myriad challenges you would face when it came to renting? Unlikely, and, you're not alone. From upkeep and repairs to marketing and rent collection, it can simply be too much for those who initially were just looking for some additional income.
What property owners quickly realize about owning rental property in Chicago, or anywhere in the world, is that not only do they need to have a plan in place but the right team to make it all happen.
While there's no question that you could save some money (at least in the short term) by going it alone and not using a qualifed property management company, in the long term it's been shown time and again to produce more revenue per square foot, steadier streams of income and always less hassle in general.
Let's explore some of the benefits of using a qualified property manager and address some common concerns that today's property owners have about using these services.
Benefits of Using a Property Manager
- Better Tenants: Property management companies like Red Star are highly skilled at tenant screening. Instead of reviewing hundreds
of applications on your own, their experienced eyes can pick up on warning signs (like the failure to pay rent on time) and identify good potential
tenants. In the end, that leads to improved resident retention and higher profits over the long term.
- Rental Property Marketing: Just because you have a great property in a prime location does not mean that prospective renters will
be knocking on your door. Property management companies like Red Star are experts at managing the marketing of your rental properties - from posting
ads on rental listing syndication sites to taking photos and hosting open houses. How much time could you save if you outsourced this vital aspect
of property management?
- Lower Maintenace Costs: The main reason real estate owners use property management companies is becauze of the lower costs associated with maintenace. Property management companies like Red Star have a team of professional contractors (for minor fixes to full-scale property renovations) dedicated to ensuring your real estate can meet any inspection, but they also have relationships in place to make sure that owners don't pay more than they should for simple services. In the end, that adds up to increased property value.
- Less Overall Stress: Did you ever receive a call in the middle of the night about something that has happened at your rental property? Maintaining the property is certainly part of real estate ownership, but it can be stressful if you have to do it all on your own.
Looking for a property management company in Chicago? Consider Red Star, one of the top real estate property management companies in Chicago and nearby northern suburbs. From Arlington Heights and Mt. Prospect to neighborhoods in the city including Uptown,
Bucktown and Wicker Park (among many others), learn more
about how Red Star Property Management in Chicago can be your total source of real
estate acqusition, management and renovation.