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Tips for Buying an Established Rental Property

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Tips for Buying an Established Rental Property

As a real estate investor, you may be inclined to buy a property in Chicago that is already inhabited by tenants who’ve been there for some time. When you inherit tenants that are established, it can be quite a daunting task to know how to handle the situation. There are some ways you can make this transition easier by working with the tenants and your property management team in Chicago. You want to get to know your tenants while also informing them of any changes and updates they need to know to keep the property moving smoothly.

Here are a few ideas to keep in mind when you take over the management of a property in Chicago.

Introduce Yourself Right Away

If you’re taking over the property, you want to introduce yourself to the tenants right away. Keep the communication line open so that they know who you are and what to expect. Tenants can be quite nervous when they are getting a new landlord. They want to keep their home the same as it has been and they can be worried about the change of Chicago property management. Discuss your plans with your tenants, have a meet and greet so they can get to know you, and be honest about your plans for the building itself.

Give Information Up Front

Be sure to inform your tenants up front about any changes that are to be made. They need information such as where to contact maintenance when they need repairs or have an issue. They need the new rental payment information as well. Giving them the information they need up front and right away will help in making a smooth transition. Your property management company in Chicago can assist you with getting this information out there so they are informed and the rental payments are handled on time.

Be Prepared for Turbulence

No matter how you have communicated in the beginning, it’s important to be ready for some turbulence from certain tenants. This is simply based on the fact that as a whole, people do not like change. They want things to stay the same and routine. When you come in as the new owner, it can cause tension and concern in the tenants. Be prepared for some issues to arise but also have a plan in place to deal with such issues. Reassure your tenants you do not intend on getting rid of the building or causing rent to go up right away. Those things may happen in the future, but give your tenants peace of mind as soon as possible.

Consider Property Management

If you have handled your properties before, it may be best to work with a Chicago property management company for this transition. Working with a team of experts in this field can help to make the transition seamless between property owners. You may want to get new background or credit checks on current tenants to update their files, or simply offer a streamlined way of contacting maintenance and making payments. Whatever the needs are, an experienced property management company can help you to tackle this situation with ease.

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