Are you just now getting into the real estate investment market? If you’re a new landlord, you may be feeling overwhelmed and a little anxious about your new adventure. Managing a Chicago condominium can be quite a daunting task at the beginning. You may be curious as to what you are responsible for, should you hire a Chicago property management company, how you will go about finding tenants, and what your safety requirements are as well.
All these questions can seem to take over your excitement at becoming a new Chicago investment property owner. Here are a few tips to get you going and to consider as you step out on the new adventure of being a landlord.
While you may want to offer the tenant to the person who comes in with a very sad story, you must go through the proper screening process for all potential tenants. As a Chicago property manager, you must follow the same screening and regulations for one tenant as you do for all tenants. This can lead to lawsuits if someone gets wind of you playing favorites. This is why a screening process is critical. It is also a great way to find tenants that will be quality tenants who pay their rent and care for the property as you do.
As a Chicago condominium owner, you must be aware of all the fair housing regulations that are in place. If you miss something, you could face hefty fines and legal action against you. Be sure that you’re aware of all the regulations in place and keep updated as laws can change over time.
Without rent, you cannot pay your mortgage you have on the property or pay for the other expenses that come along. You must be aggressive in some respects to collecting rent and late fees when it comes up. If your tenant starts ignoring your contacts, then it’s time to start eviction processes. While it is not a fun process, it is necessary as you can fall way behind on collecting rent before you know it. Then your tenant is living there for free and you’re having a huge problem.
Everything these days is available to pay online. That means that as a Chicago property owner, you should work with a service that offers online rental payments. This helps you to reduce the problems of having to chase down checks. It also makes it easier for your condominium tenants in Chicago to pay their rent. It also means that rent can be paid whether you’re there to collect it or not.
One final tip for a new landlord or property investor in Chicago, consider working with a management company. Having a Chicago property manager for your condominium means that you can work on investing in other properties. It also means that you have someone to enforce the rental payment policies if you’re not sure about it yourself.