What to Look for In a Property Management Company
When it comes to managing your Chicago condominium, you want to know that the management company you choose has your best interest in mind. You need to make sure that whatever company you go with knows how to properly manage your Chicago property and how to ensure all aspects are covered when it comes to tenant management, property maintenance, and routine repairs that come up.
There are a few things to keep in mind when it comes to Chicago property management and here are some you should remember.
Documentation is a Must
Whatever company you choose, find out about their documentation process. You want to ensure that all records are kept and are in compliance with Chicago tenant laws. Make sure they have a process to document every interaction involving your tenants so that there are no misunderstandings or “he said, she said” later on.
How Do They Schedule Time?
Do they have a management calendar system that you can view at any time or do they have a system of taking notes? A company that has a calendar online, easily accessible to you the owner, is a great way to go. Talk with your potential property manager in Chicago about their planning system and how they manage to keep up with all of the day-to-day activities.
How does your potential manager for your Chicago condominium screen potential tenants? Is there a process they go through or do they just wing it? Ask them what their process includes such as credit and background checks, reference checks, and other reviews they may have in place. This not only makes sure that you’re covered should any discrepancy arise, it also ensures you have high-quality tenants in your vacancies at all times.
Ask your potential management company how they do reports each day. Find out if they do or will send a weekly, monthly or daily report of all actions on the property. Some systems utilize an online system that you can easily log on to anywhere and find out what has taken place at the property. You can see items such as repairs being made, those who need maintenance or repairs, and also who has paid their rent and who has not.
Do not be afraid to ask all sorts of questions when hiring a property manager in Chicago. Be sure that you have a list of items that you want to cover before meeting with them the first time. If someone does not want to answer your questions or they try to bypass it, then you most likely will not like the rest of what they have to offer. A legitimate Chicago property company will answer your questions and then go deeper to make sure everything is understood and that your partnership is a good fit.
Trust your gut instincts when it comes to the management of your rental property. Be sure you’re satisfied with all the questions you have before proceeding.