Top Five Misconceptions About Property Management Companies
If you’re an investment property owner, you know the time and effort it takes to manage your property. If you have more than one property, you can double or triple that time it takes to ensure all your tenants and properties are taken care of. Many investment owners consider hiring a property manager in Chicago to assist them but are overtaken by the common misconceptions out there.
Property management in Chicago is a great way to help you maintain your initial investment while also building your portfolio. Check out these common myths believed about property management companies in Chicago and see if you fall into these untruths.
It Will Cost Me Too Much
Most people think it is going to cost an astronomical amount of money to have someone maintain their properties for them. That is simply not the case. When you work with a company such as Connected Management, the fee is rather small and offers you a ton of assistance. The cost of these services will, in most instances, save you money instead of cost you money. One way is that they have relationships with vendors who can maintain and repair places on your property. They will get a much better rate on those services than you might if you’re doing it alone.
They Will Let Anyone Rent in the Building
This is not true. You’ll be surprised to know that proper screening of tenants is something most property management companies do well. The companies can most likely dig into the backgrounds of your tenant farther than you may be able to alone. There are strict screenings that must be completed before they will allow a tenant to come into the building. Finding quality tenants is something your property management company will do well.
They Will Do Just the Bare Minimum Around the Property
When you have an excellent Chicago property manager, they understand that your relationship together depends on your building staying updated and taken care of. They will not just do the bare minimum to get by. They will help you to maintain the building, take care of repairs in a timely manner, and keep your building safe and attractive to tenants.
You Do Not Get To Choose Your Contractor Teams
You may be under the impression that you have no say in who works in your building. That is not the case. While the management company has a list of vendors to work with, you are the ultimate and final decision on what happens and who works on your condo. This is something you should discuss with your potential property management company in Chicago. See who their contractors and vendors are and make sure you approve before any work is done.
My Smaller Complex Can’t Have a Property Manager
Most investment property owners feel that because their building is smaller that a property manager won’t work for them. That is not the case. Connected Management actually focuses its services on small to medium size condominiums in the Chicago area. They can offer services and affordable, competitive pricing to make sure your investment stays in great shape.