5 Tips You Should Keep in Mind Before Buying Investment Property
Investment property in the Chicago area is a great way to grow your portfolio while offering a much-needed service to the community. You can purchase a Chicago condo as part of your investments and improve the area around you. However, before you go out and buy property, there are a few things you need to keep in mind. Property management in Chicago means more than just owning a property and walking away. Here are five things you should know before you buy an investment property.
You Need to Be Accessible
When it comes to property management, you need to be accessible to your tenants. It can be quite frustrating when an emergency arises and there’s no way to contact the people in charge. That is why it is important that you have someone who can answer phone calls around the clock. It can be hard to be accessible all the time, but if you have a team on your side it is simple.
You Must Be In Compliance
There are certain things you must do to stay in property management compliance with the city. You do not want to be labeled a “slumlord” or to face stiff fines for problems in the building. It is important that you know how to stay compliant with Chicago property regulations so you can avoid fines and keep your tenants happy.
Tenants are Vital
To keep your investment property flowing smoothly, you must have quality tenants in the building. Otherwise, it is just a money pit. Proper tenant screening is important to ensure that your tenants will care for your building. It also is important to make sure rental payments are in on time. Vacancies in your building mean lost profit. Having a plan in place to reduce vacancy times is a must.
Safety is a Priority
You want to keep your tenants and property protected. That means you need to know that repairs are taken care of in a timely manner. You also want to make sure that maintenance is up to date when it comes to the safety of your tenants. This part of Chicago property management can be a job in itself.
You Do Not Have to Do This Alone!
There is assistance out there in property management in Chicago. The team at Connected Management knows all the ins and outs of making sure your investment property stays in good working order. They are available around the clock to handle all incoming repair and maintenance calls. Their team provides services that keep you in compliance with all rental regulations, and they help you find quality tenants to reduce vacancy times.
It is important that you have a team on your side that you can trust. Connected Management is the property management team. Whether you’re new to an investment property or you’re a seasoned veteran, it’s vital to have that trusted team working with you. Contact them today to see how they can assist you with all your property management needs here in Chicago.