Should I hire a Property Management Company for my rental property? | Chicago, Illinois

By
Real Estate Broker/Owner with Prime Market Realty

Should I hire a Property Management Company for my rental property? | Chicago, Illinois

It can be common for new landlords or real estate investors to see past some of the many issues they can face in renting out their property or home.  If it was just a matter of collecting rent, and maybe the occasional repair here and there, then taking on this management task alone wouldn’t be so bad.  However, when you throw in the realistic possibilities of not always getting that perfect tenant, dealing with complaints, worrying about compliance, collecting timely payments, enforcing policy, proper eviction procedures, advertising for new tenants, etc, then you can see how an experienced Property Management Company may be a wise investment for your rental property.  An experienced company such as Prime Market Realty which services Chicago, and the surrounding Chicago-land areas, charges just a low nominal fee that would prove to save your more money.

Also, if you are someone who is trying to manage a property out of state, or travel frequently, it is probably wise to hire a property management company.  Trying to manage a property out of state can lead to higher tenant turnovers, due to a lack of control in seeing that repairs are done right and timely.  If your tenants aren’t happy with the attention and service, they will eventually look elsewhere.  When you have even the slightest turnover which equates to; the more than obvious money loss as you will need to find a new tenant, and couple in the fact that it could take you a few months to rent out your rental property, then hiring a property management company doesn’t seem like a bad idea.  Furthermore, knowing the market and at what rental rate to charge, and when to increase rates are very important to your bottom-line.  You could lose out on thousands of dollars, or even in the tens of thousands, by not pricing it right throughout the rental lifetime.  A property management company such as Prime Market Realty, which offers full real estate services, has market analysis in every city and neighborhood in Chicago, and the Chicago-land area.  Our advertising ensures that you get the right tenant in the shortest period of time. 

There are even more reasons that one might consider using a property management company.  Let Prime Market Realty demonstrate how we can not only maintain your property value, but help to increase it while increasing positive cash flow from your property investment.  

 

Prime Market Realty

www.primemarketrealty.com

630 235-3848

 

Comments (3)

Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Marcel * You should post your blog to the Property Management group * we'd LOVE to have you join!

http://activerain.com/groups/PropertyManagement

Jan 16, 2010 01:20 PM
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Thanks for joining the property management group.  We have your post featured in the group.  You must have posted it twice since we do not see our comments under this one.  Welcome also to Active Rain!

Jan 17, 2010 05:45 AM
Anonymous
MK Asset Management

Whether your building provides a home to your company or is part of an investment portfolio, a poorly managed commercial building can ensure that even the most promising asset will fail to meet the expectations of its owner. A reputable <a href="http://mkasset.com/index.php">property management firm</a> will help your facility live up to its full potential.

Mar 08, 2012 02:50 AM
#3