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 (4)

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

Marcel * thank you for posting your blog here on our group....I LOVE seeing how other property managers market their services in their target market area.

Jan 16, 2010 09:27 PM
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Hello Marcel.  Thank you for your well written article, and WELCOME to the Property Management Group!  We encourage you to glean from others and share what you will.  CONGRATULATIONS on being featured in the group!

Jan 17, 2010 05:39 AM
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Marcel, 

Congrats on the feature.  You have covered a number of critical and practical reasons why it can really make sense (or cents) to hire a property manager.  

All the best, Michelle

Jan 17, 2010 01:29 PM
BJ McKellar
Real Property Management Metro MD/DC - Washington, DC

Marcel-- Great article. Thanks for the post.  I think ths # 1 reason most people don't hire a property manager is ... they don't really understand what we do, and how we can help the,.

Thanks again

BJ

Jan 18, 2010 02:49 AM