What to look for in a Property Management Company Chicago | Illinois | Suburbs

Real Estate Broker/Owner with Prime Market Realty

What to look for in a Property Management Company?


Do they offer a level of Transperancy

Some companies will tell you everything is fine, but later to find out that the work or any issues haven’t been resolved; which inevitably increases turn-over. You want to find a company that will log and update all processes so you can comfortable view statuses on-line at your leisure.

What is the charge for acquring New Tenants?

Some companies charge Finder's Fees in the range of 1/2 to 1 month rent. If you are into saving costs, you might want to find a company who will only charge a small nominal fee for aggresive advertising.

Do they assist in comparables?

It is important in getting the most out of what you can charge for rent.  If you are looking to not only cover your monthly mortgage, but to generate cash flow, you want to find a company who can produce solid comparables (so you don't charge less) and in addition help you to obtain a qualified tenant in the shortest time possible.  Ultimately the price you want to charge it up to you, and you want a company to market agressively any price you decide.

Do they offer the ability for Tenants to pay online?

Allowing Tenants to pay online creates efficiency and is desired by a lot of tenants.  You want to find a company that will allow for mulitple ways for tenants to pay

Do they offer Monthly Statements?

Providing you with detailed financial reporting like income/expense statements, and many other need to know statements can keep you up-to-date on what is important.

How do they Advertise for New Tenants?

Do they agressively advertise on-line through numerous online publications and websites, put up For Rent Signs, Directional Signs, Local Newspapers, Flyers, options to put it on the MLS, etc?

How do they communicate?

Are they very responsive?  Are they comprehensive and detailed when it matters the most?  Do they communicate via email as well as follow up with a phone-call? 

How do they deal with repairs?

Do they have a network of cost-effective and quality maintanence personnel and vendors?  Do they have at least 3 qoutes for major repairs?  Do they maintian a small reserves to handle quick small repairs?

Do they offer 24/7 services?

Such as lost-key service for tenants, and emergency response.

Are they up-to-date on all compliances?

Very important as advertising for tenants, and anything related to the property and habitation of it, need to be adhered to from a national, state, county, city, association level

Are they experienced?

Very important, you should prefer a company that is experienced in the type of property that you have.

What type of Checks do they preform on prospect tenants?

Background, Credit, Criminal - all three are vitally important.




Comments (3)

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

What professional designations to they have and when was the last time they took a property management course?

Mar 16, 2010 06:17 AM
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL

Hello Marcel... and good credible references with pictures and addresses of the managed property helps too.

Mar 16, 2010 05:07 PM
MK Asset Management

These are some good tips.  A reputable <a href="http://mkasset.com/residential_management.php">property management firm</a> will also work with you to take advantage of opportunities that will increase the value of the property and maximize your investment.

Mar 08, 2012 03:16 AM