Property Management Blog

By Tim Harstead - Tuesday, May 14, 2024

Understanding the Chicago Residential Landlord Tenant Ordinance

Chicago is one of the rare cities where tenant-occupied homes outweigh owner-occupied ones, with 55% of the city being renters.To ensure that both landlords and tenants enjoy a positive relationship, we've got the Chicago residential landlord-tenant ordinance. This set of law...

By Tim Harstead - Wednesday, May 8, 2024

How Do Appraisals Work For Investment Properties?

Whether you want to purchase a new property or pull equity out of your investment property, understanding the appraisal process is super important to your investment journey. Below, we will explain the common reason for ordering a home appraisal for your investment process ...

By Tim Harstead - Tuesday, May 7, 2024

Best Way to Collect Rent as a Landlord and Maintain Good Terms with Tenants

You're a landlord with a golden touch, effortlessly collecting rent from your tenants while maintaining a harmonious client relationship that's the envy of the real estate world. Sounds like a dream, right?Luckily, we're about to turn that dream into your reality!Read...

By Tim Harstead - Monday, April 29, 2024

Springtime Maintenance for Your Rental Property

The Spring is finally starting in Chicago, with warmer weather and nasty thunderstorms. Are your rental properties prepared to get through the season or set up to fail at the worst time? Preventative maintenance saves money by preventing more significant problems from occurring a...

By Tim Harstead - Sunday, April 28, 2024

Which Up And Coming Neighborhoods In Chicago Should You Be Investing In Now?

Chicago offers a fertile ground for those seeking to capitalize on the next big thing in real estate. From historic districts undergoing revitalization to hidden gems on the brink of transformation, the Windy City boasts lots of promising neighborhoods primed for investment.But h...

By Tim Harstead - Wednesday, April 24, 2024

Building your Real Estate Investment Team

As we approach the 2024 NFL draft, when teams are formed and dreams are built, it's a perfect analogy for the team needed to make a successful real estate portfolio. Just as the Bears players are crucial to their Super Bowl dreams, each role in your real estate investment tea...

By Tim Harstead - Sunday, April 21, 2024

What Are Typical Application Fees?

While the national real estate market is in the doldrums, things are looking up somewhat in Chicago, with rental yields predicted to grow at a steady clip throughout 2024.If you're a property owner wishing to take advantage of this long-overdue upswing in the market, you'...

By Tim Harstead - Sunday, April 14, 2024

How Do You Calculate Prorated Rent?

Vacancy rate is an effective ratio for landlords. It tells you how many units are vacant and for how long. Keeping a close eye on it helps you fill units faster and collect more rent.Property managers watch this ratio closely when managing properties. You should, too, if you mana...

By Tim Harstead - Sunday, April 7, 2024

Why Should I Look into Hiring a Property Manager in Chicago?

Chicago is home to some of the most lucrative real estate investing opportunities. If you're serious about generating income quickly, then the rental market is for you. This strategy covers expenses, pays taxes, and delivers a high ROI.You can't enjoy the full benefits of...

By Tim Harstead - Thursday, March 28, 2024

How to Get Tenants to Renew Leases

More renters (28%) are negotiating lower rent prices when their lease is up for renewal. To increase lease renewals, more landlords (25%) are remaining open to these negotiations. Increasing your tenant retention rate will save you money on marketing and long-term vacancies.Not s...