Can you do it yourself cheaper? absolutely. but can you use your time to make more money or memories instead? most definitely.
Let's get this on record first and foremost, you can absolutely find a property management company that will be cheaper than Chicago Style Management. However, the difference will always reflect in the quality of services. We not only strive to increase the profits of your current stream of revenue, we also 5 ways you can make money investing in real estate (what are the 5 ways?). Our goal is to make this agreement as passive as possible so that you can focus on your day job, daily activities, travel, relax, or better yet finding more great deals to expand your portfolio. Service like this costs us more to be able to provide but we believe the better service we provide will make your investment outperform what competitors can do more than the extra we charge.
So let's break down the fee structure we use and what it covers and what it doesn't
Set up fee: $250 per building this covers the onboarding of market rate tenants, initial inspections, and putting up our sign.
Lock change fee: variable we do this so we can better do our job we require our properties to be on our master key system this allows for us to have easier access to the units in case of emergencies or uncooperative tenants. It also ensures that we have secure locks on the building for all tenants to be safe.
Section 8 onboarding fee: $200 per unit: this covers getting everything moved over into our management system and get us as the point of contact for cha if you have ever had to work with them you know how much work it is to work with them when getting set up. This fee also applies for new tenants we bring in with vouchers.
Management fee: $99 per unit per month, many companies charge a percentage however we believe that the work is the work, a place that rents for 4k a month is probably easier to manage than the places renting for $600 a month. This $99 includes the following.
Collecting rent from tenants. We offer our tenants many ways to pay so there is never an excuse on getting payment to us besides them not having the money to pay. We take payments both online and in major stores like Wal-mart, CVS, 711, and Walgreens.
24/7 emergency maintenance line, if a pipe bursts at 3am you never have to worry if someone is going to wake up and answer the call. We have someone ready to answer at all times and make sure your properties and tenants are safe.
Transparent work order system, for the non emergencies tenants can easily put work orders in online through our platform and best of all you get alerted when it happens so you're not surprised when you get your statements and work is done.
Maintenance coordination: we first try to fix all issues over the phone and if a tenant can't fix it without help we schedule with tenants the work that needs to be done with our amazing team and preferred vendors that not only do a great job they save money over major corporations that you may have access to.
Verify maintenance is complete once the plumber goes out we are making sure the problem is fixed no finding out a year later the work was done wrong.
Bookkeeping: see reports every month as well as annually to both make taxes a breeze but also let you track what's going on in the property so you can make the major calls to improve your investments.
Leasing fees
New tenant placement: 1 months rent
When putting a new tenant in the unit we not only advertise the vacancy on hundreds of sites, we are screening the tenants doing showings, and making sure a legal lease is signed.
Section 8 set up: $200. This fee is the same as the onboarding cha fee but for new tenants
Renewal fee: $350
This fee includes inspecting the unit or property, negotiating a new rate and signing a mee legal lease agreement.
Other fees
Bill Pay fee: $25 set up charge per utility we turn on plus $5 per bill paid. Oftentimes we have to be on the phone for over 1 hr to set up new service either with comed or peoples gas, and Bill Pay takes time from our payment processing team as well as our accounting team.
Maintenance and pm hourly rate: our hourly rate for in house techs and pm's is $85 this is for everything from meeting a city inspector to fixing a small plumbing issue.
Tenant fees: in order to keep our costs down for you we also may from time to time charge tenants fees such as late fees, pet rent, lease fines etc. The money from these fees goes to cover the labor needed to inform our leases and collect rent and by us charging them we can keep costs down in managing the quality tenants and only have to charge when extra work is needed to be done.
