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 a rental portfolio without an experienced property manager by your side. Their role entails everything from marketing to lease management. These services ensure no property is left vacant.
Discover more reasons to hire a property management company in Chicago.
Start From the Beginning
Did you know you can work with a property management company to kickstart your portfolio?
These companies have all the resources you need, including real estate agent expertise, to build a strong (and profitable) rental portfolio. For example, you can start by browsing Chicago Style's current property listings. There are even services to help you sell off properties in your portfolio, keeping all of your real estate investing under one umbrella.
Once you have your first property under your belt, you need to ensure it's ready for its first tenant. Property managers ensure every repair and upgrade is made before showings. It's their job to forge business relationships with the best local services, from HVAC technicians to house painters.
Next, you should draft your rental lease.
It's good to get this out of the way early. Once you put your property on the rental market, expect a flood of applications and questions about the lease agreement. Your property manager will also have the lease on hand during open houses.
Property Management and Marketing
An important service you can't do without is property marketing.
Property maintenance and lease agreements are the first steps. Next, your property manager will create real estate listings with copywriting, photography, and even virtual tours. Rest assured, they'll list all amenities being offered to attract a range of tenants.
Examples of amenities include proximity to transportation, shops, and schools. Many prospective tenants are looking for units that allow pets. Other tenants are looking for rentals with spacious kitchens, backyards, and bathroom upgrades.
You may want to look at other listings in the neighborhood (and property values) to learn more about what renters want in a home.
Once complete, your property manager will submit your real estate listing to all major listing sites using real estate software. They may also market your rental property on social media like Facebook and Instagram. Google search marketing is another strategy in your manager's toolbox.
Tenant Procurement
Tenant procurement may be the most important part of the entire rental process.
You don't want to pay the high costs of a bad tenant. Your property manager will conduct a multi-step screening process to screen for financial information, past rental history, criminal background, identification, and more essentials.
Property managers also call past landlords to get a better understanding of past landlord-tenant relations.
Discover the Benefits of Hiring a Property Manager
Don't miss out on the benefits (and essentials) of working with a property management company. They're here to help secure consistent rental income through portfolio management, marketing, tenant services, and more.
Chicago Style Management is a leader in the above services and more. Call us today to talk to one of our experts!
