Self-management often seems like a good way for rental property owners in Chicagoland to save money.
In fact, it could cost you more. Professional property management is the best way to earn more and spend less on your investment. It also provides an extra layer of protection for you. Renting out a home comes with a lot of risk and liability.
We understand the benefit of managing your own home: you get to be in complete control of rent, maintenance, and your tenants. You can avoid management and leasing fees. It sounds appealing, especially if you like to make your own repairs and develop relationships with your tenants.
However, there are so many headaches and hassles that are involved, especially when you’re juggling your own career, family responsibilities, and personal passions. Professional Chicagoland property management is almost always a better option.
Chicagoland Property Management Systems and Experience
Self-management means tackling all the potential issues that will arise during the leasing and management process. You’ll need to know how to market your vacant property and screen potential tenants without violating any fair housing laws. You’ll need to have a great list of vendors who are willing to complete maintenance and repair work quickly, and for a reasonable price. You’ll have to figure out how to manage your accounting and what you’ll do when a tenant doesn’t pay rent.
Professional Chicago property managers have systems in place that have been tried, adjusted, and perfected over many years. Our experience is invaluable, especially when it comes to things like emergency repair issues in the middle of the night or evictions or property damage. We know what to do because we’ve done it before.
Your property manager will have relationships and networks with vendors, insurance experts, and attorneys. We invest in technology, which delivers online rental payment systems and transparent, accurate accounting statements. Our tools and resources far exceed those of a DIY landlord. It makes the rental process easier and more pleasant for you and your tenants.
Treating Your Chicagoland Rental Property Like a Business
It’s easy to get emotionally involved in your rental property. This is your investment, and it’s worth a lot of money. Sometimes it’s difficult for self-managing landlords to take a step back from the emotions and deal with the property like it’s a business. For example, they might form friendships with their tenants, which will make it difficult to enforce the lease or collect overdue rent. Self-management can really blur the important boundaries that need to be in place.
With professional property managers, you know that every decision is being made based on what’s best for you and your property. We protect the condition of your investment and we make sure it is performing the way it should. There’s no emotional connection for us when it comes to your property, and that allows us to work more effectively and efficiently.
What Can a Professional Property Manager for Chicagoland Investors?
When you decide to work with professional property managers, you can expect a leasing and management process that saves you money and helps you be more successful as a property owner. You won’t have to worry about long vacancy periods or frequent tenant turnovers. There won’t be any tenant disputes for you to manage or anxiety over whether the rent will be paid on time.
Some of the services we provide include:
If you’ve tried self-management and you know that a professional Chicago property management company can do better, contact us at Baird & Warner. We’re here to help.
