Investors and rental property owners often wonder what they need to know when looking for a Chicago property manager. There are a number of things to look at when you’re interviewing different property management companies, and I think there are three main categories that require your attention.
It’s important to know what kind of experience a company has. Ask how long they have been in business and inquire about the owner’s background. Find out about the experience level of the property manager you’ll be interacting with on a regular basis. You want to find out what they know about the vast world of real estate investment. In the last 13 years, I’ve noticed that I learn something new on a daily basis. We can lean on our experience because we’ve gone through so many situations with tenants, owners and properties. That experience allows us to handle every issue smoothly and easily. The problems we encounter do not cost our owners money. I always tell new owners that their property manager shouldn’t be learning the business at their expense. We see that quite often.
I always encourage people to take a look at the size of a property management company. There are a number of individuals who consider themselves property managers, but they don’t have a staff to support them. Find out how many employees will be working with you and how many of those individuals will be actively involved in the management of your property. Is one person going to handle everything that’s going on for 500 different properties, or are there a few employees who have manageable portfolios? The goal is to work with a company that can manage its workload, making sure your property is performing well.
A lot of real estate companies have entered property management because of where our real estate market is. However, you want to really get a sense of focus when you’re considering a property management company. You don’t want to work with Realtors who care more about buying and selling than they do about managing your property. It’s important to have professional property managers who are focused on getting your property to operate at its highest potential return. We see a lot of real estate agents who want the best of both worlds, and they think they can buy and sell as well as manage homes. Individuals working with companies focused solely and specifically on property management seem to have the most success with their properties. They have the highest probability of return on their How to Choose a Chicago Property Management Companyinvestment.
These three main areas are critical when you’re choosing a property management company. If you have any questions or you’d like to talk more about it, please contact us at Letts Property Management.