In 2021, all-cash property purchases accounted for 30.4% of sales in the US. This is a 6-year high and shows there are many investors adding to their portfolios or starting them right now. If you're one of these new property investors, are you finding that it's taking up more of your time than you anticipated?
Being a landlord can be a great way to generate a passive income, but the secret is professional property management.
Let's take a look at four signs that it's time to hire a property management company for your rental.
1. Landlord/Tenant Law Is Stressing You Out
In every state, there are specific landlord/tenant laws that you need to fully understand when you're a landlord. Negotiating these can be stressful, especially in hot-button areas like:
- Tenant screening
- Fair housing law
- Handling evictions
If you're a novice landlord, you don't want to do anything that could put you on the wrong side of the law. Instead, you need help from experienced experts who can guide you through the process.
Choose local Illinois property management services. They'll make sure you handle your responsibilities legally.
2. You're Overwhelmed By Maintenance
Tenant requests can flood in thick and fast. In Illinois, the law requires that you take care of both minor and major repairs. If major repairs aren't carried out promptly, it can void the lease.
The problem is if you're juggling a day job, family, and your rental property, this can become overwhelming fast. If you're out of state, arranging contractors can be a nightmare.
But if you allow a Chicago-based firm to manage your investment property, they'll take care of everything. They have their own dedicated team of contractors, so you don't have to spend hours making calls and arranging quotations. They'll make sure that repairs are completed according to the municipal code, so the property is safe for tenants at all times.
3. Rent Collection Is Tough
Rent collection may seem like the easiest part of managing a rental house. Don't the tenants just pay into your account each month? The problem is, some of them don't.
It all starts with getting the right tenants, which can be a challenge in itself. Effective tenant screening can help to identify tenants who are likely to stick to the lease. But if tenants fall on hard times, you need a property manager to help them to work through this situation.
Property managers can communicate with tenants and find out what's going on. They can advise you whether this is temporary or needs to be escalated to eviction proceedings.
4. Marketing Is Overwhelming
To get top dollar for your rental, you need to nail the marketing.
One of the best tips for property management success is to work with a marketing expert. Property management companies market properties successfully day in, day out. They know the platforms that work locally and those that are not so effective.
The best way to get the rent you want and attract the right tenants is to entrust the process to local property management experts.
Choose GC Realty & Development LLC for Chicago Property Management
If managing your rental house is becoming a burden, it's time to get some expert help.
At GC Realty & Development LLC, we offer a comprehensive property management service. From rental valuations through tenant screening and maintenance, we take all the stress out of being a landlord.
Call us at 630-587-7400 or reach out online today!