Thinking about selling your investment property in Chicago? Think again. While there are many reasons to sell off a rental property, there are better reasons to hold onto one.
In this article we'll clear the air, giving you five excellent reasons why you should hold onto your investment property and how we can help make the process easier for you.
1. You Have a Positive Cash Flow
Let's start with the obvious. Rent prices continue to rise in the US because there is a huge demand for housing. If you're experiencing a positive cash flow with your current rental, why sell?
If you aren't experiencing a positive cash flow, ask yourself why?
Are you getting tenants? If not, how come?
If you have tenants, do you need to raise the rent to account for the costs of maintaining the space?
If these aren't questions you're excited to answer, that may explain your desire to sell. Let's keep on going.
2. Real Estate is a Great Asset
Chicago real estate is hot. Since the housing market crash in 2008, Chicago has been on the mend, with real estate prices rocketing high into the stratosphere.
The reason? The housing demand still hasn't been met over a decade later. With no end to that in sight, real estate continues to be a top performer year over year compared to other long-term investments.
3. You Don't Need to Carry the Burden of Renting
Investing in property and renting it out comes with challenges. You've got to find tenants, you've got to keep tenants, you've got to keep the space updated, you've got to make repairs, and keep your tenants happy.
There are legal hurdles, there are marketing hurdles, and there's a whole bunch of burdens that come with the renting process.
Here's the deal: what if you didn't need to carry that burden alone? That's right. We offer full-service property management in the Chicago area.
From marketing your property to processing the monthly rent checks, we can do it all while you sit back and focus on your other priorities.
4. Selling Costs Money You
Let's start with the upfront fees for selling. First, there are brokerage fees of up to 6%. Then there's title insurance, closing fees, potential listing fees, and more.
Next, let's talk about the potential of keeping the property up and not selling it right away. The longer it sits on the market, the longer you, the property owner, continue to lose out on income that the rental could have generated.
5. You Lose Out on a Passive Income Stream
Passive income has become a buzzword that seems thrown around everywhere. There's a good reason for that. Passive income means one thing for you: freedom.
Freedom to go where you want, when you want, all without having to worry about where the next paycheck is coming from. Selling at such a keen time may provide a short-term bump in profit, but it's a loss in consistent revenue.
Keep Your Investment Property in Chicago
If you don't like regular, passive income, then sure, sell your investment property in Chicago. But if you do like the repeated income and the knowledge your property will grow in value, then hold onto it!
And if you're worried about the property taking up too much of your time and energy, contact us. We at GC Realty & Development LLC are pros when it comes to rental property management.
Let us do the hard work, while you reap the rewards of owning a rental property.
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