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While hiring a professional may seem expensive, there are several things to consider beforehand that may point you toward this choice.
Risk Management
When you manage your own property, you are taking on 100 percent of the risk. If you work with a professional property manager, you are passing on a large part of that risk. If something goes wrong, you have an extra layer of protection. As an inexperienced landlord, you might make a bad decision that can lead to lawsuits or trouble. That could put your property and your profits in jeopardy, so consider working with a professional manager just for the sake of legal protection and risk management.
Protecting Your Time
Maybe you have just one property and it only takes you a few hours here and there. That’s fine if there are no conflicts with your tenants or long vacancy periods or intensive maintenance work to be done. Annually, you’ll need to dedicate 15 to 25 hours to this property, and that’s only if you have no maintenance. So, you only have so much time, and you’ll never get those 25 hours back.
Property Management Chicagoland: Convenience
When you’re managing on your own, you have to deal with tenants and problems when they happen. That means phone calls at 2:00 in the morning when the furnace isn’t working. You’ll notice that toilets never back up in the afternoon or while you’re at the property; they always back up the day after you are at the property. Having a property management company on call 24 hours a day and 7 days a week will mean you don’t have to make decisions in the middle of the night or over your holiday weekends.
Peace of Mind
Quality of life is important, and as a landlord you want to know things around you are in control and being handled. If you can wake up every morning and not worry about your investment property, you’ll have a lot of peace of mind. That’s going to make your landlord experience far more pleasant and rewarding.
These are four things to consider when you’re wondering if you should manage the property by yourself. If you need any help or have any questions about professional Chicagoland property management, please contact us at GC Realty & Development.
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