If you own rental properties in Chicago, Illinois, you know how challenging it can be to manage them effectively.
From finding and screening tenants to maintaining the property, the responsibilities of a landlord can quickly pile up.
Unfortunately, making mistakes in property management can lead to decreased profits, frustrated tenants, and even legal issues.
Here, we'll go over some of the most common rental property management errors and provide tips on how to avoid them. Read on to learn more.
Attracting the Wrong Tenants
One of the biggest mistakes landlords make is attracting the wrong tenants. There are more than 44 million renters in the US, so you can afford to pick wisely.
Tenants who cause damage, don't pay rent on time, or break the law can cause headaches for landlords.
Be sure to screen potential tenants. Check their credit, criminal, and eviction histories. You should also require a deposit and do regular rental property inspections.
Poor Maintenance and Upkeep
Neglecting the maintenance of the property is another common rental property management error.
Poor upkeep leads to larger problems down the road, leaving you with hefty repair bills. It can also result in frustrated tenants, who may choose to move out if the property isn't well-maintained.
To avoid this, repairing rental properties is a must. This could mean fixing leaks, painting, or cleaning. You should also have a contingency plan in place. This will help with emergency repairs, such as burst pipes or power outages.
Our team here at GC Realty and Development is committed to helping our clients maintain their properties to the highest standard.
Miscommunication with Tenants
Miscommunication is sure to cause trouble between landlords and tenants.
Misunderstandings between landlords and tenants can lead to problems and disputes. From rent payment inquiries to maintenance requests to lease renewals, clear and open communication is a must.
Make sure to provide your tenants with a clear understanding of your mutual responsibilities.
Always be responsive and professional when communicating with your tenants and keep records of all correspondence.
As a landlord, you need to know the laws that apply to rental properties in Chicago, Illinois.
Ignorance of the law is not a defense. Landlords who violate fair housing laws can face significant fines and legal issues. Avoid this by researching state and federal fair housing laws.
Working with our full-service property management company can help you navigate the legal landscape and avoid costly mistakes.
Rental Property Management Errors Explained
Effective property management is key to the success of your rental properties in Chicago, Illinois.
By avoiding the common rental property management errors outlined in this article, you can increase your profits, reduce headaches, and maintain happy tenants.
If you need help, our dedicated and experienced team is on hand to help you through the entire process. Contact us today to see how we can help.
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