Chicago Property Management Blog

According to a PR Newswire article, foreclosures increased by 6% in the first quarter of 2023 when compared to 2022.Initiating a short sale is one way homeowners can avoid foreclosure, but what is a short sale, and is it a good idea to buy a home this way?A short sale is when the homeowner agrees to sell the home for less than the outstanding mortgage balance, and the lender forgives the rest of the cost.Are you considering buying a sho...

Buying your first home is an exciting and significant milestone. However, navigating the real estate market can be overwhelming without the right knowledge and guidance.Lots of homeowners wish they had access to resources and tips to help them through the process at the time. Luckily for you, you've stumbled upon this article.Read on for our first-time home buyer's guide.Understanding Your Needs and BudgetBuying a home for the f...

What is a Rental License Program? A rental license is a government program that provides landlords with consistent enforcement of codes of properties in various Chicagoland suburbs. To learn if your property has a rental license program check our list “here”. You can also google “Yourtown rental license” or visit the municipal website.Does every Chicago suburb have a rental license program?NoHow long will it...

In 2023, GC Realty & Development LLC continued to meet with hundreds of homeowners and investors in the Chicagoland area regarding their investment properties and the need for professional property management services. As a company, we remain committed to providing honest insights about property management options, and we want our clients to make informed decisions.If you're looking for a reliable property manager in Chicago, he...

Save time. Managing rental properties is time-consuming. A good property manager can handle tasks like marketing vacancies, screening tenants, handling maintenance and repair issues, collecting rent, and more. This frees you up to focus on growing your real estate business.Attract higher-quality tenants. Professional property managers have experience screening tenants. They can spot potential issues and find tenants that are m...

1. They know the local laws and regulations. Property managers in Chicago are familiar with the city's rental laws and regulations, including those related to security deposits, rent increases, and evictions. They can help ensure your property is compliant and avoid potential legal issues.2. They can handle tenant screening and selection. Property managers have experience screening tenants and can check their references and cre...

If you own rental property in Cook County, you are likely familiar with the Housing Authority of Cook County (HACC) and the inspections they conduct to ensure properties meet Housing Quality Standards (HQS). HACC inspects properties that are part of the Housing Choice Voucher program, also known as Section 8, to guarantee they are safe, sanitary, and livable for tenants.As a landlord, it is important to understand HACC's inspection ...

As a landlord participating in the Section 8 housing program, you rely on rental payments from the housing authority to cover costs when tenants are unable to pay the full rent amount. However, what happens if you have given a tenant notice to vacate, but they have failed to move out by the deadline? You still need to cover your costs, even if the unit is not producing rent. Here are the steps to request Section 8 payment in this situat...

As a landlord participating in the Chicago Housing Authority's Housing Choice Voucher program, it is important to understand the inspection process to ensure your units meet the necessary requirements. CHA conducts inspections of subsidized units to determine if they meet the Housing Quality Standards (HQS) set by HUD. If a unit fails an inspection, the landlord and tenant may face consequences, so preparing for inspections is key.C...

As a landlord in Chicago, it is critical to understand your rights and responsibilities under the Chicago Residential Landlord and Tenant Ordinance (RLTO). The RLTO establishes the rules around key areas such as security deposits, evictions, repairs, and more. Failure to comply with the RLTO can result in legal trouble, fines, and damage to your business. This blog post will overview some of the most important provisions in the RLTO for...