Chicago Property Management Blog

Attention all Chicagoland property managers and landlords! The future of transportation is electric, and the Illinois Electric Vehicle Charging Act (EVCA) is making it easier than ever for tenants to charge their EVs at home. This means big changes are coming to the way you manage parking and energy usage in your buildings. But don't worry, we're here to help you navigate the EVCA and stay ahead of the curve.Here's what Chic...

As a property manager in Chicago, staying ahead of the curve is crucial. In 2024, the landscape of accepting electronic payments in the Windy City is undergoing some significant changes, and it's essential to be prepared. Here we’ll equip you with the knowledge and resources you need to navigate these updates and ensure smooth financial transactions for both you and your tenants.The Big Shift: No More Mandatory Electronic Paym...

We had a banner 2023 at GC Realty & Development for our 1500 units under management.  We underwrote 2194 applications and leased 324 units with ZERO eviction filings on any of the 680 tenants approved.  This is the info you need to know to ensure you do it right or feel confident if you are considering working with GC Realty & Development to lease or manage your property for you.   The Importance of Tenant Screeni...

Security deposits are important in the landlord-tenant relationship. They protect landlords and hold tenants accountable. Illinois has laws to prevent misuse and unfair practices. Both landlords and tenants need to understand these laws for a fair rental process.What is a Security Deposit?When a lease agreement begins, the tenant pays the landlord a security deposit. This money protects the landlord if the tenant causes any damages duri...

The Chicago Permanent Rental Assistance Program presents a valuable opportunity for self-managers to support tenants and maintain stable rental income. Understanding the details of this program is essential for optimizing rental property management. Here's a comprehensive guide for self-managers on leveraging the Chicago Permanent Rental Assistance Program.Key Points for Self-Managers:Program Overview: The Chicago Permanent Ren...

Chicago's "Right to Counsel" Program, also known as the Chicago Eviction Defense Project, has significant implications for property managers. Understanding the impact of this program is crucial for maintaining compliance and fostering positive tenant relations. Here's a comprehensive guide for property managers on navigating Chicago's "Right to Counsel" Program.Key Points for Property Managers:Tenant Righ...

The holiday season and winter months can bring about financial challenges for tenants, and as a self-manager, it's crucial to be well-informed about the Holiday and Winter Eviction Moratorium that is in effect through 1/2/24. This moratorium provides temporary relief to tenants facing financial hardship, and it's essential to understand the implications for managing rental properties during this period.What is the Holiday and Wi...

The Chicago Mansion Tax, officially known as the Real Property Transfer Tax, is a tax that applies to the transfer of high-value real estate properties within the city of Chicago. This tax is specifically targeted at properties with a sale price or fair market value above a certain threshold, often referred to as "mansion properties."The tax is calculated based on the sale price or fair market value of the property at the time...

It's astonishing to know that Chicago has one of the lowest housing inventories out of America's biggest cities.This means that buyers in Chicago are more motivated to close than ever. While the conditions are great for sellers, there are still plenty of hurdles that can slow them down.Are you worried about how long it'll take to sell your Chicago property? Read on to gather the greatest tips to sell in under a month.1. Unde...

Chicago has faced a rise in foreclosures this year, and many face the looming shadow of the threat of foreclosure on their homes. In this guide, we aim to shine a light on another option open to those who need to sell fast.A short sale is where you sell your house for less than what you owe on the mortgage. In this article, we'll share five advantages of short selling your home.1. It Helps You Resolve Debt Worries With Your Mortgage...