Frequently Asked Questions

• How many units does GCR&D manage in the Chicago area?

  We currently manage over 1,500 units all around the Chicagoland area.  Please see our coverage area map.

• How quickly can I expect a response from GCR&D?

  We have Trademarked the phrase “Chicago’s Responsive Property Manager™” and we take that term seriously. We track our teams’ email communications for initial response times. We also monitor the status through completion of any email requests received from both residents and clients (owners). Our owner's handbook, which we will share, states that we will be back to you the same day if you are in touch with us before noon CST, and by the next morning if after noon CST. However, more often than not, it is much quicker than that.

• How long has your Chicago Property Management company been in business?

  20 years! GCR&D has been in business since 2003, and consists of 3 partners.  Check out this recent article that goes in depth of our company history and what our logo stands for.  We incorporated our firm in 2003 as an S-Corp and restructured it in 2006 as an LLC. We started our Property Management division in 2005

• What types of property and types of investors does GCR&D manage for in the Chicago area?

  We manage Chicago residential properties from single condos to large apartment complexes for private owners. We also manage retail, industrial, and office commercial properties.

• Does GCR&D manage Condominium Associations (HOAs)?

  Unfortunately, we no longer accept or manage any Condominium Associations but are happy to refer you with some quality Property Managers that do.

• Does the State of Illinois require a Property Manager to be licensed?

  Yes, Property Managers perform tasks that are considered licensed activities. We have held our Managing Broker License since 2003. All licensed companies can be verified on the State of Illinois license lookup page  IDFPR.

• How can I retain references for your services from your current or past clients?

  No matter who you are looking to hire, take the time to search for them on Google, Yelp, Bigger Pockets, and NARPM. You can quickly search myself and my company name and come across all that has been said online. It is impossible to hide true company culture and the quality of service that was provided to clients with whom we had dealings with. Doing a search like this will yield you a far better confidence in our services.

• Do you manage both short-term and long-term rentals in Chicago?

  At this time we only manage properties for owners who are seeking long term rentals. We do not manage any vacation rentals, AIRBNB, or furnished properties.

• How many people work for your company, and what are their roles?

  We have 60+ full time team members working inside of the daily property management operation and we are growing. Our operation is a hybrid of departmental and portfolio style management. We have multiple specialists including, but not limited to, maintenance pricing, leasing, and collections specialists.

• Do you cover all areas of Northern Illinois?

  Check our coverage area map on this website to see if we cover your area. If your property falls outside this area, then please inquire as we may be able to accommodate your request or refer you to another quality Property Management company we work with.

• Is GCR&D properly insured?

  GCR&D carries a business liability, workers compensation, umbrella, automobile, and professional liability (E&O) policies with minimum $1,000,000 limits.

• Does GCR&D sell real estate in Chicago too?

  Yes, we do. Our Property Management clients hire us because they know that when the time comes, we can assist them with Brokerage. Having an intimate knowledge of the property already assists in the Brokerage processing running smoothly. We also maintain a vast network of investors who are scouting for new opportunities and investment properties.  You can read more on our Residential and Commercial Brokerage websites about what we do there.

Leasing & Screening

• How long will it take to lease my Chicago property?

  If we price the rental rate to be in tune with what is going on in the local market and the property shows well we can generally rent your home in 3-4 weeks.

• Should I allow pets in my Chicago rental?

  We ask that you keep all options open. Many quality tenants do have pets. A person’s application will reflect how they will care for your property including how they will allow the keep of an animal in your home.

• How can I protect my Chicago rental from pets?

  We will accept animals of well qualified applicants only. These applicants will show us pictures of their pet and provide us information such as breed, weight, & age. This helps rule out the 40 pound mix that turns out to be a 150 pound Pitbull. An approved tenant with a pet will pay either additional security deposit or a non-refundable pet fee. A home with hardwood, tile, or wood laminate is more pet friendly from a Landlord’s perspective than a home with carpet throughout.

• Does GCR&D hold the security deposit?

  GCR&D will hold the rental security deposit in the owners separate rental deposit account. Any return or forfeiture of a security deposit will be approved by the owner prior to any final decisions. The balance of your account on the monthly ledgers will reflect the security deposit being held.  In Chicago we do have a separate set up for security deposits to comply with the CRLTO security deposit rules, however, in Chicago we mostly collect non refundable move in fees in place of security deposits.

• My Chicagoland house is vacant and I will need you to procure a tenant, how long is the lease term?

  Our lease terms are typically one year. However, in the Fall, we may request 14-16 month leases that will end in Springtime two years later.

• Who keeps the security deposit if it is forfeited at the end of the lease term?

  The owner keeps all security deposit funds forfeited by the tenant at the end of the lease.

• Will you advertise and show a property while it is occupied, or do you insist on properties being vacant before you will start advertising them for rent?

  This will be handled on a case by case basis. If there is an opportunity to rent your property faster and obtain a high quality tenant, we are open to that option.

• Do you conduct credit and criminal background checks on prospective tenants?

  We conduct credit, eviction, and background checks on every applicant while carefully complying with Fair Housing Laws and the new Cook County Just Housing Amendment. If you are in Cook County you want to make sure you are following both.

• Do you place your rental listings on the MLS?

  Yes, and be sure that anyone you hire does list them on the MLS as well. There are many Realtors that have tenant clients nowadays, so be sure that your Property Manager is casting the widest net to secure you your next tenant.

• Do you place your rental listings on Zillow?

  Yes, be aware that as of February 1, 2020 Zillow, which includes Zillow, Trulia, and Hotpads, started charging Property Managers a daily fee per listing to market rentals on these sites. Many Property Managers opted out but we did not so make sure whoever you hire is paying to market on these sites. For GCR&D, this is not an extra charge to an owner.

• Is GCR&D experienced in Section 8 tenants and properties?

  GCR&D has managed thousands of Section 8 tenants over the years and Section 8 tenants currently account for 15% of our rent roll.  For more info on section 8 please visit our Section 8 Resource Center.

• Who holds the tenant security deposit?

  GCR&D holds all tenant security deposits in a separate escrow account. After the tenant vacates the property a thorough move out assessment will be conducted to determine if there are any damages to the unit.

Management Agreement Contract Terms

• How much does a Chicago Property Manager cost?

  The management fee will be a percentage of the monthly rent. This will vary based on several factors including the rent price and geography. However, you can usually expect to pay 7-9%. Multi-unit properties or portfolios will be treated on a case by case basis.

• Does GCR&D keep late fees that are charged to tenants?

  Many Property Managers do keep late fees, however, GCR&D will pass 100% of any late fees collected on to the owner.

• How long does the property management agreement term last?

  Our management agreement is a one year term, however, we believe this is a partnership and if you are not happy with our service the agreement can be cancelled anytime by providing 30 days notice. There is a $350 termination fee if the agreement is cancelled within the first six months.

• Do you have any electronic and automated online portal systems set up?

  Both our residents and clients have online portals that are set up during the onboarding process.

• When will GCR&D complete owner payouts?

  Each month between the 25th-28th of the month we will send you your owner payout, via ACH, to the account you set up with us during Onboarding. You will also receive a detailed ledger with monthly activity.

• Will GCR&D provide a 1099 at the end of the year?

  Yes, we provide a 1099 and an income statement for that year that you can easily provide your accountant.

• Where can I located a copy of the "Owner Handbook"?

  Here is a link to the Owner Handbook PDF.

What About Evictions

• What is the typical cost to evict a tenant from a property?

  GCR&D will oversee and coordinate eviction cases for no charge, except for the delivery or posting of notices.  The main costs will be direct from the attorney we work with and can range from $900.00-$2,900.00 depending on the case severity and court appearances.  This price range includes court, administrative, and sheriff costs that will need to be paid. You can also learn more about the eviction process in Illinois on our Legal Learning Center page.

• How long does an eviction take?

  The time it takes for an eviction will depend on the County the property is located in.  Will County has faster evictions than DuPage or Kane County, but Cook County evictions are way longer than all of the collar counties.  For more information on evictions in Cook County check out a recent article called “7 Hurdles To Tenant Evictions In Chicago”

Other Must knows

• Will I communicate directly with tenants ever?

  Once under management owners will not communicate with tenants.

• As an out of state investor what must I know to be successful in Illinois?

  We spend a lot of time doing our best to share all we know about real estate investing in Chicago.  We would encourage you to download our E-Book “What they Don't Tell You About Real Estate Investing” as this was written with an out of state investor in mind.  We would also encourage you to listen to our Straight Up Chicago Investor Podcast which is the only Chicago specific real estate Podcast that talks about what it is like to invest here on the street level.