If you’re a controlling investor or landlord feeling overwhelmed by the day-to-day responsibilities of managing multiple properties, the idea of having an extra set of eyes and ears around to address any issues could sound pretty appealing. To help you decide if you’re ready to commit to getting some help, let’s look at the pros and cons of hiring a property manager in Chicago.
Pro: Fewer Vacancies
One of the largest contributions any property manager will provide for you is an extensive background check and vetting system for any applying tenants.
Normally, this process requires an inordinate amount of time to comb through credit history, check references, and then ultimately decide which possible tenant provides the least liability. When a property manager is involved, they follow their usual guidelines to keep vacancies filled and do their best to rent to the highest-quality tenants in order to maximize returns while keeping those liabilities to a minimum.
The manager also accomplishes this by using local market data to figure out where to set rents based on the condition of your properties in order to help control the flow and type of tenants.
Con: Additional Costs
As you may have assumed, hiring a property manager in Chicago is not something that can be done for free.
Each management company has its own pricing and policies, and you should thoroughly explore all opportunities before making any final decisions. Rework your budget to discover exactly what you feel is reasonable to spend on property management, and stick to those numbers.
The key is to keep your eyes and ears open until you feel you have come upon the property manager that works best for you and your business.
Pro: Quick Request Response
When you’re managing your own properties, general maintenance and repair requests can quickly start to pile up and create problems for you.
By hiring a property manager, you can hand over those duties completely, and you’re no longer finding yourself getting phone calls in the middle of the night for emergency repairs.
The property management company has individuals or teams dedicated to maintenance and repairs, and you can then focus on other areas of the business.
Con: It’s More Hands-off
After you have a property manager hired and taking care of their assigned day-to-day tasks, you can remove yourself from those tasks entirely.
For some people, this could come as a relief, but for others, this can be stressful and difficult. There are those owners who prefer to handle anything and everything themselves, and you need to be ready and willing to step back from some of the things you’re used to controlling in order to let the property manager do their job appropriately.
Pro: Handle the Legal Details
Every once in a while, your company may find itself in a legal situation that needs professional assistance to create a positive outcome.
Property management companies concentrate on keeping your business running smoothly while not forgetting the legal elements and pitfalls that could rear their heads on occasion. In the event that a legal issue does arise, you and the property manager can present a united front to deal with the problem fittingly.
Con: Delays in Communication
Adding an additional person or persons to your company’s operations can and will at times create a slowdown – if not breakdown – in communication.
This is a point where it’s up to you and the manager to make sure you’re always on the same page in order to ensure quick and concise communication of anything and everything pertinent.
The biggest way to alleviate this problem goes back to our first point: find the property manager that works best with, and for, you.
Your Resource for Finding a Property Manager in Chicago
If you’re a landlord looking for a property manager in Chicago, contact us today at 773.233.2301 to get help!