Filling Vacancies and Leasing Chicago Rental Homes
One of the first and most important things a rental management company can do for clients is to fill vacancies. This is vitally important to keep your investment rental cash flowing.
We make certain the property is in a move-in ready condition for a tenant by cleaning and making required repairs. Then we take flattering photos and market the property. We advertise your rental property on more than 80 websites plus the MLS.
We always do a careful rental analysis to assure the home or apartment is priced right for the neighborhood compared to similar properties. Once we begin to generate interest, we handle calls and inquiries from prospective tenants.
As applications come in, we conduct a thorough tenant screening process. This includes national background checks. We do a lot of investigating before we approve a tenant for your rental property. It’s our experience that spending even an extra 10 or 15 minutes on the screening process can earn you tenfold on your investment. Spending quality time on background checks can really make a difference when it comes to placing the right tenant in an investment property.
Full-Service Real Estate Management
Another thing we provide our clients and our tenants is a 24/7 maintenance hotline. Tenants can call in at any hour of the day or night, and we answer the phone. We have a full-service repair staff in-house, and we can respond to any emergency or routine maintenance request that comes in.
We handle rent collection as well. There are so many ways to pay when a tenant rents from our team. We have online payments, we accept checks, and the tenant can pay via Zelle. Rent is always due on the first of the month, and it’s considered late after midnight on the fifth of the month. When a tenant pays a late fee it goes to the owner, not kept by the management company.
We handle the accounting and bookkeeping associated with your property. You can expect to receive an owner’s statement on the 20th of every month along with any rent collected in a direct deposit to your bank account.
We offer a portal to both the owner and tenant for financial transparency and to allow easy and direct communication.
There are a couple of options working with late or missing rent payments. The first is to try to set up a repayment plan with the tenant. A second step is the Cash For Keys option. This can encourage the tenant to move out much quicker than an eviction. Finally, eviction is required if all else fails in trying to work with the tenant. We coordinate evictions and handle the situation as quickly and efficiently as possible.
Maintenance and Other Duties for Home and Apartment Management
Maintenance is always high on the list of duties to perform. Things need to get repaired during the course of a lease. We have our own in-house maintenance crews to handle repairs quickly and efficiently.
Our crews can handle minor repairs as well as major items that may occur. If the project is too big we have excellent sub-contractors on speed-dial to provide two estimates for the owner to consider.
With most rental properties in the Chicago area, there will more than likely be an inspection required by a local municipality or HUD. Our maintenance crews know the requirements for each village and HUD and are able to get the first inspection passed about 90% of the time. This requires a lot of knowledge and skill. Time is money and wasting time on failed inspections and additional required repairs are not good for cash flow.
Other responsibilities: we negotiate lease renewals, change locks and utility billings, pay maintenance and utility bills, and make property visits. We also handle lawn mowing and snow removal on vacant properties and multi-family buildings.
Knowing complicated Fair Housing Laws, Real Estate laws, local and state rental ordinances, lease enforcement and eviction laws are all vital aspects of real estate management in Chicago.
Plus, we are now having to keep up on the many laws being added to handle the Covid-19 situation. We must be on top of these lease law changes and be in compliance.
MF Cashflow Team has been named as one of the top 10 best property management companies in the Chicago suburbs. We know how to manage in Chicago and the suburbs. We know and understand accurate rental pricing, tenant expectations, and how to communicate with the investors and tenants. Our primary goal is to make certain the investor is experiencing positive cash flow.