Is it Time to Sell Your Chicago Rental Property?
Have you been frustrated and seriously thinking that it may be time to sell your Chicago investment property?
Maybe you should...but maybe it’s just a matter of seeking better property management in Chicago. If your residential rental property isn’t delivering the positive financial results that you were expecting, and you can’t seem to earn the cashflow you were hoping for, the problem isn’t necessarily the rental property.
The problem could be that it needs to be leased, managed, and maintained better.
If you’re fed up with trying to rent out your property and are experiencing long vacancies, give us a call before you sell it. At MF Cashflow Team we specialize in full-service property management, and that includes consulting and asset management that can help you earn more and spend less on your investment.
Let’s get the cash flow working for you again. Your balance sheet will be happier.
Increasing What You Earn
You decided to invest in Chicago real estate to make money. That’s what we specialize in – helping owners like you cash flow their rentals.
Start by looking at your rental value. Is it priced correctly? If you’re trying to rent out a $1,500 home for $2,000, of course, you’re going to run into some financial issues. You’re going to have longer vacancies and a poor selection of tenants.
Get some reliable comparative market data so you know the correct market value. Stop losing money on long term vacancies, terrible tenants, and the trouble that can find unoccupied properties. Let’s put your price point where it needs to be. Getting the property rented with the best tenant will pay off big in the long term.
Avoiding Eviction and Late Payments
When you don’t have a tenant, you’re not earning money. Selling a residential investment property is a great idea if you can’t keep a tenant in there. But, if you can get rent paid consistently, you should hold onto that asset. It’s worth more to you when you rent it out in the long term than it is in a single sale. Besides collecting the rent, the value of that asset should be increasing. Looking long term is one way to gain value.
MF Cashflow is a full-service property management company. Our procedures have kept our eviction rate incredibly low. Why? Because we understand our tenants and we know that late payment is better than no payment. We charge late fees and we use them as an incentive when tenants are slow to pay. We know how to work with residents to get them caught up when they fall behind.
Evictions cost you money. Vacancies hurt your cash flow. Keep tenants in place and paying rent, and you shouldn’t have to sell your Chicago rental property. Your cash flow statement will be in the positive again.
Paying Attention to Preventative Maintenance
Pouring money into repairs and maintenance will make any owner want to sell their investment property. It’s frustrating.
Take a look at your maintenance plans, and re-structure where you can. First, make sure the home is habitable and safe. That’s not negotiable, and you’ll have a hard time keeping your tenants if your home isn’t up to code.
Think about some simple and cost-effective upgrades that might cut down your long term costs. For example, instead of fixing a refrigerator for the sixth time, replace it. Think about hard surface floors instead of the carpet so you don’t have to steam clean them between tenants every time. There are many things you can do that keep your maintenance costs low.
Re-evaluate your vendors, too. Are you getting the best rates from licensed and insured professionals? Our clients know that we generate at least two bids for any major project.
Working with Better Chicago Property Managers
The best way to avoid selling your Chicago rental property is by working with a local management company that knows how to turn your investment around and make it a property that delivers immediate cash flow, long term returns, and a lot less stress for you.
Property management in Chicago is similar to property management in the suburbs. In fact, many of the real estate management companies handle both markets.
We are professional property managers and real estate investors ourselves. We know from a personal and a professional level that holding onto your asset whenever possible is the best and most profitable course of action.
If you need a little help, contact us at MF Cashflow Property Management Team. We’ll show you how to do it. Awarded a Top 10 Best Property Management company for Chicago and the Chicago suburbs illustrates that we know the market, we can handle tenant issues and we can make your rental property profitable for you.