Chicago Property Management Blog

Occupancy is Vital to Cashflow | Chicago Property Management

Occupancy is Vital to Cashflow | Chicago Property Management

When you want to maintain and increase your cash flow, you need to avoid vacancies.
If your rental property is left vacant too long it will be very tough on your balance sheet.  When
you work with MF Cashflow Property Management Team you can expect that your units will be
kept occupied so your rent comes consistently.

Fast Tenant Turnovers

It’s important to keep tenants in place as long as possible to avoid vacancy. When you do have
a vacant unit, we make sure the turnover process is swift and effective. We get into the home
within 72 hours of the tenants vacating and immediately start the cleaning process.

We’ll clear out the closets and mop the floor; wipe down the counters and take out any trash.
Tenants always leave things behind; we’ll find trash in the garage and sofas in the living room.
Our first priority is to get rid of anything left behind and make the unit look clean and presentable for the marketing photos.  Our goal is to get the property back on the market swiftly.

Estimating Necessary Repairs for Your Chicago Rental Property

The property won’t be rent-ready within those 72 hours, but it will be in a place where we can start marketing the home and showing it to prospective tenants.

Our next step is to provide you with a cost estimate so you’ll know what repairs will be
necessary to get the home rent-ready. You can review the proposal, and once you sign off on it
and fund your account, we give our contractors the green light to start work. We’ll be showing the property throughout this process, and as soon as a tenant is interested, we’ll manage the application process and get your next resident approved.

Rental Management Marketing

We want your property rented quickly, which means we have to give it as much online
advertising exposure as possible. When your listing goes out on the internet, it will be featured
on 80+ rental websites and the Realtor MLS. Our leasing team is eager. They’re responding to
calls and talking to prospective tenants and scheduling showings every day.

The qualified tenants who work with us are waiting to get into good properties. It’s a great
problem to have. So, if you’re working with another Chicago property management company,
but your property has been vacant for longer than you’d like, contact us. We’ll be able to get
someone in place quickly.

Maintaining Your Chicago Rental Property During Vacancies

When your property is vacant, it’s important to keep the grass mowed and the exterior of the
home looking welcoming. MF Cashflow takes care of all that.  We also make sure the utilities
are transferred over so you’re not in danger of having pipes freeze or lights turned off. We notify the electric company and the gas company so there’s no interruption in service.

Focus on Tenant Retention

At MF Cashflow, we have a 24-hour hotline for tenants who have an emergency. Put yourself in
the resident’s shoes. When they’re dealing with water in the basement or a toilet overflowing,
they will keep calling until someone answers the phone, and if they’ve had a hard time getting
an answer from a live person, they will be irate. You would be, too.

Our trained staff takes care of those calls 24/7. They ask the right questions and dispatch the
right professionals to take care of the problem.

An important part of real estate management is tenant retention. When a tenant comes to us
wanting to rent one of our properties, we always ask why they’re moving. Usually, it’s because
their roof is leaking or they only have electricity in half the house, or the furnace is always going out. Their property is not being effectively maintained. Our experience has shown us that if we fix the problem, the tenant will stay, and that will allow your property to continue cash flowing.  

If only half the house has electricity and your tenant leaves because of that, you’ll still have to fix the problem for the new tenant. So – why not keep the current tenant in place by responding to the issue right away?

Your Cash Flow Statement

Finally, you should know that we won’t charge you a management fee when your property is
vacant. Another reason we work hard and fast to keep the property occupied.

The value that we bring far exceeds the cost of professional Chicago property management.
Hiring the right people is something that smart investors know is essential. Great management
takes work and experience.

If you’re managing on your own, you’re risking a lot.  You could experience longer than
necessary vacancies, placing the wrong tenant in the property or not finding the best contractors to keep the property maintained.  All that is going to cost you money. In fact, one vacant month can equal more than an entire year of management costs.  

Check the reviews from our happy clients and you’ll understand why MF Cashflow Team is
considered in the top 10 best property management companies in Chicago and the Chicago

Great property management in Chicago requires knowing the area, knowing the market, knowing how to treat tenants, and knowing how to take the best care of a property to encourage long term tenants.  MF Cashflow Property Management can help by leveraging your money and your investment property with our knowledge and our time to create great cash flow.