Chicago Property Management Blog

What Your Chicago Property Manager Should Being Doing

What Your Chicago Property Manager Should Being Doing

Are you unhappy with the way your current property management company is managing your investment property? Let’s look at all the things your property manager should be doing for you. 

We work with a lot of investors who get increasingly frustrated with Chicago rental management companies that aren’t doing their jobs. Investors are dealing with lack of communication, extended and expensive vacancies, tenants aren’t paying rent, and work orders are piling up.

You need to have a property manager who knows how to help you minimize risk and maximize cash flow. MF Cashflow Team can help you achieve your rental investment goals. 

Chicago Property Managers Must Minimize Vacancy

Filling vacancies is one of the first and most important things a rental management company can do for clients. Having paying tenants are vitally important to keeping investment rental cash flowing. 

Within 72 hours after a tenant moves out we take photos and market the property. We then make certain the property is in a move-in ready condition by cleaning and making required repairs. We advertise your rental property on more than 80 websites plus the realtor MLS. 

We do a careful rental analysis to assure the home or apartment is priced right for the neighborhood compared to similar properties. 

As applications come in, we conduct a thorough tenant screening process. This includes national background and credit checks. We do a lot of investigating before we approve a tenant. Spending quality time on background checks can really make a difference when it comes to placing the best tenant in an investment property.  

Chicago Property Managers Must Collect the Rent

Once the property is occupied an experienced property manager is working hard to collect every dollar of the rent each month.  This is crucial to keeping your cash flow statement in the black.  

Ask your current property manager what he does to collect the rent each month.  Does he pursue the tenants regularly to get the rent paid?  Do his people make phone calls, send text messages and emails, and even make property visits in attempts to collect the rent? 

If it is obvious the tenant is unable to pay does he act swiftly to get the tenant moved out? Does he have alternative rent collection options to remove the tenant without resorting to an expensive eviction?  

There are several 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 is 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.  

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 a 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. During Covid-19 we must remain in compliance with  current eviction moratorium laws.  Contact us for more information about the eviction moratorium.

Chicago Property Managers Must be Responsive to Maintenance and Repairs

Maintenance is also key to your success as a real estate investor, and we do have an amazing in-house maintenance team, plus, we have a 24-hour maintenance hotline for emergencies.

With most Chicago area rental apartments, there will 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 is not good for cash flow.  

Other Responsibilities of Property Management Chicago

Other responsibilities we handle include negotiating lease renewals, changing locks, changing utility billings, we 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 also keeping up on the many laws being added to handle the Covid-19 situation.  We must be on top of these lease law changes and always be in compliance. 

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.  

At MF Cashflow Team, we manage approximately 400 doors in Chicago and the suburbs. We manage residential properties from single-family homes to multi-family properties with up to 100 units.  

We know what it takes to cash flow your property, and the first thing that’s required is communication. Clear and timely communication is vitally important in any relationship, and it’s especially important in property management. If you need us, we’re here answering the phone and responding to emails and texts. We know communication is important, so we’re accessible, available, and responsive. 

The MF Cashflow Team has been named one of the Top 10 Best Property Management Companies in the Chicago 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. If you’re not getting what you need from your current property management company the MF Cashflow Team can help.