6 reasons to hire a Chicago property manager

So you decided to diversify your investment portfolio by purchasing a two flat in Irving Park, a couple of condos in Naperville, or a vacation home on the North Shore. But truth be told, your day job takes up much of your time, leaving you too drained to keep up with city ordinances, or to hunt down tenants on the first of the month for rent payment.

The National Association of Residential Property Managers shares the following ways a property management company can help you with the process:

  1. Pricing strategy: The amount you can ask for a high-rise condo in the Loop can be significantly different than the amount charged for a Southside garden apartment. A knowledgeable property manager can help you set the right price for the area.
  2. Staying legal: In addition to keeping up on local structural requirements, property managers also are versed in fair housing issues, ensuring you stay on the right side of the law.
  3. Tenant screening: You don’t want just anyone living in your property. A property manager can perform the background checks necessary to ensure the quality of the renter,
  4. Rent collection: Money is the real reason you bought the property, but collecting from tenants can be a less than pleasant task.
  5. Maintenance: Structural issues are inevitable, and if you’re not handy yourself, a property manager likely has a handyman on staff that can make basic repairs.
  6. Disputes: Whether it’s with a service provider, maintenance man or tenant, a property manager can skillfully defuse a volatile situation, saving you time and money.

In Chicago, property managers are required to hold a valid real estate broker’s license. It ensures the property manager has taken the proper courses and understands the laws related to the trade. There are currently more than 100 property managers on Angie’s List in the Chicago area.

More Like This

Want to Rent Out Your D.C. House? You Need a License for That


Renting out your condo or house in D.C. requires you to have a business license. (Photo by Jason Hargraves)
Renting out your condo or house in D.C. requires you to have a business license. (Photo by Jason Hargraves)

A business license is needed from the D.C. government before you rent out your single-family house or condo. It's going to cost close to $200 in various fees.

Add comment

Anonymous reviews are Internet graffiti.  Angie's List has real reviews from real people.

What is Angie's List?

Angie’s List is the trusted site where more than 3 million households go to get ratings and reviews on everything from home repair to health care. Stop guessing when it comes to hiring! Check Angie’s List to find out who does the best work in town.

Local Discounts

Daily deals up to 70% off popular home improvement projects from top-rated contractors on Angie’s List!