Property management matters from the selection of tenants and all that follows. The best location and building in the world won’t overcome the cost of poor management. When tenant complaints are ignored, as a rule, it can become troublesome. Leaving unresolved tenants and management can also lead to non-payment of rent in protest of poor management practices. After all, if tenants aren’t happy, they can leave. Keep reading to discover the five property management mistakes Chicago investors often make.
If cost is the leading priority for the team you select, this is how investors often make one of the biggest property management mistakes in Chicago or anywhere in the country for that matter. Let’s face it; you get what you pay for, including choosing a property management company. If a property management company is pricing their services far below others, they probably lack enough staff to be attentive to the needs of the tenants. When tenants call, and there is no answer, this can be a costly situation.
One of the easily remedied property management mistakes Chicago investors often make is failing to listen to experienced property managers’ advice. Quite often, less emotionally attached professionals like property managers see past our emotional attachment and offer input to help you get the most potential return on your investment, which may mean that the purple carpet you love has to go. It is best to go into the project with open eyes and a willingness to listen to constructive criticism of your property.
Unexpected Expense Fund
Sadly, one of the financial property management mistakes Chicagoland investors often make is the failure to account for an emergency fund of about ten percent of the property’s value, which should be readily available for unexpected expenses, which will happen.
If you’ve experienced the discomfort of being micromanaged, you’ll understand all too well the next of our property management missteps investors often make. When you’re a passive investor, which is possible when you hire a property management company, it means just what it sounds like; you should be busy doing anything but managing your rentals. Then, when you work with trusted and reliable experts like those at Global Abundance LLC, you can relax and start enjoying your retirement in style, knowing your property is in good hands.
Delaying your decision is one of the most costly property management hiccups Chicago investors often make. Don’t wait until the rehab is completed on your investment property to begin working with your property management company, or you’ll likely find yourself in the red with your property sitting vacant for weeks. It takes time to market and screen prospective tenants. Any top property management provider like those you’ll find at Global Abundance LLC will have begun the process long before the first day the unit is available for tenants so that you start collecting rent checks immediately.
Why make any of the property management mistakes Chicago investors often make?
Work with Global Abundance LLC instead, and our professional full-service team can take on as much of your landlord responsibilities as you wish. Global Abundance LLC understands you want things done your way, and working together as a team, we will help you make the most informed decisions and earn the highest potential returns for your investment dollars. At Global Abundance LLC, we have years of experience finding and keeping good tenants, maintaining properties, and working with local vendors. Global Abundance LLC isn’t just another source for a reliable property management company; our team members live and work here in Chicago. We’re your neighbors and we understand the importance of building good relationships that help protect your investment through a strong sense of community. Contact Global Abundance LLC at (800) 953-2124.