Property Management Blog

By Tim Harstead - Sunday, April 21, 2024

What Are Typical Application Fees?

While the national real estate market is in the doldrums, things are looking up somewhat in Chicago, with rental yields predicted to grow at a steady clip throughout 2024.If you're a property owner wishing to take advantage of this long-overdue upswing in the market, you'...

By Tim Harstead - Sunday, April 14, 2024

How Do You Calculate Prorated Rent?

Vacancy rate is an effective ratio for landlords. It tells you how many units are vacant and for how long. Keeping a close eye on it helps you fill units faster and collect more rent.Property managers watch this ratio closely when managing properties. You should, too, if you mana...

By Tim Harstead - Sunday, April 7, 2024

Why Should I Look into Hiring a Property Manager in Chicago?

Chicago is home to some of the most lucrative real estate investing opportunities. If you're serious about generating income quickly, then the rental market is for you. This strategy covers expenses, pays taxes, and delivers a high ROI.You can't enjoy the full benefits of...

By Tim Harstead - Thursday, March 28, 2024

How to Get Tenants to Renew Leases

More renters (28%) are negotiating lower rent prices when their lease is up for renewal. To increase lease renewals, more landlords (25%) are remaining open to these negotiations. Increasing your tenant retention rate will save you money on marketing and long-term vacancies.Not s...

By Tim Harstead - Thursday, March 21, 2024

How Section 8 Decides if Your Rent Is Reasonable

Chicago Housing Authority (CHA) has 47,000 Housing Choice Vouchers from the federal government to help low-income residents find housing. If you aren't a Section 8 landlord, you could be losing out on a huge amount of applicants.Qualifying for a Section 8 rental isn't as ...

By Tim Harstead - Thursday, March 14, 2024

Is Outsourcing Your Tenant Screening Process a Good Idea?

Imagine polite tenants who always pay rent on time, respect the neighbors, and take care of your property. They're not a dream! With applicant screening services, you'll have no trouble choosing reliable renters.About 90% of landlords complete some form of tenant screenin...

By Tim Harstead - Thursday, March 7, 2024

5 Top Tips for Accidental Landlords

A recent study found that 68% of investors plan to leave real estate to their heirs. 56% of them have never told their heirs about these plans.This leads to a rise in accidental landlords who receive and must manage a rental property. This may also happen to owners who can't ...

By Tim Harstead - Sunday, February 25, 2024

How to Keep Great Tenants in Your Investment Property?

Finding good tenants is one of the hardest parts of owning rental properties. Once you find reliable and trustworthy renters, you'll want to retain them for as long as possible.When your tenants are happy, your investment property business will thrive. You'll see a consta...

By Tim Harstead - Sunday, February 18, 2024

The Top Features to Look for In a Tenant Portal

Since the average American now spends 5 hours and 24 minutes on their mobile device every day, many of them prefer to pay their rent and access information on their rentals online. Adding an online tenant portal can be a great way to improve the tenant experience.If you're tr...

By Tim Harstead - Sunday, February 11, 2024

How to Save Money on Property Maintenance: Tips and Tricks

Budgeting for property maintenance doesn't have to be difficult. A good rule and strategy to follow is the 50% rule.Every month, you should save around half your rental income for house maintenance. This will set you up for success.If an unexpected expense comes around, you&#...